Today, many elderly Americans who cannot afford the ongoing cost of home care, assisted living or nursing home care are faced with the decision of whether or not to use their homes as a source of funding to pay for care. As many seniors have significant equity in their homes and since Medicare does not pay for assisted living or personal care at home, using one's home to finance long-term care can be a good option and sometimes it is the only option. Authors of a new study say that as the wave of aging baby boomers advances, the middle-income elderly population could find itself in a particularly problematic situation—at least when it comes to finding housing that can accommodate declining mobility and increased care needs. By researchers' estimates, in as few as 10 years, over half of middle-income adults 75 and older, won't be able to afford many of the private seniors' housing options available today. Among the study’s findings: 1 in 5 middle-income seniors wi...
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