The holiday season brings families together. Unfortunately, these times are the exception rather than the rule. Most older people live miles from loved ones, which means they often need to find other kinds of assistance if they want to age at home.
That can be a real challenge, and unsurprisingly it’s one that’s getting increased attention from policy leaders. In fact, during the 2024 presidential election, both presidential candidates offered proposals to help more seniors access in-home care. Now that a new administration is preparing to take office, it’s time to think big and find outside-the-box ways to create more and better options for these people.
But thinking big shouldn’t mean government expansion. In fact, heavy-handed government programs can often crowd out innovative solutions and sink us deeper into debt. Rather, we need innovative, budget-neutral solutions focused on meeting seniors’ specific needs.
While the vast majority of seniors prefer to age in their own homes rather than move to a senior residential facility, about one-third of seniors require regular in-home caregiving support — for example, help with light housework, meal preparation, driving to appointments — to stay at home. The average annual cost of in-home support is about $60,000 per year. This might be an affordable option for a portion of the senior population with higher incomes, but for most, it would be “crushingly expensive.” Unfortunately, the gap between the cost of this type of care and what most seniors, many of whom rely on fixed incomes, can afford to pay has been exacerbated by years of high inflation.
This matter affects not only seniors themselves but also middle-aged people trying to care for ailing parents. An increasing number of adults are “sandwiched” between raising their children and taking care of their elderly parents and, as a result, are trying to juggle multiple obligations and expenses.
The good news is that there is already a working model in place that can be expanded to help meet these needs.
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