Millions of families across the United States are struggling with the challenges of caring for their aging parents. Taking care of them has become a pressing concern, affecting households. The sobering reality is that about 70% of older adults require some form of "senior care," spanning from a few months to several years. As the baby boomer generation, a demographic that significantly expanded the middle class enters retirement, escalating costs of in-home care, assisted living facilities, and nursing homes are gobbling up the savings and incomes of older Americans and their families.
The sheer magnitude of this problem is shocking. Roughly 10,000 baby boomers will turn 65 every day until 2030, expecting to live well into their 80s and 90s. The cost of long-term care is skyrocketing, outpacing inflation and reaching about half a trillion dollars a year.
Federal researchers project that by 2050, the population, of 65 and older, will increase by more than 50%. The private market for long-term care insurance has shrunk, labor shortages leave families searching for caregivers, and the cost of assisted living has become unaffordable for many. On the other hand, financial planners and estate lawyers may offer well-intentioned but inaccurate advice, potentially locking up assets in trusts and making them unavailable for the parent.
Many children take on the responsibility of aging parents without fully understanding the potential consequences. They rarely understand thevariety of services they will have to perform for their parents. This selflessness, though heartwarming, can result in personal sacrifices, such as job loss and financial and marital strain. It takes a strong person to become someone's true advocate. Women, especially, may be disproportionately affected by this. Most of the female population experience a reduction in social security pension benefits when they spend their final decade taking care of their parents. Many women are unaware of this devastating effect on their long-term financial situation. Awareness is crucial in equipping individuals with the necessary knowledge to secure financial aid and maintain financial stability for these individuals.
To avoid such pitfalls, it is imperative to seek expert advice provided by care managers to ensure an informed approach to these issues. Many may not be aware of government benefits such as Aid and Attendance pensions for veterans and initiatives designed to alleviate the burden. Veterans are often oblivious to this pension due to limited public information. Similarly, utilizing government benefits like Medicaid can be a complex process for individuals. According to Sonja Kobrin, President of V.I.P. Care Management, “Caring for aging parents is a journey that demands both compassion and knowledge.”
The considerations go beyond a one-size-fits-all approach. People need to know that all assisted living facilities may not be able to offer continuous nursing care. By shedding light on these issues, society can move towards a future where families can care for their elderly loved ones without sacrificing their financial well-being.
The role of a care manager and the viewpoint they bring is crucial to successfully navigating non-medical issues during crises. Care managers assess various aspects of a client's situation, providing a foundation for families to make informed decisions aligned with their financial capabilities. Organizations like V.I.P. Care Management play a crucial role in this endeavor, offering invaluable support to families dealing with the complex care of aging parents.
Sonja Kobrin and her multidisciplinary team at V.I.P. Care Management have been instrumental in guiding countless families since 1993 through the complexities of geriatric care management, guardianship, Medicaid planning, and community resources. This premier care management company is primarily located in South Florida. They specialize in consultation and guidance to families in primarily these areas. For people who live out of state but plan to retire in this area, the company helps them, after doing the research and finding the right option.
“I truly want to empower families and make them cognizant of the many areas that must be addressed when caring for a senior such as medical, psychological, financial, insurance, housing, and government benefits to name a few. It's not just about addressing immediate concerns; it's about providing a roadmap for the future. It’s about being proactive, informed, and ready to address every need as it arises. Whether families live around the corner or across the globe, they can enjoy the peace of mind they deserve as they embark on their caregiving journey,” states Sonja.
Media Contact
Name: Sonja Kobrin, M.P.S.
Email: [email protected]
