Another article appeared in the Wall Street Journal recently about home health care workers. If you want job security, long hours and low pay, this is the career for you.
I have mentioned in prior posts about the shortage of workers caring for our elderly in the US. The turnover rate for home health care workers is 40% to 65% every year. The US Labor Department predicts this profession will grow by nearly 50%, or the equivalent of nearly a million new jobs by 2022. That is nearly five times the average of all occupations.
This also confirms the New York Times study that caregiving will overtake retail as the number on occupation in America by 2020, only 5 1/2 years from now. Where will all these workers come from? Who will want these jobs at a median wage of $20,000 a year? ResCare, one of the nations largest home care providers hires 2000 workers a month, just to replace workers who have left.
When your health changes and you can no longer manage on your own, who will care for you? Will it be your children? How many do you have, where do they live, and can they leave their careers and families to care for you?
Do you think the government will provide your care? Spend your money and let Uncle Sam take over? He can’t print it fast enough now and the baby boomers continue to turn 65 at a rate of 10,000 a DAY!
A nice assisted living facility that costs $3600 a month now (assuming your need for care is not significant) will be close to $15,000 a month when today’s 50 year olds are 80. Many 80 year olds think this is something they might not need for 10-15 years yet, when it will cost $30,000 a month.
I have Long Term Care insurance that will help pay these bills. Every year its benefits increase automatically at 5% compounded. Many insurance companies and agents are promoting LTC insurance policies that do not increase at all or do so at only 3% inflation. That will not pay the bills in the future! The only good those policies will do is to earn them a commission and leave the (woefully inadequately) insured clients to spend down to Medicaid impoverishment.
Congress wants to raise the minimum wage by a third. Caregiving providers cannot hire or retain workers at current pay grades. Wages will go up, and those with money will be able to get the care they want. I will. Will you? Long Term Care insurance is still available at reasonable rates, if it is chosen appropriately. That’s where I can help.
More information is available at www.TheLongTermCareGuy.com or call me, let’s talk. (920) 884-3030 or at (800) 213-9203 if are from out of town