How much does it cost to take care of an aging parent or grandparent? A whopping $91,250 a year according to one group that tracks nursing home charges. One year in a nursing home costs nearly as much as three years of tuition at a private college, U.S. News & World Report said. Having in-home care from an agency runs about $45,760, the magazine estimates.
Medicare does not pay for long-term care, whether that is in a nursing home or in-home care. Medicaid will pay for care if the person is very low income, but with the rising number of elders expected to hit the system over the next decade, it is unclear if Medicaid will be a long-term viable option when you might need it. Usually payment for in-home, assisted living or nursing home care will come out of pocket or from other sources, such as a long-term health insurance policy. Get those before you or a loved one hits their mid-80s.
In the Black community, senior care for decades have been done in the home where a daughter or son will adjust their schedule or quit work altogether to take care of mom or dad. With fewer assets in general than White America, Black families today often struggle to come up with the extra dollars to pull in a home health care aide or to cover assisted living arrangements.
If you haven’t already, look into buying long-term care health insurance for your loved ones so you can tap that resource when or if the time comes. Make a plan with siblings or other relatives if you are going to attempt in-home care.
With the number of elderly expected to grow as the baby boom generation enters their twilight years, elder care economics are no longer a question of if, only a question of when you will be faced with that bill.