Elder Care Services Expected to Dramatically Increase, According to Virginia Elder Law Attorney
Virginia Beach, VA (Law Firm Newswire) January 18, 2013 – As the U.S population continues to age, the demand for elder care services will only increase.
A recent report released by a Cleveland-based marketing firm, The Freedonia Group, cautions that federal and state spending for elder care should continue to increase in order to care for the growing elderly population, regardless of other spending restrictions.
“Skilled nursing home services, in-home health care services, and stays in assisted living facilities are all expected to increase at least 5 percent each year for several years,” stated Virginia elder law attorney Andrew Hook.
By 2016, that will add up to a cost of roughly $320 billion, according to The Freedonia Group analysts. The increased cost may mean the federal government will be advocating that the elderly and seniors with disabilities pursue care while staying in their homes or in their local communities, and ask for care by extended family members, the report states.
The U.S. healthcare system will likely be badly overburdened by the need for so much “informal care,” meaning life-task and non-medical assistance, as the number of older adults without extended family or a support network increases. Additionally, many older individuals, the researchers found, prefer to receive care from non-medical caregivers. However, efforts to control elder care costs may simply cause in-home health care costs and community-based care costs to grow faster than the system can support, the analysts said.
The Freedonia Group also released a report on marketing home medical equipment, and concluded that home patient support equipment, including wheelchairs and bathroom safety products, will also be in great demand, and will trigger a need for better cost-management programs. Analysts expect that the continued growth of demand for elder care will place an undue burden on families. In their current form, neither Medicaid nor Medicare will be able to handle the increased need for services, without additional revenue or a reduction in some programs.
The best advice, say experts, is for individuals to obtain long-term care insurance and other long-term care financing options, by working with an estate planning and elder law specialist to ensure that the future is secure.
The elder law attorneys and estate planning lawyers at the Hook Law Center in Virginia Beach and Suffolk, help Virginia families with wills, trust & estate administration, guardianships, long term care planning, special needs planning, veterans benefits, and more.
Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
5806 Harbour View Blvd.
Suffolk VA 23435
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