It’s really no secret, or surprise, that inflation continues to mount. It is becoming more expensive to afford even the most basic of necessities. From food to health care, Americans and people around the world are facing extremely difficult circumstances.
One of the challenges seniors may now be facing, often without a great deal of attention being paid to it, is the fact that the cost of home health care may make it more difficult for them to consider it. Just a basic overview of the estimated costs of health care in this country can be eye opening, to say the least. When you realize just how much it may cost the average individual 65 or over, how much they should comfortably have in savings, there may not seem to be a possible solution that will work best for them.
As noted in Market Watch, in the article, You might need nearly $350,000 to pay for health-care costs in retirement, written by Robert Powell:
“In 2016, a 65-year-old man would need $72,000 in savings and a 65-year-old woman would need $93,000 if each had a goal of having a 50% chance of having enough savings to cover health-care expenses in retirement. If they wanted a 90% chance of having enough savings, the man would need $127,000 and the woman would need $143,000.”
These are just numbers associated with health care, and it’s not even discussing the possibility an individual could need home care of any sort, whether they require a visiting nurse or aides, for part-time or even around the clock care.
The cost of taking care of oneself in modern society continues to escalate, and it’s giving many men and women pause when they begin focusing on retirement. The numbers listed above may very well be more than what half the retiring population has in savings, or could even hope to have.
This is one reason why there’s a strong push lately to encourage men and women to think about other financial options, which could include long-term care insurance. By having the right type of insurance on hand, it may help those who don’t have a vast fortune of disposable income in their accounts to feel more comfortable in the event they face a situation during retirement where home care is needed.
As more seniors retire and prefer to remain home, demand for in home care services will increase and that may also drive costs highter.