“I’m ready for breakfast, Michael.”
My mother used to say this every morning. I would start her day with oatmeal and buttered toast—just half the milk, or I’d hear about it. After setting the tray and adjusting the TV for her favorite Hallmark channel, I would try to get back to work, but—most times—I’d get called back within minutes. It’s a routine I’ve come to know very well.
For many years, my 85-year-old mother lived in Virginia with her sister. She takes charge of her care, managing appointments and preparing most meals. My wife, daughter, and I enjoy our visits, but there’s always a lot to handle. The plain truth is that she needs assistance with daily activities.
Many families take on these roles because hiring professional caregivers is often financially unmanageable. At this point, the average cost for home aides has surpassed $77,000 annually. For home-maker services, the price also exceeds $75,000, though they often include tasks like cooking and running errands. Even adult day care centers, typically seen as lower-cost options, average about $26,000 a year.
Long-term care events, which last approximately three years, aren’t just statistics; they influence household budgets, retirement savings, and lead to difficult decisions. Recognizing this, our company brought together providers, policymakers, and advocates in Washington, D.C., at a recent long-term care symposium. The aim was to discuss a more sustainable and affordable funding system for long-term care. Many shared the view that current solutions are inadequate, placing too much pressure on families.
The data supports this consensus—the long-term care crisis is worsening.
Every day, about 10,000 baby boomers turn 65, and around 70% will need some form of long-term service and support. However, many are not in a financial position to handle these expenses, particularly as home care costs are rising quickest. This is the environment most people wish to age in. Interestingly, two-thirds of home care providers pay home makers and aides the same hourly rate.
We can’t wait for the perfect solution. This is an immediate issue facing families across the country—often quietly, but generally unrelenting.
So, what might a solution look like?
We believe that addressing long-term care challenges needs public and private collaboration. The ideal framework would involve dedicated government funding for long-term services while also encouraging private sector involvement. This shift could alleviate some of the pressures on Medicaid, which often ends up being the last resort for long-term care.
This is why we back bipartisan efforts like the WISH Act, which proposes federal support for catastrophic long-term care costs. At the state level, Washington has introduced its WA Cares program, offering a basic support structure that can help manage expenses when care is necessary. These initiatives indicate progress, particularly in integrating private long-term care insurance.
While resolving funding is critical for tackling our country’s long-term care issues, comprehensive solutions should also offer clearer pathways to quality care, enhance planning tools, and ensure caregivers are treated with dignity.
We assist millions of families in navigating the aging journey and have paid out costs totaling $30 billion. We are committed to doing our part and eager to work alongside others to establish a sustainable long-term care system in America.
