Traditionally,
responsibility for long term care of an aging individual
belonged to the family. However, the culture that anchored
that tradition has changed significantly in the last couple
of generations. Individuals statistically live twice as
long as their ancestors from just 100 years ago and far
more people survive now to an age where they require long
term care, often putting an aging spouse or aging children
in the care-giver role. The family makeup itself has changed,
due to divorce and a trend to smaller families. All of these
factors result in fewer resources for support.
Also in today’s
working world both spouses are employed, which makes the
traditional female caregiver unavailable to provide long
term care without financial sacrifice to the whole family.
It is not unusual for the caregiving spouse to predecease
the spouse being cared for, due to physical exhaustion and
stress.
Unrealistic expectations and feelings of how care should
be administered lead to guilt and resentment. Also, the
loss of dignity and independence on the part of the care
receiver and the caregiver creates emotional and physical
stress.
Statistic -- Approximately 52 million people
(31 percent of America's adults) are taking care of an elderly,
disabled or chronically ill relative or friends. Twelve
percent (6.2 million) of these caregivers are age 65 or
older.
Statistic from the Administration
on Aging.
Statistics from 2002 give a national average cost of a semi-private
room in a nursing home as $52,000 annually.6
The actual costs depend upon the location and type of facility,
and may be significantly higher in some areas. Home health
care has a national average annual cost of over $20,000
($18/hour 6),
five hours per day, five days a week for a home health aide).
To save these costs family members may be willing to shoulder
the burden for long term care. Consider however that though
they may be willing, they may be unaware that the commitment
could lead to a high financial loss. If they currently work,
they may need to work fewer hours or give up their employment
entirely.
MetLife Study in 1999: “care giving costs an (individual)
an average of $656,000 in lost wages, pensions, and Social
Security, not to mention negative health impacts.”
There are going to be incidental expenses to be planned
for. In a nursing home, additional expenses could include
extra physical therapy, laundry, medications, and other
incidentals. In the home, there could be additional expenses
such as safety devices like grab bars near the bathroom
and toilet, and maybe a wheel chair ramp for the stairs.
Home health care costs are expected to climb to $68,000
by 2030.7
Nursing home costs have been going up about 5% a year. At
that rate in another 30 years, the cost of nursing home
care (for a semi-private room) in 2032 is expected to be
$190,600 a year.8
The General Accounting Office topped that report in 1991
by indicating that the annual cost of care is growing by
5.8% per year. This means that in 20 years the cost of long-term
care is expected to triple.
Whether an increase of 5% or 5.8% future expenses are destined
to rise substantially and must be considered. Lack of funds
for one’s long term care will translate into lack
of choice, access and quality of care.
Long term care decisions are a difficult family topic. But
the reality is long term care issues left unplanned can
mean sacrifice of the care receivers’ choice of care
and finances and the caregivers’ own health and finances
in the line of duty.
