If you’re not thinking about long-term care yet, you probably should be. According to some experts, there is a potential crisis looming in regards to the care that the elderly get in New York and the United States as a whole.
Part of the problem is just the huge cost of the care that is needed. For example, one woman talked about how she helped make decisions for her mother for a decade, while her mother was in her 80s, to provide care.
At the end, she had exhausted all of her mother’s funds. That included around $200,000 that she had saved up. Her home also had to be sold, as did a lot of antiques and other items that would normally be passed on through the family. Even before she passed away, the money ran out and she had to start using government-funded programs to get continuing care.
The woman looked back afterward and was slightly in awe. Her mother had spent four decades saving, along with her grandfather, and there was nothing left to show for it. She had lived through some very hard times, including a World War and the Depression, and made it through. In the end, though, it was just medical care that took all that she’d worked so hard to get.
It was a sobering life lesson for the daughter, and it really underscores the need for planning in this area. With these rising costs that some are referring to as a potential crisis, it’s never too early to look into all of your options so that you know what you’re going to do when care is necessary.
Source: PBS, “Why Long-Term Care for U.S. Seniors is Headed for ‘Crisis’,” Betty Ann Bowser, accessed Nov. 04, 2015