If Biden’s infrastructure bill, of which $400 billion is allocated to expand Medicaid coverage to home-based care is approved, it's a big win for our aging population and their caregivers, which might include a Daily Money Manager. It’s estimated that there are 10,000 people a day turning 65 and this will continue until 2030. By then, all of the Baby Boomer Generation will have crossed that threshold. That’s around 73 million people! Do you want to know who is going to care for them? The 45 million members of the Sandwich Generation (who feel the squeeze taking care of their kids and their elderly parents), providing unpaid care services valued at approximately $500 billion per year.
Who will care for the caregivers?
Jeremy Nachtigall • June 1, 2021
The U.S. Bureau of Labor Statistics also reports that employment of home care aides, who earn $12 per hour on average, is projected to increase by 34% over 20 years. What does this mean? It means we have to do something! The White House reported that “President Biden believes more people should have the opportunity to receive care at home, in a supportive community, or from a loved one.”
Aging-in-Place has never before been such a popular idea and the stress and pressure placed on those who provide care has never been more real. With this proposal by the Biden Administration, relief to the caregivers and those they care for will be a much-needed benefit. “They deserve high-quality services and support that meet their unique needs and personal choices,” the President said of the aging community and folks with disabilities. He also commented on the professional caregiving community and the folks under their care saying, “These investments will help hundreds of thousands of Americans finally obtain the long-term services and support they need, while creating new jobs and offering caregiving workers a long-overdue raise, stronger benefits, and an opportunity to organize or join a union and collectively bargain.”
Could this mean that in the future employers may offer a pre-tax deduction for qualified caregiving expenses, similar to an HSA account for services including a
Daily Money Manager? Imagine how powerful this type of savings account would be for our generation and for future generations. Only time will tell but finally, it looks like something will be done! And like the old saying goes, “a rising tide lifts all boats.”
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