Bill Roggenkamp highlights how rising elder care costs are eroding generational wealth for middle-class families
Rising costs for long-term elder care are significantly depleting the savings of baby boomers, often leaving little for inheritance. A Washington Post analysis reveals that while boomers hold the majority of U.S. household wealth, many middle- and low-income families are spending their assets on monthly care costs rather than passing them on. The median American spent $19,179 out of pocket on healthcare in their final decade, but one in six spent over $50,000, and one in 20 spent more than $100,000. Bill Roggenkamp noted that his 96-year-old mother’s assisted-living costs of $15,000 per month have exhausted her savings, forcing his family to take out loans. Experts suggest that funding for long-term care is currently broken, as Medicare typically does not cover custodial care if it is the only care needed. With 56% of Americans turning 65 likely to develop conditions requiring long-term care, the gap in funding falls directly on families, who must often pay 37% of future costs out of pocket.