A 2020 Snapshot of the Boomer Generation and the Cost of Caregiving
The Boomer generation, those born between 1946 and 1964, has become the senior generation of our country. And those seniors are making an impact in the statistics and cost of caregiving and aging-in-place.
A Caregiving Generation
Most boomers say that they are willing to make sacrifices to care for family members needing care as they age. About two-thirds of middle- income Boomers take care of their parents. Seventeen percent of the generation is taking care of a spouse or in-law according to a study by Bankers Life Center in 2019. Caregivers are more numerous than you may imagine.
Cost of Caregiving
For most of these caregivers, the cost of caregiving is coming from their own retirement savings. Perhaps the caregivers had to quit their jobs, cut back on work hours, or move out of their home to a loved one’s home; they have made sacrifices of money and time to do so. These expenses will most likely affect the health care that they are able to afford for themselves in the future. And it is likely that they will need long-term care. According to figures from the U.S. Department of Health and Human Services, there is a seventy percent chance that Boomers will need long-term care services themselves.
Aging in Place
Another finding common to several studies is that Boomers want to age-in-place, to stay in their own home. Home modifications may be required, especially to older homes. Adding ramps for porch steps, safety bars to tubs and showers, and modifications to stairways may add unexpected costs, but will make seniors safer and more independent. In addition, Boomers may find transportation services and housecleaning and maintenance services necessary when they age in their own home.
In fact, health care services provided at home are “the fastest growing part of the health care economy” according to Homecare Magazine, January, 2020. The article, “Growing Jobs, Reducing Costs and Meeting Needs” by Tom Threlkeld, states that the “cost of caregiving services is rising almost four times as quickly as the cost of nursing homes,” though the “annual median cost of homecare services is still only about half of the annual cost of a nursing home” ( p. 15, Homecare Magazine.)
So, Boomer-Caregivers providing care at home for loved ones are on the wave of a future trend. As you need care in your future, you are most likely to receive care at home also, and it is more economical and more emotionally comforting than other care choices for you.
The purpose of Caregiver-Aid.com is to help you stay safe and healthy at home this year and for years to come. We are glad to be with you on the caregiver and caregiving journeys.