Rising cost of senior living homes puts pressure on families
(KTEN) — Elder care facilities are raising prices and adding fees, straining the budgets of older Americans.
Senior living facilities are scrambling to maintain affordable rates, but inflation means their costs are increasing.
"I hope we can turn it around, we could if a lot more places got more government assistance, more funding from people and more of our taxes go towards stuff like that instead of silly things," said Kelsey Johnson, manager at Nanaw's Place Assisted Living Center in Denison.
Hospices are also doing their part, trying to provide services that can help decrease finical burdens on elders and their families.
"Hospice can be a huge financial help to patients and families that are in the mist of a terminal diagnosis," said Guardian Hospice administrator Lisa Wilson. "Meaning that hospice can provide anything that's related to the hospice diagnosis."
However, even with assistance, how much help can Americans receive without facing financial turmoil?
"If you are private-paying and don't qualify for Medicaid, and you want to live in a long term care facility, it's probably going to be about $7,500 per month now, and so a lot of families are facing really dire choices," Wilson said.
Starting next year, older Americans could get an average of $1,729 in their monthly Social Security checks, but some wonder if that will be enough to cope with record high inflation.