April 27, 2012

NPR's Series: A Future with Aging Parents

I thank my lucky stars that I’m living a happy, independent life as an almost-83-year-old. And – so far – unlike so many others my age, I’m NOT creating burdens, financial or otherwise, for my kids.  Knock on wood!

A recent “Family Matters” series on NPR both underscored my current good fortune and reminded me of the need to plan for a more uncertain future.   In addition to the immense emotional burden of caring for elderly parents, the financial cost to the family of any care option is considerable. The NPR segment  reports these estimated annual expenses, based on a MetLife 2011 Market Survey of Long-Term Care Costs:
  • $87,235: nursing home, private room 
  • $78,100: nursing home, semi-private room 
  • $41,724: assisted living 
  • $21,840: home care, home health aide 
  • $19,760: home care, homemaker 
  • $18,000: adult day services 
And that’s just the beginning. It’s an interesting, worthwhile series about multi-generational homes, and how everyone is coping. Worth a look: NPR: A Future with Aging Parents

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