Why is the hard economics of geriatric care going to get worse?


My sister, carol, likes movies, but she hasn’t seen them for years. When she tried to watch at home, she was often interrupted. She shrugged and said, “who needs a movie when you’re alive?”
You see, my sister is living in the movie groundhog day. She looked after our mother with dementia. Our mother asked The same question over and over, just looking at some classic TV shows like “The Golden Girls.” To this end, my sister got nothing.
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I’m surprised how hard was my sister, her mother’s quality of life for us has made much contribution, but our society to the extent of contribution by her family caregivers knew little. As an economist, I have also seen her plight epitomise a bigger problem. As our family can’t expect me to sister to keep it that way indefinitely, our society can’t count on unpaid caregivers tend to meet the needs of the national growing forever.
Attach importance to the care of free old people.
Carole belongs to a has more than 43.5 million troops, they offered relatives AARP estimates that $470 billion worth of care – the amount of more than 195 countries around the world gross domestic product (GDP) in 170 countries.
Because there is no money to trade, economists do not calculate unremunerated care for GDP – the sum of all economic activity. However, this work is indeed very important in the well-being, economic and other aspects of the elderly, the disabled and their relatives.
Expecting everyone in my mom’s plight to make adult children able and willing to take care of them is becoming increasingly unrealistic. Demographers expect the number of americans over 65 to more than double in less than 50 years, from 46 million in 2016 to 98 million in 2060. Many older persons with one or more chronic diseases require professional and informal assistance.
Who will take care of all these extra old people?
The average number of child women has fallen, from 3.7 in the 1960s to 1.9 in 2016. This has led to fewer and fewer children taking care of older parents. Also, since in the mid – 1950 – s, is engaged in the paid workforce, the proportion of women in life in the mid – eighty – s, up from about a third more than one to two, therefore, adult daughter taking care of their parents, most people still provided to the elderly are women. For example, the son who took care of his parents did 16 percent of the unpaid care, while the daughter did 31 percent in 2011.
Caring for elderly and disabled family members costs a lot of money, including hundreds of thousands of dollars in lifetime earnings, according to Fidelity, an investment firm. If that means retiring quickly,
Paid caregiver

When he has to, if there is no relatives willing to act as unpaid caregivers, so families will hire paid caregivers or moving their relatives to nursing homes, private room here costs could be as high as $100000 a year or more. So few medical insurance cover accommodation, nursing home medicaid qualification is limited, so in addition to the wealthiest americans or long-term care insurance, all similar institutional care is generally not possible – this will cost a lot.
The bureau of labor statistics predicts that nursing jobs will be the fastest growth in the next few years, with the number of home care aide by 41%, from 3 million, increased to more than 4.1 million, 2016, ten years.
But many states already face shortages of these workers. Part of the reason is that these jobs pay very little — $22,170 per year on average in 2016 — and offer little benefit. The pay is low, and about half of the paid caregivers depend on some form of government aid to make ends meet.
The industry’s low wages help explain why about a quarter of all family health workers are immigrants. Until now, foreign-born workers have narrowed the Labour gap. As a result, the trump administration’s efforts to crack down on undocumented immigrants and reduce the number of immigrants with legal status will certainly make it harder for families seeking to take care of the elderly to hire workers.
I think any serious debate about immigration policy should be considered for paid caregivers growing demand, and is willing and able to pass the civil road to finish the work of immigrants to build more way. There are specific agricultural and hospitality visa programmes. Why not?
What else can help?
Because of gender stereotypes, men tend to be reluctant to look for jobs in their care. If these attitudes change, the number of potential caretakers will increase. But changing attitudes is a difficult and lengthy process.
Medicaid and medicare, meanwhile, can increase their pay fees for aged care, nursing on the economy get more returns, thus stimulating home health aides wage growth, so as to make the industry more attractive.
To ease the economic burden of care, medicaid and health care can increase the benefits of care provided by families and institutions, and extend coverage to more people.
Another way to reduce this financial burden is to adjust the tax code.
Congress seems to be moving in that direction. Some members, including republican senator sanly Moore of West Virginia and tammy Baldwin, a Wisconsin democrat, introduced the “care law” in 2017. The measure is not included in the tax changes, which would give americans at least $7,500 a year and care for a $3,000 tax credit for relatives with specific disabilities.
If passed, it would mark a step in the right direction. But I believe more is needed to prepare for the coming wave of older americans, with millions of americans in need of help.
For example, for people like my sister who work full-time on unpaid care, this legislation does nothing and may require the most help.
Patricia Smith, professor of economics at the university of Michigan. She is also a writer for The Conversation, an independent source of news and opinion from academia and research.


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