|What will we do?|
- Home health care
- Diagnostic imaging like MRIs, CT scans
- Diagnostics labs
- Durable medical equipment
- Power wheelchairs unless rented for previously rented for 13 months
- Long term hospitals, nursing homes and inpatient rehab facilities
- Dialysis treatment
- Inpatient psychiatric hospitals
- Hospitals that treat low income seniors
According to an article in NPR the number of elderly Americans needing expensive care is going to surge as more Baby Boomers retire and begin to depend upon Medicare to meet their health needs. This is the age group born between 1946 and 1964 and many of them are expected to live to live 85 years or older. Today there are 6 million Americans in that age group.
As more cuts to Medicare are made it may mean many Americans that are still supporting children may be expected to shoulder more of the cost of taking care of the health and medical needs of elderly parents.
In some cases, this may require that the aging parent move into the family dwelling in order to cope with the financial challenges. The Pew Research Center reports that this is already happening with about 20% of older people living with another generation. However doubling up to split living costs may fall short of what is needed to care for an aging parent. Three generations in one household may become the rule rather than the exception.