sets a my colleague rachel ruble spoke with all set and we'll correspondence on this robot . it says, this is an attempt to blame bush f, a gym and domestic issues. quite a surprising report to that. every other german is afraid of a russian attack is this based in reality, out of that what it's best in reality, independent media, they right now make the big show trace to and the german spy life gets hotter, more expensive, and so on why they have to spend 100000000 on the, on the, to be on the army, while there is no money for pensions and so on that there's a, this has to be explained somehow. i see this just as a, as a kind of a making panic. the minister of defense and germany since october already says you have to be ready for one. so now let me just taking this topic is this really just a fair long drain rather than focusing on the real issues at home it's, it's almost like the media is trying to find an enemy that people can focus on. so that way they're distracted from actual problems. i'm always joking with jumping governments always funds, find somebody who's guilty, whether it's putting,

whether it's coordinated, whether it's climate change. somebody is guilty of the problems in germany, but the german government can't do anything. and we see this again, um they put the focus on something else instead of solving departments at home, in fact, follow an american policy which comes here fighting russia. so there's a function of working worst for europe. and then for, for the rest of the company is going into your piece of problems if you would face, and this probably would have to name it. and this would raise questions. so for the policy itself and some of the governments, when you see the nonsense i'm from, from russian politicians, they don't, they don't touch europe. and then in concert anymore, they don't talk about your they talk about american politics and they're not quote that the europeans don't have an old products. so how to deal with somebody who's not that can own decisions. i think this has gone for a long time and go to the national progression, you know, from on any of those stories that you've just seen through head of it's all web sites are t dot com or telecom channel. when i speak to scott and i'll be back with another rundown of all the latest in around about how and i was like so much

a or the while increasing longevity and improved health at older ages is seen in many parts of the world. as the crowning achievement of the 20th century, these trends also present significant challenges. so seidel aging can affect economic growth, patterns of work and retirement. the ways families function and the ability of governments and communities to provide adequate resources for older adults. so as the population ages, there's also a decline in the working age, members of society and increases in health care costs. i'm christiane, you're watching the cost of everything we're today. we're going to be breaking down the costs of aging and elder care.

the many americans who serve as caregivers are consumed by the men's cost of tending to ailing or aging family members. and as the baby boomer generation ages, more americans are in for a rude awakening as to just how expensive caring for older adults has become. the price of nursing home care has increased an average of 2.4 percent each year due to inflation and the increased demand for adult daycare assisted living facilities or nursing homes. long term care services are expensive as a senior housing industry requires a large work force of nurses and staff to support it. senior housing also caters to a high income population, is now in the us long term care costs between $35000.00 to a $108000.00 a year. but the medium cost to stay at a private room in

a nursing home is over $9000.00 a month. a 70 private room would be around $7000.00 at a price to stay in a living facility as around $4500.00 a month. and many baby boomers do not have enough retirement savings to car the cost of living in good health, let alone and for more than 2 fits of baby boomers don't have any retirement savings. and these adults will need to rely solely on the income they receive through social security. because medicare does not cover nursing homes or assisted living facilities, 70 percent of adults age 65 years and older it will require long term care at some point. and the average length of these days these facilities is about 3.2 years. memory care facilities are growing up, the fastest rate ever in the senior housing market sector. these facilities offer more hands on care for people with dementia. and they can include special features like walk units that prevent patients from wandering around and leaving this

facility unattended and enclosed outdoor spaces where patients can move around safely. in 2019 there were about 8000000 middle income seniors living in the us. but by 2029 there will be about 14000000 middle income seniors with 60 percent expected to have mobility limitations and 20 percent expected to have high health care and functional needs. and now today we're joined by keith mock director of lead management at home instead to now keys. how have these costs, where elder care evolved over the years and what factors are contributing to their increase? yeah, so definitely health care has increased along with home care and assisted living. the primary factor is of course, as you might expect. ready the employment costs of competition. we're seeing a lot of competition from other industries for the same employee pool. for example,

with the fast food industry, you're coming to see $20.00 to $25.00 an hour. and so we're competing with those same for, for the same employees within the home share and broader health care deal with home care. specifically, we're competing against large hospital corporations as well. and that makes it a bit tricky because they have more resources. ready obviously to lower employees too. so that's another aspect that we're seeing that's making it challenging to get employees as result. naturally, the cost of hiring those employees are going uh, we're also seeing cost increase as a result of, you know, pandemic, obviously, cove, it being the most recent $1.00. the hazard pay associated with a have kind of bumped up pricing as well. the p p that we have to provide in our

employees to provide the chair safely, has also bumped up those costs. so those are 2 of the primary factors that we're sending and added in. additionally, the, the cost of living wage and inflation obviously, is a big part of this. inflation hits our employees, especially hard the cost of child care just to in groceries as another example. and so the all of it combines as really creative efforts pressure on the cost of, of health care. but for us, home care and elder care generally. and what challenges might arise in meeting the increased demand for long term care. so definitely the caregiver pool is trained, so we spend a lot of resources just looking for the perfect caregiver. we don't want to hire any caregiver to work with our clients,

obviously. so the quality of the caregiver is also a vital and that's not an easy process. and it's certainly not a cheap one. and so just those recruiting cause that we occur, you know, make that very challenging to, to find the right caregiver. um, also another aspect of this would be, i would mention again, we're still recovering. it depends on where we had a healthy pool caregivers who are available on the older side, but we're very experiencing, very knowledgeable, very is joyful. and they took that opportunity during the pandemic to, to, to leave the field. and so we've been in the process of replacing those folks basically ever since. and so that learning roads is also a big challenge of this and in training and instructing new caregivers that come in

uh, you know, how to chair for a senior citizen is a big part of this and how to individuals and families typically navigate the affordability challenges associated with long term care, whether we're talking about a facility or hiring and at home nurse, do some families need to seek some sort of funding. yeah, this is a, this is a big one obviously. and there's multiple ways i don't particularly perfect, but, but piece meal together that sometimes the, a solution for families, obviously private pay is a big part of this isn't for us, but the homeless dad, we are as a company, i'm a really, we also work with the v a. so we have a lot of veterans who take advantage of the benefits va has a very substantial home care benefits that may get some on 12 to 20 hours a week. and so certainly we have

a lot of clients to take advantage of that. now there's options out there such as reverse mortgages, you know, moving in with the kids. so that's become a reality for so many seniors. you know, trying to cut down cause we see there's a lot in our area. yes. on an usable for parents to move them kids to live in the basement. because without you know that the basement with everything they need. and so, you know, that's the way of cutting the cost as well. we have a lot of long term care insurance clients as well. this obviously is not a cheap uh, solution. some people were were lucky and got it on the ground floor on this, you know, decades ago through their employer or a private policy. and so we do have a lot of clients, i utilize a long term care benefit. and you know,

at the end of the day also we have the medical benefits, which there is a home care dentist that was in medicaid. there was an assisted living benefit within medicaid and may in may require, has been down of assets, but nonetheless, it is there. and it is as an option. and how does the costs of long term care in the us compared to those in other countries? seniors in the united states do have a bit of a more luxurious case um, a lot of the senior assisted living, the community and senior communities and especially in northern virginia area. but it's really, it's about the united states that there is a home or a resort in some cases and you know, with great meals and great activities and so forth. but on average. yeah, that we're about 20 to 30 percent higher than that. the menus humphrey is out there . um, obviously it depends on the benefits that

a country might provide for the citizens. but the, you know, you can be, for example, it's going to be about 20 to 30 percent higher here than in the u. k. um, but here none the less are more affordable options and uh, and he gets, you know, so it goes out for us as i mentioned, medicaid is an option for you know, assisted living communities. but nonetheless, we are, we are higher taste or more expenses. and our communities are a top top notch from everything i've ever seen. and how does community and family involvement contribute to addressing the long term care needs of aging individuals? obviously, the more the family is called, the better for the senior. is this better? so a better way to live this how fear is more beneficial. it prevents dimension sometimes of the onset of dimension severe symptoms. you know, we saw the impact jack,

who had on oscillation on seniors are isolated and didn't have access to their family. we saw the been so rapidly increased the symptoms exacerbate and so the more of the family is all definitely the better is also better on the cost of it. you know, the more the family can participate in here, the better i would say the family also though has to consider the long term cause such as burn out is some families like to remain the family and not just because the caregiver and so that's when a company like home instead can come in and provide the rest that care for the family so the kids can continue. ready remaining the kids and not only you know, the caregiver. now also another interesting that we've seen are of our neighbors that take an interest in each other, whether it be just making a meal or, or, or getting mail or checking in on their neighbor. you know,

we've seen neighbors the over the benefits of having actors, neighbors involved with seniors as well. how do work force challenges such as the shortages and health care professionals impact the cost and quality of long term care? so i would say that a lot of our best caregivers are our parents or mothers and fathers. and so all of that comes the child care in need, of course. and i know that's a challenge that a lot of them navigate and then have difficulty with and so that, that's another, that's definitely another challenge that we see. transportation also continues to be a challenge for our caregivers, reliable transportation, or that can get into their clients. you know, reliably it is, is there's another component in that that, you know, we often face. thank you so much case, but please stick around. he's,

mark will stay with us right here after the break. and when we come back, we're going to explore how much it costs to take care of the elder and countries like china. well have more after the break, the, the

executive. and i'm here to plan with you whatever you do. do not watch my new show . seriously, why watch something that's so different? several opinions that he won't get anywhere else. welcome to please or do you have the state department to see i a weapons bankers, multi 1000000000 dollar corporations. choose your fax for you. go ahead. change and whatever you do. don't want marshall state main street because i'm probably going to make you uncomfortable. my show is called direction. but again, you probably don't wanna watch it because it might just change the wayne state a new video of alleged abuse by an officer. today, the sheriff's deputy in columbia, south carolina, forcibly removed his student from a classroom at spring valley high school. i saw him just talked to her sprained her and initially, you know, i didn't think is a problem because i knew that she was just this quiet student in the class. someone

looked at the police officer and says, here was law enforcement that is worse. clearly attacking, abusing power and then there are others besides, this is what's wrong with those probably be on discipline. black church. he was there, enforcing a law to meet the crime, to quote, disturb schools in any way. that means any disturbance that any kids causes and school is huge and forces never predict but necessary. a tops people were never gonna change them out. and so people who never changed their minds about video, they think i was wrong. and that's it. the meanwhile, a china is also aging quickly, as it will have more than $400000000.00 people over the age of 60, by 2040, which is nearly a 3rd of its total population. by then higher living and health care will eat up a quarter of the countries g, d,

p. and this will reduce the supply of the labor force while increasing the burden on families elder care a. but unlike many western countries, chinese elderly are expected to remain in their family homes and be care for by their children or grandchildren. there is a strong stigma in china against placing aging parents or older members of the families in nursing homes. and china is one child policy from 1980 to 2015 has meant that smaller families are increasingly expected to support an aging population. while a rising number of elderly are living alone. this place is an additional burden on the one child who will be expected to care for 2 elderly parents. it is when the seniors need the help with chronic illnesses, disability, or dementia, that care becomes complicated and they may have to be admitted into nursing homes. access to good senior care also varies greatly across the country with large gaps between the wealthiest and the poor. as provinces,

in 2013 the nationals people's congress passed an unprecedented and controversial law for the protection of the rights and interest of elderly people, also known as the filial piety law. this mandates that adult children provide culturally expected support to their parents. 60 years or older in practice, law and related regulatory measures are actually more aspirational then punitive. recently, china has also issued guidance to all provinces to build a basic elderly care system by 2025. china is experiencing its 1st demographic downturn since the control of the revolution and in 2020 citizens 65 and older account to for 13.5 percent of the population. so now, provinces are required to implement a list of basic elderly care services based on factors such as economic and social development and financial situation. services include material assistance,

nursing and caregiving, and must provide visiting and carry services for elderly living alone. in cities such as shanghai or beijing, the cost of a nursing home ranges from $310.00 per month to $3100.00 a month. in shanghai, only 3 percent of the cities elderly population is cared for in nursing homes. the majority still remain at home and they or their families, hire and caregiver to provide some form of assistance at a monthly cost of $450.00 to $700.00. obtaining a spot in a nursing home has been incredibly competitive with a wait list of more than 10000 applicants. so for the time being, the chinese government is promoting a 3 tiered senior care system, whereby 90 percent of elders are expected to stay at home. 7 percent of the community centers and 3 percent at institutional senior care centers. so for this

and more, let's bring in again keith smock. now, keith, how do cultural attitudes and expectations influence the approach to long term care costs? i think it definitely affects the quality. so any time we can connect someone with similar cultures, similar language is we certainly do it because care is ultimately about communication. if you can't communicate with your client, it becomes very hard to provide quality care. and also another aspect of this is maybe even customs and diet. if, if we can provide a caregiver that understand. ready those 2 aspects of the client and then that becomes much more beneficial and in a much better off because care which leaves for better outcomes. are there cultural differences that should be considered in developing policies or solutions related to the affordability of long term care?

yeah, so i know for us as a, as a private company i hit on a little bit ago just in it with regards to matt, being doing the best match rather making the best match that we can with our clients and their caregiver is viable. and a lot of that comes down to similar interest. uh, similar uh, you know, similar backgrounds. and i think that's the biggest thing that i see that needs to be focused on in the home care at least. and how can technology and innovation contribute to making long term care costs more effective and efficient? yeah, so this started several years ago with the, the, the call button is the commercial, the top it out. i phone and i actually get up. and so you know that and that was really the genesis of technology and it is still a valuable tool today that seniors are able to learn when they've, you know, some. ready of them as a need assistance, of course, as friends up

a bit. since then, you know, a lot of our clients utilize cameras in the home to check in on the client and or their parents, whether our client. also at the top end of this obviously is robust technologies that are helping companies like home instead. and our parent company order efficiently, schedule a care caregivers for our clients, taking into account preferences and schedule availability of expertise and knowledge of that's really kind of what we're seeing right now in the technology. there's quite a few companies of buying for that. i'm trying to develop them perfect. it that way, you know, utilizing some other what you might see, what to be on hoover's situation, connecting someone right away as quickly as possible and having flexibility where you're going to locate that caregiver and, and how quickly you're going to be able to get that caregiver to the home,

how have the us government address the growing need for long term care and what policies are in place to support aging populations? so united states hasn't really trust the, the home care solutions, you know, as i'm speaking here of the household homeless said there's constantly rumors that medicare will include some sort of home care benefit. we have yet to see that. now obviously in terms of medicaid medicaid does have that home care benefit and that assisted living benefit, but you know, it takes the assets to, to qualify for that often now with medicare, regular, medicare, they do provide that 60 days of care. a lot of folks mistaken, we believe that that will cover extended home care that's typically only for 60 days and only provided by a skilled agency that also happens to him. boy,

maybe caregivers as well. so that skilled agency can supply a skilled nurse can supply p t o t n a home health a for 60 days. after that, it's really up to the senior and the family to come up with those solutions. either challenges or advantages associated with rely on family based care system. so family based care systems are, are awesome. i think i a long in love with the family. you can bring in a component of home care to make sure the family isn't getting burned out from, from the cause of care that that really sets up the family for success down the road. but obviously the family knows the senior, you know that they're obviously most involved in the senior license. so they're gonna be able to provide some of that desk chair, the 4th floor of the senior. and so anytime with family can be of cause we walked

on the homeless dad. in fact, we really view the family as a vital component of this. because ultimately those are advocate and they need to remain involved. because ultimately at the end of the day, the new home care agency or assisted living facility has limited resources and, and limited capabilities. and so the family really needs to really, you know, in charge of the share and overseeing the chair or the elderly making their own decisions when it comes to where and how to spend the rest of their lives. or does the family still have a lot of say in regards to that? yes, so seniors definitely typically take charge of their care. and from our conversations with the children of seniors, they often don't look forward to those conversations about having to bring care to the home. and so seniors definitely want to say and they continue to have the say

at some point, outward forces may change that whether it be changes and in time it says abilities with adventure, all timers or whether that be financial resources. at some point the children may have to take over that chair as power of attorney isn't and take the lead on that. but it definitely while seniors are cognitively able, and it says that the able, they're definitely in charge of their care and they prefer that way as you might imagine. thank you so much case for all your time today. while it is clear that people are living longer, are they living any better? are these added years healthy years, or does it mean that society will be experiencing more disease and disability? a survey showed that a high percentage of people over the age of 65 have no natural teeth, and a substantial portion experience has at least some level of memory impairment, and other chronic conditions of. all of this will surely require more assistance

and place a heavy burden on society. i'm christy. i thanks for watching and we'll see you right back here next time on the cost of everything, the

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