Elder Care Costs Soar Past Inflation: Americans Now Accepting Donations in Geritol and Good Intentions!

For all those who thought household expenses consisted of groceries and bills, meet Sharon Zimmer, a 65-year-old woman from Onalaska, Wisconsin, who’s discovered that caregiving costs can make quarterly trips to the dentist seem like a walk in the park.

Since the tragic event of her husband Chuck being diagnosed with Alzheimer’s and dementia in 2018, Sharon has turned her home into a full-time care facility, where the only amenities are stress and heartbreak. “Everything that we worked hard for is going back into his care,” she lamented, as she faces the harsh reality that “retirement fund” might as well be a myth. Meanwhile, Vice President Kamala Harris made a valiant attempt to intervene last week, proposing that Medicare start picking up the tab for home care—because why not have the government foot the bill when they’re already sinking into the sea of financial despair?

In a plot twist fit for a tragicomic novel, the number of family caregivers in the U.S. has skyrocketed by 4 million since 2015. This has caused many brave souls like Sharon to drop out of the workforce, giving new meaning to the term ‘caregiver’s job security.’ Sharon gave up her dwindling retail hours in 2021, slashing their annual household income by nearly $24,000—for the chance to embark on the exciting adventure of managing Alzheimer’s on a shoestring budget.

Now insured under Medicare, the Zimmers were not that lucky when Chuck was first diagnosed, resulting in an early financial hit that could only be described as unfunny, especially when they realized that dipping into retirement just to keep up with care costs – which this year could exceed $17,000 – was the only option they had left. And no, that $17,000 does not include the price of the therapy they probably need for witnessing this financial horror unfold.

Despite inflation dragging itself down to a cool 2.4% last month, the costs associated with at-home care for the chronically ill and elderly have decided to break free from reality, climbing by 8.7% according to federal data—because who needs to breathe easy when you can just drown in bills?

Sharon expressed her thoughts on Harris’ proposal, calling it “huge” with the enthusiasm usually reserved for surprise birthday parties. “As of today, Harris would have my vote!” she declared—while surrounded by friends sporting pro-Trump slogans and perhaps popcorn to enjoy the circus that is the upcoming election.

The great caregiving cost crisis continues to squeeze households like a stress ball as prices for other necessities ease off—who knew elder care was the villain of the story? Kelsey Flock, a dementia care specialist (because someone has to deal with this madness), pointed out the long-term, essential expenses that merely erode financial security like a pesky leaky faucet. “If your loved one is diagnosed younger, they’re losing their retirement, they’re losing income, and maybe losing the primary caregiver’s health insurance,” she noted, as if to sum up the horror movie plot of modern caregiving.

And just to throw salt in the wound, Trump has made big promises of making caregiving more affordable as well, without any details because, as we all know, plans like to vanish faster than the last bottle of wine at a family gathering. Meanwhile, the Harris campaign insists that covering at-home care would be funded by negotiating drug prices like it’s a never-ending game of Monopoly. The plan’s price tag? A casual $40 billion annually. No biggie!

Meanwhile, caregiving isn’t something everyone gets to share equally. Spoiler alert: women and people of color are in for a rough deal. The average caregiver spends about a quarter of their income on out-of-pocket costs, while those aged 18-34 invest a whopping 42% of their income—enjoy that avocado toast, kiddos. And for African American caregivers, it’s a cool 34%, while Hispanic and Latino caregivers rack up 47%—because statistics love to play favorites.

As for Chuck and Sharon, Medicare’s pokey coverage leaves them with a gaping hole in their finances, as Medicare clings to medication payment like a toddler to a loved stuffed animal, but simply turns its back on nursing care. Having invested in a long-term care policy in their 50s, they find themselves staring into the abyss of prohibitively expensive memory care facilities—a truly invigorating exercise in futility topped with a slice of dissatisfaction.

Experts, like the ever-practical David Grabowski from Harvard, have pointed out that the caregiving system is as broken as the last piece of cheap IKEA furniture you tried to assemble without instructions, and yet the public remains blissfully unaware while the focus dances around child care affordability like it’s the belle of the ball.

In the meantime, bipartisan legislation has been reintroduced to offer a tax credit for caregivers up to $5,000—a radical idea introduced not once, but five times since 2016 because hey, if at first you don’t succeed, try, try, and try again until you lose all faith in the system!

Before all these campaigns began throwing around generous policy proposals like candy at a parade, Sharon held hope for a small $500 caregiver tax credit. “Every little bit helps,” she sighed with the kind of enthusiasm one might have for a root canal, “but deep down, $500 doesn’t even pay for a pair of eyewear.”