The number of seniors is growing. In 2010, one-sixth of the adult U.S. population was older than 65; by 2030, about one-fourth will be.
The problem is that the resources to help seniors stay at home are shrinking.
Many seniors are finding that their boomer children are staying in the workforce longer than they did, and are unable to care for them. Demand for direct-care workers is expected to grow 37 percent between 2012 and 2022.
Demand for personal care aides alone—the entry-level workers in the field—will grow 49 percent. There are currently 3.5 million direct-care workers in the country, according to the Bureau of Labor Statistics. Five years from now, there will be 1.3 million more.
More and more people are going to face the same problem our grandparents may faced. They may have saved lots of money or bought into long-term care insurance, and they might have all their affairs in order.
Money is also a problem: Medicaid reimbursement rates govern wages in the industry, but states have kept reimbursements flat as they struggle with budget issues.
Speak to our Financial Advisors today to find out how Feliciano Financial can help you with Elder Care. Simply call 903.533.8585