The costs of elder care have risen by around 50 percent over the past two decades, posing a major issue for many aging baby boomers who do not have sufficient resources to meet long-term care needs.
The median yearly cost of in-home care in the United States in 2021 was $61,776 for a home health aide, up more than 46 percent from $42,168 in 2004, according to a report by financial services firm Genworth. For homemaker services, the costs jumped from $38,095 to $59,448 during this period, a growth of 56 percent. During the five years between 2016 and 2021, the costs of both these services have increased by a compounded growth rate of more than 5 percent.
