“Independent living.” “Aging in place.” “The hospital of the future will be the home.”
Fine words — and they speak to the desire and the benefits associated with aging at home for as long as possible, as opposed to in an institution.
But, as reported here, there’s disturbing evidence that more and more people simply cannot afford it:
“To age in place, seniors either need to be completely independent or have some sort of personal care afforded to them. If they qualify for Medicaid, home- and community-based services are an option. But waitlists for HCBS in some states can be quite long.
“Medicare covers home health care, but not personal care, which generally helps seniors deal with activities of daily living. Seniors not supported by Medicaid or Veterans Affairs (VA) are left to pay out of pocket for services.
“Only 14% of American seniors can afford to do so, however, according to a new analysis conducted by the Joint Center for Housing Studies of Harvard University. In some markets, an even smaller percentage of seniors can afford home care.”
The problem is put in dramatic context by this quote from Avi Medoff, CEO of Arosa, a leading provider of care management and care concierge services: “100% of the population needs what it is that we offer, and maybe 5% or 10% can afford to pay out of pocket. May 10% or 20% are qualified and eligible for Medicaid services. That means that a vast majority — 75% to 85% of American families — are just struggling to provide that support that their loved one needs as they age, and that is where we see people go into assisted living or nursing facilities when that’s not their preferred place to age.”
The financial realities of longevity have to be acknowledged. The rich/poor gap may only widen, because so many of the exciting new developments now rolling out — from AI and robotics to smart homes to breathtaking new drug therapies — are not necessarily going to be widely available, based on cost. That’s why one of the important A’s of SuperAging — Autonomy — includes the need to pay more attention to finances (and to shore up incomes by delaying retirement or not retiring at all).