Over the last 3 years, the amount that Americans are paying for healthcare has been on the rise. While there could be a number of factors contributing to the rise, our aging population could be paying even more for healthcare in the future.
Saving money for long-term care expenses has never been more important. While it is hard to save money, especially if you are caring for an aging relative yourself, the financial decisions made early in life could help your financial independence and security for the future. There are many different types of insurance available, including basic health insurance, long-term, and even final expense (which covers Funeral costs). Investing and saving before you need them is the best way to keep the costs to a minimum and maintain a healthy, secure financial future.
(from Croft Senior Services)
A recent article in the New York Times assessed the rising costs of caring for an aging relative. They cited a study that found that nearly 40% of American adults are caring for someone with a significant health issue. If that number seems high, that actually isn’t the shocking part. Just 3 years ago, in 2010 it was 30%.
As the price of healthcare changes over the next few years, it is more important now than ever to PLAN AHEAD. According to a study from the National Alliance for Caregiving, “Those who care for an older family member are more likely to report poor health themselves, and to shortchange their own financial future”.