The Epoch Times
The Epoch Times
AD
The Epoch Times
Support Us
Personal Finance

Elder Care Health Costs Spike as Boomers Age

Health care are rising along with the age of the population, posing a challenge for boomers who plan on retiring soon but do not have the requisite financial resources.
Elder Care Health Costs Spike as Boomers Age
A woman with Alzheimer's disease looks on during lunch in the refectory of a retirement home on October 18, 2016 in Saint Quirin, eastern France. Photo credit should read PATRICK HERTZOG/AFP via Getty Images
Naveen Athrappully
Naveen Athrappully
8/14/2023|Updated: 8/14/2023
0:00

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.

Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
Author’s Selected Articles

Government Has Frozen $584 Million in UCLA Funding, the University Says

Aug 07, 2025
Government Has Frozen $584 Million in UCLA Funding, the University Says

Roblox, Discord Sued Over Alleged Grooming, Kidnapping of 10-Year-Old Girl

Aug 06, 2025
Roblox, Discord Sued Over Alleged Grooming, Kidnapping of 10-Year-Old Girl

US Peak Electricity Demand Breaks Records in July: EIA

Aug 06, 2025
US Peak Electricity Demand Breaks Records in July: EIA

Crypto ATMs Are Targets of Scams and Other Criminal Activity, Treasury Warns

Aug 05, 2025
Crypto ATMs Are Targets of Scams and Other Criminal Activity, Treasury Warns
Related Topics
Social Security
Elder care
Add to My List
Save
The Epoch Times
To ensure we reach the high standards of reliability and neutrality that you expect from us, we are engaging with Ad Fontes Media to analyze our content. If you find an article you think falls short of the standard, please submit the link through this form.
Copyright © 2000 - 2025 The Epoch Times Association Inc. All Rights Reserved.