|By Tim Grant, Pittsburgh Post-Gazette|
|McClatchy-Tribune Information Services|
The price tag of caring for her 90-year-old mother began with a new home purchase and continues with the everyday expenses that come with adding another person to the household.
"There are things that happen that you cannot anticipate until they are there. Some of them are financial," said
The aging of America has become a financial reality for families caring for parents and other family members dealing with age-related issues.
Many adult children have made financial sacrifices to cover caregiving expenses, according to Caring.com, a website for those responsible for the care of their parents. About half — 46 percent — spend more than
"What these numbers say is people spend a lot of money taking care of mom and dad," said
"Their parents might not have planned for senior care costs properly or simply fell on hard times,"
Nearly 30 percent of non-retirees in the PNC survey — which polled 1,021 adults with investable assets of at least
Many people are surprised that long-term care is not covered by
"People with limited financial resources may find it difficult to get access to the types of senior care services available outside of traditional skilled nursing facilities," said
"Currently there are few state or federal funding mechanisms in place to cover seniors who don't require skilled nursing care on a full-time basis,"
"This is a big problem many people are not planning for," he said. "Like saving for other expenses, families may need to consider saving for this.
"If they are young enough, caregivers should consider long-term care insurance for themselves. It's probably too late for their parents. This kind of insurance gets more expensive as you get older, and in your 60s and 70s it could be too late."
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