Elder Care Inflation 39% in Just Three Years - The Big Swindle of Our Americas Seniors
George Mentz (JD MBA OSG YBhg CILS CWM MPM Int'l Lawyer)
Gov't Commissioner - CEO AAPM GAFM Academy, Lawyer, Influencer Professor - Frhr Seigneur Fief Blondel - YBhg Datuk Seri - Author 100 Books - 200K Follow - Proud Sicilian Hispanic Egyptian Asian & EU *CEO Aspen Commission
The Big Swindle of Our Americas Seniors – Elder Care Inflation up over 39.58 % in Just 3 Years.
In?2019, the national median cost for assisted living was approximately?$48,612 per year?or about?$4,051 per month. [i]? ?Fast forward to?2024, and the projected national average cost of assisted living has become unaffordable and horrific due to extreme inflation and taxes. ?As of April 2024, the estimated monthly median cost is around?$5,665 [ii] or over $67,000 dollars per year. ??[iii]??
?
What cost a mere $48 Thousand dollars just 3 years ago now costs over $67 thousand dollars per-year for one person to receive assisted living.? The percent increase from $48,000 to $67,000 dollars is approximately 39.58%. This worsening ?is enough to wipe out a seniors savings overnight or possibly get them kicked out on the street from the senior living facility. ?[iv]
?
These costs reflect the expenses associated with care and amenities provided by senior living communities. Keep in mind that actual costs may vary based on individual needs and specific locations.?If you’d like a more personalized estimate, you can use the?“Long-Term Care” ?Calculator?to assess your situation. ?[v]
?
Additionally, you can explore the? Cost of Long Term Care by State ?report for detailed information on costs across different states .? This exploitation of seniors is hitting Americans hard where many families need to quit working to take care of their parents or grandparents. [vi]? This entire hyperinflation situation has created the real threat of economic elder abuse.
?
Readers Digest this month said that more than 4 out of 5 middle-class Americans over 65 who need long-term care for five years or more will eventually be on Medicaid.? [vii] This is because middle-class? families ?have lost everything to elder care costs, and been forced on public assistance due to inflation and extreme prices in cities nationwide. [viii] [ix]? The bad news is that thousands of? middle-class families each year will lose all of their hard earned wealth and assets, and then the taxpayers must then cover the extravagant costs and fees with higher taxes.?
?
With a 39% increase in costs for elder care since COVID began, middle class wages and wages for women and minorities have not kept up.? Typical worker wages have only gone up a mere 12.1% in 4 years, while senior care is up over 39%? in the same 3-4 years [x] [xi] ??Many blame the increased costs and the lower wages on unbridled and unlawful? immigration boosting health care, rent and food costs in cities. [xii] ?[xiii]? For many seniors, it would be cheaper to live on the beach in Latin America or enroll in graduate school that to stay in a sub-standard living facility with a cafeteria. ??[xiv] [xv]
?
Overall, the exploitation and mistreatment of American families is both sad and unconscionable while many seniors fear of losing their homes, businesses, or family property to the inflation and failed economic policies.
?
领英推荐
[vii] Americans are facing financial ruin as costs soar for elder care | | virginislandsdailynews.com
[xi] Fastest wage growth over the last four years among historically disadvantaged groups: Low-wage workers’ wages surged after decades of slow growth | Economic Policy Institute ( epi.org )