MEMBERSHIP MEETING AND PROGRAM

Program by Dr. Brian K. Unwin, MD, Chief of Geriatrics & Palliative Medicine, Carilion on “The Cost of Aging”. The cost of aging can be significant, including the cost of long-term care, basic expenses, and healthcare in retirement. Long-term care: The HHS estimates that Americans turning 65 in 2022 will incur an average of $120,900 in long-term care costs. Families are expected to pay nearly 40% of these costs out-of-pocket. Basic expenses: The Elder Index estimates that a single older adult in good health needed $27,096 for basic expenses in 2021, which is $14,100 more than the federal poverty threshold. Healthcare in retirement. Fidelity Investments estimates that a 65-year-old retiring in 2023 should expect to spend an average of $157,500 for health and medical expenses throughout retirement. Support services. The median monthly cost of adult day services is $1,690, while a home health aide costs $5,148 per month.