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. According to recent data from the Bureau of Labor Statistics, the cost of in-home care for older people rose by 14.2 percent from March 2023 to March 2024. Due to growing demand, the cost of eldercare services provided at home, in an assisted living facility, or a nursing home has significantly increased in recent years. The country's expanding elderly population has led to a rise in demand.
According to the recently released Consumer Price Index data, the expenses associated with providing home healthcare services to older individuals confined to their beds have increased by 14.2 percent in the past year. This signifies the most substantial percentage rise in home healthcare expenses during the 12 months since the Bureau of Labor Statistics first gathered data on such expenditures in 2005.
The United States is experiencing a demographic shift characterized by an increasing number of elderly individuals. This has resulted in a higher demand for care services among the country's approximately 73 million Baby Boomers, escalating the expenses associated with nursing homes, assisted living facilities, and home healthcare.
According to the Administration for Community Living, around 70 percent of American
seniors aged 65 and beyond will require some long-term care in the future.
There are two primary categories of in-home care providers for elderly or bed-bound individuals: home health aides, who assist with personal care, and homemaker aides, who offer support with housekeeping tasks. According to insurance provider Genworth, the pricing for these aides' services differs based on the specific requirements and region. However, in 2023, the median hourly cost for a home health aide was $33, while for a homemaker aide, it was $30.
The significant rise in in-home care costs is likely due to the country's shortage of home health workers combined with increasing wages for these workers. This is law of supply and demand. In this case, there is a high demand for services while the country is experiencing a low supply of qualified healthcare workers.
An estimate from the Kaiser Family Foundation (KFF) revealed that in 2022 there were around 4.8 million direct care workers, which encompasses home health aides. These professionals helped 9.8 million individuals in their homes, 1.2 million in residential care facilities, and 1.2 million in nursing homes. According to the report, the direct care sector will create more than 1 million new jobs by 2031. However, the extra employment opportunities will not be sufficient to address the nation's increasing demand for elderly care.
References
O’Connell-Domenech, A. (2024, April 10). Home healthcare for elderly sees the largest price increase ever.
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