With baby boomers now reaching their golden years, and people living longer lives than ever, the cost of long term care is an issue that impacts us everyday. Many baby boomers are taking care of their elderly parents or be in need of it themselves. Our loved ones all deserve to live their final years with dignity and comfort.
The financial burden of long term care is a financially difficult issue for families. Without proper insurance and planning, all of a person’s assets can be taken to pay for the long term care before any assistance will help. This often results in the loss of the retirement savings or dream home that they have worked hard for throughout their lives. This legacy they wanted to leave to their families or charities they care about will instead be used to pay for increasing costs in long-term care.
“The average monthly cost of a nursing home is a staggering $5,000 a month.”
The average monthly cost of a nursing home is a staggering $5,000 a month. This cost has families acting as the primary caregiver for their loved one to save money and to allow them to stay in their home. Families then are forced to choose between caring for loved ones or focusing on their own financial needs and future. If Medicare covers some of the costs of care, it doesn’t cover the added household expenses like utilities, food or other items. This is a common decision families are put through on a daily basis.
Our elderly citizens should not have to be in this situation. Loosing everything they’ve worked hard and planned for just to live their life in a financially unstable situation requiring relatives to take off from work to care for them is an aspect of our society that must be fixed. Being unable to leave a meaningful legacy that they’ve worked hard for to their family is a defeating feeling no one should have to experience. Ohioans need a system that will keep long term care affordable and provide better coverage to help our loved ones keep their assets that they worked hard for.