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The expense of elder care grows as technology advances

As the number of elderly people in our society grows, so does the technology that helps keep them safe. When it comes to elder care, more families here in Washington, DC and around the country are turning to technology to keep an eye on their older loved ones. Of course, as with anything in our society, that technology comes with a price.

It is more important than ever for families to prepare financially to take care of the elderly. By the year 2018, it is estimated that health care costs in the United States will reach a staggering $7.2 billion. Without having some sort of financial plan in place, many older people and their families could end up in dire financial straits.

Health care costs for older Americans have been approximated as being between three and fives times more than for Americans that have not yet reached the age of 55. Between safety monitoring devices, such as products to manage medication and devices to enhance mobility, and "telehealth" devices that monitor physiological symptoms and parameters, the numbers may not be all that surprising. However, the peace of mind these technologies give families may make the price worth it.

The question then becomes how to make sure that there are funds available to pay for the freedom these technologies can give to Washington, DC elderly people. The older people in our families can help prepare for the costs associated with elder care through careful estate planning. This could help put money aside now that can be used in the future to give older family members the independence they deserve while giving their families a way to make sure they are safe.

Source: Senior Housing News, Long-Term Care Tech Market to Reach $7 Billion by 2018, Jason Oliva, Sept. 16, 2013

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