Caring for ageing parents is becoming a financial nightmare in the US. Here’s what we can do | Courtney E Martin
Summary
Caring for aging parents in the US is very expensive and many families struggle to afford it. Most older adults do not have enough savings or long-term care insurance, leaving many unable to pay for proper care and forcing families into financial hardship.Key Facts
- Memory care for a parent with advanced dementia can cost about $8,500 per month out of pocket.
- Women aged 65 and older are about 80% more likely to live in poverty than men, partly due to unpaid caregiving roles.
- Only 3-4% of Americans over 50 have long-term care insurance to help with elder care costs.
- Nearly half of Americans have no retirement savings, and the average retirement savings among savers is only $955.
- White families generally have more than four times the wealth of Black families in their 70s.
- Many middle-income older adults earn too much to qualify for Medicaid but cannot afford the high cost of care.
- Families often must spend down their savings, sell homes, or go into debt to pay for elder care.
- The article calls for public solutions like day programs for elders, better investment in professional caregivers, and support for family caregivers to reduce stress and financial burden.
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