SENIOR CARE

AND FAMILY CARE GIVERS

SENIOR CARE AND FAMILY CAREGIVERS

As the U.S. population ages and lives longer, the need for long-term care services will continue its rapid growth. 

•U.S. Government statistics suggest that about 60% of Americans who reach age 65 will require some form of extended care during their lifetime – and the likelihood increases with age. 

•By age 85, the chances of living in a nursing home are one in four, with an average stay of about 2.5 years.

  1. The Prudential Insurance Company sponsored a Long-Term Care Cost Study which cited the average cost of care in a nursing facility in 2008 was about $70,000 per year. 
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Cost is one of the reasons why many people who lack the funds to pay for their care are turning to loved ones, friends and relatives for assistance as their needs change.                                 


Other reasons for Seniors’ inability to afford professional long-term care and healthcare include:

•Spiraling increases in health care costs

•Costs of living increasing faster than retirement income/funds

•Potential cutbacks in Senior healthcare programs and funding as part of proposed healthcare reforms

•Erosion of older Americans’ retirement savings

•The recent financial/banking crisis

•The ongoing drops in housing values - most seniors’ major investment and/or retirement vehicle

•Ongoing stock market volatility 
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Misunderstandings About Medicare Coverage                         For Caregivers And Caregiving Costs

Many people - especially if they aren’t close to Medicare age or not directly involved in elder caregiving - believe that Medicare covers long-term care expenses.  This is a common misconception. 

Many people don’t realize that Medicare only covers a small percentage of all long-term costs, and that Medicare coverage excludes almost all costs for custodial care services.

That’s why family caregivers play such an important role in Senior care.
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Profile Of A Typical Caregiver

According to AARP’s report, “Valuing the Invaluable: The Economic Value of Family Caregiving, 2008 Update,” the typical profile of a family caregiver is:

•A woman in her late 40s - early 50s

•She still works outside the home

•She provides long-term, unpaid care to her mother

•She provides more than 20 hours of care every week. 
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As You Age

Senior Care and Family Caregivers

The content on AsYouAge.com is provided as a courtesy for our site visitors. The information, resources, links, advertisements and other material on AsYouAge does not constitute a professional opinion or advice; nor does it constitute an endorsement of any organization or the information, products and/or services they may offer.

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