Affording Assisted Living and Home Care
According to a recent survey by KATHLEEN STEELE GAIVIN (August 10, 2022) 59 percent of adult children cannot afford assisted living, home care for parents.
Fifty-nine percent of adults aged 40 to 55 who have parents said they will not be able to pay for in-home nursing care or life at an assisted living community for them in a new survey published Tuesday by the American Advisors Group.
Seventy-four percent of the respondents said that, ideally, they would like to see their parents age in their own homes rather than in assisted living. Half of the poll participants said they believe their parents will need to move into their homes at some point in the future and that they are planning for the moves.
Forty-three percent of those who took the survey said that they are worried about their parents’ financial status. Almost two-thirds said that they are worried about the effect that inflation is having on their parents’ finances, and almost a third said they are worried that the financial issues will trickle down to them.