Inflation, Long Term Care Costs On The Rise, Assisted Living Locators Urges Adult Children To Plan Ahead

"Inflation is on the rise, and it’s impacting everyone, including adult children that are taking care of their parents," said Angela Olea RN Assisted Living Locators CEO. “Long-term care expenses at assisted living facilities and nursing homes are climbing, along with sizable hikes for home-based services as the industry struggles to meet the soaring demand from an aging population.”

Olea noted that every day until 2030, 10,000 Baby Boomers will turn 65 and seven out of ten of them will require long-term care services and support at some point. For most families seeking long-term care, cost is a key consideration.

“Average long term care costs in the U.S. are high,” said Olea. “Our senior advisors have seen move-in fees at assisted living facilities jump from $5,000 to $10,000, or monthly rental fees increase by an unprecedented 10%.

She added that Genworth’s 2021 Cost of Care Survey, a yearly report covering nationwide senior caregiving, has the cost of a home health aide, which includes “hands-on” personal assistance with activities such as bathing, dressing, and eating, increasing 12.5% to an annual median cost of $61,776.

“Paying for senior care can quickly become a financial burden to seniors and families who may not know their options.” said Olea. “Having a long-term care plan can help families alleviate some of the emotional, financial, and physical stress of finding care for a loved one. Assisted Living Locators, with system-wide dementia care certification, is offering a new standard of solution-based alternatives from assisted living to in-home care for families facing the challenges of aging.”

Olea stated the first step in making a long-term care plan is understanding your aging loved one’s care needs. “Whether you’re looking for care at an assisted living facility or plan to hire an in-home caregiver, care providers will want to discuss your loved one’s health and their care needs and goals during an initial assessment,” she explained. “Our easy-to-use online Assessment Tool on our website gives families quick insight to appropriate senior housing and care for their loved ones.