In just 10 years the entire group of what is known as Baby Boomers will be over 65. Many will be dealing with the exorbitant cost of long-term care expenses. Or the children and grandchildren will be dealing with it. Maybe it is time to have that family conversation about the future and what it might mean for you, your spouse, your children, even your grandchildren.
Imagine 73 million people over age 65, many of whom have not adequately prepared for long-term care needs. According to many research studies, at least 70 percent of people over age 65 will require some form of long-term care services and support during their lives. What happens if you - or your spouse - develops dementia, has a debilitating stroke, or is diagnosed with cancer? What plan is in place to care for the person who can no longer care for himself or herself? How will this impact the family?
If a person is physically incapacitated but still mentally sharp, he may feel frustrated by his inability to do the things he used to do so easily. And he hates being a burden on the family. But he cannot change the situation and may feel that he is no longer in control of his world.
A person who has dementia is a different challenge for the family. Dementia exhibits in multiple ways. She could be lucid one minute and totally irrational the next. And the progression of dementia is not predictable. The person you know and love may become someone you don't even like.
Many families have to rely on nursing homes, memory care units, or in home care for loved ones with severe physical or mental incapacity. But have you looked at the cost for these services lately? According to the 2020 Genworth Cost of Care Survey the average cost of services for seniors in Tennessee was as follows:
Home health aide - $20.50 per hour
Adult day care - $78 per day
Assisted living - $4,039 per month
Nursing home/memory care - $5,840 per month
Those kinds of expenses will deplete savings quickly. So what are the options? There are things you can do to plan ahead, and there are things you can do if you are already in a crisis situation. Call us for a free consultation in either Chattanooga 423-648-9829 or Crossville 931-250-4777. You can also go online to schedule an appointment in either location. We can help you meet these challenges with a plan in place.