Tags: elder | care | inflation | retirement | nursing | home
OPINION

Elder Care Inflation up 40% in Just 3 Years

Elder Care Inflation up 40% in Just 3 Years
(Dreamstime)

George Mentz By Wednesday, 01 May 2024 09:53 AM EDT Current | Bio | Archive

In 2019, the national median cost for assisted living was approximately $48,612 per year or about $4,051 per month. [i] Fast forward to 2024, and the projected national average cost of assisted living has become unaffordable and horrific due to extreme inflation and taxes. As of April 2024, the estimated monthly median cost is around $5,665 [ii] or over $67,000 dollars per year [iii]

What cost a mere $48,000 just 3 years ago now costs over $67,000 per-year for one person to receive assisted living. The percent increase from $48,000 to $67,000 dollars is approximately 39.58%. This worsening is enough to wipe out a seniors savings overnight or possibly get them kicked out on the street from the senior living facility. [iv]

These costs reflect the expenses associated with care and amenities provided by senior living communities. Keep in mind that actual costs may vary based on individual needs and specific locations. If you’d like a more personalized estimate, you can use the “ Long-Term Care” Calculator to assess your situation. [v]

Additionally, you can explore the Cost of Long Term Care by State report for detailed information on costs across different states . This exploitation of seniors is hitting Americans hard where many families need to quit working to take care of their parents or grandparents. [vi] This entire hyperinflation situation has created the real threat of economic elder abuse.

Readers Digest this month said that more than 4 out of 5 middle-class Americans over 65 who need long-term care for five years or more will eventually be on Medicaid. [vii] This is because middle-class families have lost everything to elder care costs, and been forced on public assistance due to inflation and extreme prices in cities nationwide. [viii] [ix] The bad news is that thousands of middle-class families each year will lose all of their hard earned wealth and assets, and then the taxpayers must then cover the extravagant costs and fees with higher taxes.

With a 39% increase in costs for elder care since COVID began, middle class wages and wages for women and minorities have not kept up. Typical worker wages have only gone up a mere 12.1% in 4 years, while senior care is up over 39% in the same 3-4 years [x] [xi] Many blame the increased costs and the lower wages on unbridled and unlawful immigration boosting health care, rent and food costs in cities. [xii] [xiii] For many seniors, it would be cheaper to live on the beach in Latin America or enroll in graduate school that to stay in a sub-standard living facility with a cafeteria. [xiv] [xv]

Overall, the exploitation and mistreatment of American families is both sad and unconscionable while many seniors fear of losing their homes, businesses, or family property to the inflation and failed economic policies.

_______________
Commissioner George Mentz JD MBA CILS CWM® is the first in the USA to rank as a Top 50 Influencer & Thought Leader in: Management, PM, HR, FinTech, Wealth Management, and B2B according to Onalytica.com and Thinkers360.com. George Mentz JD MBA CILS is a CWM Chartered Wealth Manager ®, global speaker - educator, tax-economist, international lawyer and CEO of the GAFM Global Academy of Finance & Management ®. The GAFM is a EU accredited graduate body that trains and certifies professionals in 150+ nations under standards of the: US Dept of Education, ACBSP, ISO 21001, ISO 991, ISO 29993, QAHE, ECLBS, and ISO 29990 standards. Mentz is also an award winning author and award winning graduate law professor of wealth management of one of the top 30 ranked law schools in the USA.


[i] Assisted Living Costs by State 2024 (worldpopulationreview.com)

[ii] How Much Does Assisted Living Cost? (April 2024) (theseniorlist.com)

[iii] How Much Does Assisted Living Cost? (April 2024) (theseniorlist.com)

[iv] Assisted Living Statistics And Facts In 2024 – Forbes Health

[v] 2024 Long-Term Care Calculator | SeniorLiving.org

[vi] Cost of Long Term Care by State | Cost of Care Report | Genworth

[vii] Americans are facing financial ruin as costs soar for elder care | | virginislandsdailynews.com

[viii] Things That Cost More When You Retire | Reader's Digest (rd.com)

[ix] Things to Consider About Long-Term Care (businessinsider.com)

[x] Nominal Wage Tracker | Economic Policy Institute (epi.org)

[xi] Fastest wage growth over the last four years among historically disadvantaged groups: Low-wage workers’ wages surged after decades of slow growth | Economic Policy Institute (epi.org)

[xii][xii] Excessively high rents are a major burden for immigrants in US cities (theconversation.com)

[xiii] Decomposing the impact of immigration on house prices - ScienceDirect

[xiv] See the Average College Tuition in 2021-2022 (usnews.com)

[xv] Roatán, Honduras: Cost of Living, Retiring & Lifestyle Information 2024 (internationalliving.com)

© 2024 Newsmax Finance. All rights reserved.


GeorgeMentz
In 2019, the national median cost for assisted living was approximately $48,612 per year or about $4,051 per month. Fast forward to 2024, and the projected national average cost of assisted living has become unaffordable and horrific due to extreme inflation and taxes.
elder, care, inflation, retirement, nursing, home
785
2024-53-01
Wednesday, 01 May 2024 09:53 AM
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