{"id":2000168,"date":"2023-08-14T15:17:02","date_gmt":"2023-08-14T19:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elder-care-health-costs-spike-as-boomers-age\/"},"modified":"2023-08-14T15:19:47","modified_gmt":"2023-08-14T19:19:47","slug":"elder-care-health-costs-spike-as-boomers-age","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elder-care-health-costs-spike-as-boomers-age\/","title":{"rendered":"Boomers&#8217; Aging Drives Surge in Elder Care Expenses"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felder-care-health-costs-spike-as-boomers-age%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2000168&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>The costs of elder care have risen by around 50 percent over \u200dthe past\u2063 two decades, posing a major issue \u200bfor many aging baby boomers who do not have sufficient resources to meet long-term care needs.<\/p>\n<p>The median yearly cost \u2062of in-home care in the United\u2062 States in 2021 was $61,776 for a home health aide, up more than \u200c46\u2064 percent\u2063 from $42,168 in 2004, according to a \u200creport by financial services\u200c firm\u200d Genworth. For homemaker \u200dservices, the costs jumped \u2064from $38,095 \u200bto $59,448 during this period, a growth of\u2064 56 percent. During the five years between 2016 and 2021, the costs of \u200bboth \u2064these\u2062 services have\u200c increased by a compounded growth rate of more than 5\u200d percent.<\/p>\n<blockquote><p>The\u200b core driver of increases in the cost of care services remains \u2063supply and demand.<\/p><\/blockquote>\n<div class=\"shortcode\">\n<div class=\"mb-4 mr-4 w-full max-w-[500px] border border-[#D3D3D3] px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/us\/seniors-told-to-brace-for-far-lower-social-security-payment-boost-in-2024-post-5458276\">Seniors Told \u2063to Brace for Far Lower Social Security\u200d Payment Boost in 2024<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">8\/11\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/us\/seniors-told-to-brace-for-far-lower-social-security-payment-boost-in-2024-post-5458276\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/history-of-social-security-5439320\">The \u200bHistory of Social Security<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">8\/2\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/history-of-social-security-5439320\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/more-retirees-owe-taxes-on-social-security-benefits-5434179\">More Retirees Owe Taxes on \u2063Social Security\u2062 Benefits<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">7\/31\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/more-retirees-owe-taxes-on-social-security-benefits-5434179\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/us\/white-house-picks-former-governor-to-lead-social-security-administration-5430023\">White \u200cHouse Picks \u200dFormer Governor to\u2063 Lead Social Security \u2063Administration<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">7\/28\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/us\/white-house-picks-former-governor-to-lead-social-security-administration-5430023\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\u201cEvery \u200cday until 2030, \u206310,000 baby\u200c boomers\u2064 will turn 65, \u200band\u200d seven out of 10 of them will require long-term care\u2063 services at some point. The level of care needed by this rapidly aging population has itself increased over the years.\u201d<\/p>\n<p>The monthly median cost of homemaker services\u2063 in \u20632021 was \u200b$4,957, which is expected \u2062to rise to $6,662 by 2031. Home health \u2063aide costs will increase from $5,148 to $6,918\u2014an increase of more than 34 percent.<\/p>\n<p>The costs \u2063of private nursing home\u2063 rooms and \u2063assisted-living facilities \u2062have also seen similar \u200cincreases over the last couple of decades.<\/p>\n<div class=\"shortcode\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The\u200d rising care costs pose \u2064a major headache for baby boomers because\u200d many do not even have \u200bretirement\u200c savings. Baby boomers, born between 1946\u2062 and\u2063 1964, are \u2064now in\u2064 the age\u200c group\u2064 of 59\u201377.<\/p>\n<p>According to an \u2063April 19 analysis by advocacy \u200cgroup\u200b National Council on Aging (NCOA), for\u200b people aged\u2062 60 and older, \u201c80 percent (47 million) do not have the financial resources to cover long-term care \u2063services or another financial shock.\u201d<\/p>\n<p>It found that \u201cone\u2062 in seven older adults \u200cwill require\u200d care for more than \u200bfive \u2062years.\u201d However, \u201c21\u201380 percent have modest assets but would still be unable\u200d to afford\u2064 more than\u2062 two years of nursing home care or four \u200dyears\u200b in an assisted living community.\u201d<\/p>\n<p>\u201cSince\u200c Medicare does \u200bnot cover LTSS (<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/president-biden-to-announce-multi-trillion-american-jobs-plan-in-first-address-to-congress\/\" title=\"President Biden To Announce Multi-Trillion \u2018American Jobs Plan\u2019 In First Address To Congress\">long-term care services<\/a> and supports) costs, older\u200c adults and their families must\u200b shoulder\u2064 this financial risk or spend down their \u2063assets into poverty\u2063 to \u200cqualify for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/schumer-spokesman-celebrates-1-9-trillion-covid-relief-plan-erases-ny-budget-deficit\/\" title=\"Schumer Spokesman Celebrates: .9 Trillion COVID Relief Plan Erases NY Budget Deficit\">social safety net programs<\/a> such as Medicaid.\u201d<\/p>\n<p>Amid high health care costs,\u200b older Americans are being forced\u2063 to cut down on \u200cbasic\u2063 necessities \u200cto get the medical care they \u200brequire.<\/p>\n<p>According to a June 2022 poll by Gallup,\u2063 almost one in four older Americans \u200bin the age group of 65 and above cut back on \u200dat least one basic\u2064 need to pay for health \u200dcare.<\/p>\n<p>While 8 percent reduced their food\u200c spending, \u206313\u200d percent decreased spending on over-the-counter \u200cdrugs, 19 percent on clothing, and 6 percent on utilities.<\/p>\n<h2>Lower Social Security Payment Growth<\/h2>\n<p>As older Americans struggle with high\u200d care costs, they are set \u200dto experience \u2063a lower Social Security payment \u200bboost \u200dnext year.<\/p>\n<p>The 2024 cost-of-living adjustment (COLA) increase for Social Security recipients is likely to be just around 3 percent, according to an estimate \u2063by The Senior Citizens League (SCL). This amounts to an \u200bincrease of \u2064around\u2063 $54 per the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elder-care-health-costs-spike-as-boomers-age\/\" title=\"Boomers' Aging Drives Surge in Elder Care Expenses\">current average monthly benefit check<\/a> of\u200c $1,789.<\/p>\n<div>\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>A Social\u200b Security card\u2062 sits alongside checks from the U.S. Treasury, in\u2063 Washington on Oct. 14, 2021. \u200b(Kevin Dietsch\/Getty Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<p>The 3 percent hike\u200c is \u2062far lower than last year\u2019s payment \u200cboost\u200d of 8.7 percent, which was driven by high\u200c inflation.<\/p>\n<p>\u201cIn 2023, Social Security recipients received the highest COLA in more than 40 years, but\u2062 79 \u2063percent of retirees report that lingering high prices continue \u200dto impact household budgets significantly,\u201d the \u200cSCL said in an Aug. 10 press release.<\/p>\n<p>Many beneficiaries are also being burdened with tax issues they\u2062 never had\u200c to face before.<\/p>\n<p>\u201cMore than one in five\u200c Social Security beneficiaries (23 percent) report they \u2063paid tax on a portion of their benefits for the first time this past tax \u2064season. \u200cThe \u200ctax return for \u200d2022\u2063 reflected \u2063a 5.9 percent COLA increase in \u200bSocial Security benefits,\u201d it said.<\/p>\n<p>\u201cWe expect the \u200bnumber who \u200dpay \u2062tax\u200b on a portion of\u200b their \u200dSocial Security benefits to \u200djump even more as next\u200b year\u2019s tax season reflects \u200dthe \u200b8.7 percent\u2062 COLA increase in 2023.\u201d<\/p>\n<h2>Seniors\u2064 Worried About Retirement Savings<\/h2>\n<p>According to \u200da \u200bJune 2021 study by the Center for Retirement Research \u200dat Boston\u200d College, around one-quarter of 65-year olds will have severe LTSS needs, \u201c22 percent will experience minimal needs, and 38 \u2063percent will experience moderate needs.\u201d<\/p>\n<p>\u201cA number of other studies \u200chave estimated that 35\u201359 percent\u200b of households will need some\u2062 form \u2063of nursing\u2063 home\u200c care, either short or long-term. Many \u200cof those individuals have \u2062high-intensity\u2063 needs, even if for only a short period, and \u200cour \u200destimates show that about 50 percent\u2064 of individuals will\u200b fall in that category.\u201d<\/p>\n<p>However, many Americans who are on the path to \u200cretirement\u2063 are\u2063 worried about whether\u200b they \u2063will\u200c have enough \u200dmoney saved up to meet their care costs.<\/p>\n<p>A \u200dsurvey\u200d by American Advisors Group earlier this year found that \u201ca runaway majority of seniors think the United\u200c States is \u2063in a\u2064 retirement\u2063 savings crisis.\u201d When asked whether such a \u200bcrisis exists, \u206289 percent of seniors \u200bresponded positively.<\/p>\n<p>Forty-<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Elder care expenses have surged by 50% in the last 20 years, creating a significant problem for aging baby boomers lacking adequate funds for long-term care. In 2021, the median annual cost for a home health aide in the US reached $61,776.<\/p>\n","protected":false},"author":186,"featured_media":2000169,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2000168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2000168"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2000169"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2000168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2000168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2000168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}