Choosing to care for a declining loved one at home is a decision of cost consideration and personal commitment. The median cost of in-home care stands at $30 per hour in the US, with annual expenses escalating well over $20,000 for only two-hour visits every day. This is the kind of financial anxiety many homes face, especially as the healthcare system known as Medicare does not provide long-term care coverage.
The situation becomes particularly critical if two hours a day won’t suffice, as for my stepmother-in-law. Following my father-in-law’s debilitating heart attack last December, she decided to bring him home. As a retired hospice nurse, she initially managed the situation well with just four hours of aid two days a week, but managing her own elderly mother as well was daunting, making her reconsider the arrangement. This resulted in her increasing the days and hours for an aide at a cost of nearly $4,000 a month till my father-in-law’s death in March.
The current financial strain ailing many households in the US could, however, be eased if the US Vice President Kamala Harris’s new proposal to fund at-home care through Medicare is approved. By doing so, the financial burden of out-of-pocket costs for sufficient professional in-home help during difficult times could be potentially eradicated or reduced.
The need for professional in-home care is accelerating with the increase in the aging population. As baby boomers, the once largest generation, nears 80, the demand for this kind of help rises. According to Dr. Carolyn McClanahan, founder of Life Planning Partners Inc., about 70% of people require some kind of care as they age, from help with meal preparation and housework initially to comprehensive care like bathing and feeding as they advance in age.
Families face a shock when they discover that Medicare does not cover the cost of long-term care, forcing many of them to opt for the costly long-term care insurance option or become default caregivers for their loved ones. Of note is that a staggering 67.5 million seniors and disabled individuals rely on Medicare for health coverage. The small fraction that manages to afford the long-term insurance coverage often finds it a headache to get their benefit, with insurance companies demanding stringent requirements to warrant a payout.
Therefore, for many households where a loved one requires lasting care, the default arrangement often consists of a spouse, sibling, or adult child stepping up and providing necessary in-home care. Medics estimate that there are 48 million family caregivers for adults in the US, and 61% of them juggle work responsibilities as well. The financial and emotional toll is immense, with caregivers spending around $7,242 each year on treatment expenses. Women over the age of 50 who leave their jobs to become caregivers risk losing over $300,000 in wages and retirement income over their lifetime.
Paid help provides necessary breaks and can alleviate some of the physical and emotional strain. However, nothing outstrips the emotional contentment and satisfaction of witnessing the peaceful departure of a loved one, just as it happened to my stepmother-in-law. She considered the five weeks she spent with her husband at home as a ‘healing gift for us both.’ Enlarging the scale of such experiences through Harris’s proposal is beneficial and can potentially offer more families the unique chance to afford similar rich experiences.
