Cost of long-term elder care
If we haven't yet, most of us are going to have to deal with long-term elder care. Either someone in our family or ourselves. We have helped a number of people figure out Frugal Prosumer ways to do this. Here is a good article by Clark Howard on what it can cost. Getting old is unaffordable | www.clarkhoward.com
"Around two-thirds of Americans over age 65 will need long-term care, either through at-home health care services in the home or an assisted living facility or nursing home. Yet more than 90 percent of those surveyed in the Genworth Financial "2013 Annual Cost of Care" report haven't talked about critical long-term care issues with their spouse, partner or adult children."Remember a very high percent of long-term care is done by family members (especially moms). A little planning ahead in house design and how it will be handled can save lots of money and stress and even ones marriage.
"Nursing facility care has increased more than $16,000 a year since Genworth's 2008 survey. The cost of a private room in a nursing home has risen 4.45 percent annually, nationwide, since 2008, with this year's median cost at $83,950 per year."
"The Alzheimer's Association reports that the cost of care related to Alzheimer's, including health care, long-term care and hospice, will soar to a projected $1.2 trillion per year by 2050, depleting the financial reserves of many families, along with the nation's Medicare funds."There are many iPad and iPhone apps that can make long-term home care much much easier.