With the senior citizens in your life, have you had "the talk"? Not the one about the bees and the birds, though. the one regarding long-term care arrangements.
Experts caution that if you haven't already, you should do it immediately to avoid financial ruin and a miserable death experience for a loved one.
In 2034, there will be 77 million people over the age of 65, compared to 76.5 million people under the age of 18.
Nearly 1 in 4 Americans will be 65 or older by 2060, while the number of people aged 85 and over will triple and the number of Americans living to be 100 will increase by 500,000.
With this anticipated increase, there will likely be a rise in demand for healthcare services, in-home caregiving, and assisted living facilities in America.
But the expense of that care is unbelievable. According to a Genworth Cost of Care Survey from 2021, the average annual cost of assisted living is $54,000,
The average cost of a private nursing home room is $108,405, and the average cost of basic home care assistance for five days a week, eight hours a day is $56,160.
The National Health Expenditure estimates show that from 2018 to 2027, spending on home health care will rise by 83%, while spending on nursing homes and other continuing care retirement communities will rise by 58%.