It can be very expensive for families to provide the care needed for elderly parents. Sometimes living in the wrong state can make things worse.
In recent years, the costs of providing care for the elderly has skyrocketed. The rising costs have put extreme pressure on the finances of many American families who provide care for their older parents. The elderly parents often discover that they did not save enough for retirement to cover the rising costs for themselves.
However, not all states are equal. Caring for elderly parents is cheaper in some states than others.
Financial Advisor recently reported on a new survey that details the worst states for caregivers in "Worst States if You're Caring For An Aging Parent."
Those states included on the list are a very diverse group. Wyoming and New York do not have very much in common. However, they are both on the list of the worst states for caregivers. A common factor of states on the list is the high cost of nursing homes and home health aides.
In some states, that can be partially explained by the high costs of living. However, a lot of it has to do with large populations needing care. In states such as Wyoming, a limited number of nursing homes and home health aides increases costs for those who need them. The states on the “worst list” are those doing the worst at providing the necessary infrastructure for America's aging population.
The cost of caring for the elderly is expected to increase, as the percentage of elderly Americans continues to grow. That means that all states need to plan now for how to help caregivers and to provide the necessary facilities and aides going forward.
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Reference: Financial Advisor (Feb. 22, 2018) "Worst States if You're Caring For An Aging Parent."