Americans underestimate senior care costs [infographic]

A crisis may be growing around the need for senior care, and a lack of realistic perceptions and planning for it.

Care.com, which matches families with caregivers for a variety of situations, recently completed its 2016 Senior Care Survey. Researchers looked at the financial and emotional challenges today’s families face surrounding senior care. They found that many misconceptions about the cost of senior care, and a general unwillingness to openly discuss the issue with aging parents.

“The trials and tribulations of child care are widely discussed and known,” said Jody Gastfriend, vice president of Senior Care at Care.com. “However, those issues are only part of the care challenges families face. Nearly half of U.S. adults in their 40s and 50s are already in the Sandwich Generation caring for a child and an aging parent. And with the number of people over the age of 65 set to nearly double by 2050, the emotional and financial weight of senior care is only going to intensify for families.”

For a closer look at the study’s results, take a look at the Care.com infographic below. It shows that only about 36 percent of people are saving for senior care costs. In addition, a substantial number of survey respondents underestimated both annual nonmedical home care and nursing home costs.

(Click graphic to enlarge.)