Caring for Healthy Elders is Costly

Today's Orange County Register features an Associated Press article titled, "Long-living, healthy people cost more to care for, study says" and I thought, "I could have told them that." The article is about a Dutch study that found health costs of thin and healthy people in adulthood are more expensive than those of obese people or smokers because the last two groups died sooner than the healthy one. "Ultimately," the article states, "the thin and healthy group cost the most, about $417,000, from age 20 on. The cost of care for obese people was $371,000 and for smokers, about $326,000."

My parents don't smoke and are not obese (at least for the past 25 years). They have had dozens of health issues, but all-in-all, they are quite healthy for their ages. It costs around $12,000 per month to keep them in assisted living with an extra caregiver to help my nearly-blind dad and forgetful mom during daylight hours. Add to those costs the normal everyday stuff such as medications, minor mediacl surgeries and treatments (over and above Medicare), telephone, newspaper, postage, toiletries, cleaning supplies, snacks and beverages for their apartment, dog care, haircuts and styling, clothing, dry-cleaning, etc. etc. etc., and we have a $20,000 per month scenario. Yes, this wreaks havoc on even the best life savings nest eggs.

I've said this before on my blog and I'll say it again today after reading the Register article - BUY LONG-TERM CARE INSURANCE for your parents (if they are young enough to qualify) and yourselves. Do it when you are in mid-life! According to AARP, an individual who is 65 and in good health can expect to pay $2,000 to $3,000 per year for a policy covering nursing home care and in-home care, with premiums adjusted for inflation. Google "long term care insurance" and read up on the subject. Ordinary health insurance does not cover in-home caregiver support, assisted living in residential settings, adult day care services, visiting nurses or skilled nursing homes. Long-term care insurance typically covers those costs! Please let my family's painful experience of the high cost of healthy aging be a lesson to you and your family.