Knowing how to anticipate the cost of dependency
We know that aging is inevitable. Even if life expectancy increases, no one is immune to becoming dependent. Retirement home, home care assistants, equipment costs… For seniors, as for their families, this situation can lead to high costs. Good news, there are aids to finance addiction.
The dependency of seniors in France:where are we?
On the 1 st January 2018, France had 2.12 million seniors over the age of 85. Their number should reach 6.3 million in 2060, or 1/3 of the French population. As for centenarians, there should be 200,000, compared to 20,000 today.[1]
If these figures are rather encouraging, they are reminiscent of another reality:the number of dependent people will continue to increase. And when you know that the average pension is €1,660 for men and €1,007 for women[2], a question inevitably arises:how are we going to finance dependency?
Countries where it is good to grow old
According to the Global Age Watch Index, Sweden and Norway represent the El Dorado for seniors in terms of income for the over 60s, life expectancy in good health, healthcare coverage and access to employment. France comes in 16th position, far behind the United States, 8th in the ranking. The dunce cap, on the other hand, goes to Afghanistan.
Daily Addiction:What Cost?
Home support
For seniors who are still independent, home care is the preferred solution for families. However, the help of a personal assistant may be necessary for taking medication, bathing, exercising, performing household chores, preparing meals, etc.
The average rate for a personal assistant varies from one end of the country to the other, but it remains between 16 and 22 euros per hour[3] (excluding Sundays and public holidays).
Add to that the purchase of suitable equipment to equip the home:
The retirement home
When staying at home is no longer possible, or to overcome the risk of isolation that living alone entails, a retirement home can be a good alternative. The choice of such an establishment will depend on several points, such as the degree of dependence, the activities offered, the geographical location, etc.
Obviously, all these factors affect the monthly rate. According to a study by the CNSA, the DGCS and the ATIH, this cost was on average €37,043 in 2013 (excluding financial charges and real estate costs), i.e. €3,087 per month. This rate does not include additional costs such as telephone, television, outdoor activities, hygiene products.
How to prepare financially?
Anticipating their possible loss of autonomy is a growing concern. Indeed, to deal with all the possibilities, it is better to do it as soon as possible. Thus, if you save €500/month from the age of 35, you will have a capital of around €180,000 at the age of 65. What to face the future with serenity.
If saving is not possible, you can take out a dependency insurance contract before the onset of the loss of autonomy. Please note that a health questionnaire is often required, and no insurer will take the risk of covering you if you are over 75.
Other solutions exist to cover the costs of a possible dependency:
What public aid to reduce the bill?
To facilitate the financing of home support or accommodation in an establishment, there are various aids for seniors. A real breath of fresh air when the retirement pension is insufficient to cover the costs of dependency. What can these aids be?
For yourself or your loved ones, it is difficult to escape addiction. Whatever the solutions adopted to deal with it, these have a significant cost. Fortunately, public aid and family support often lighten the bill.
[1] Insee
[2] "Retirees and Pensions", Dress 2016
[3] http://sante.lefigaro.fr/social/personnes-agees/auxiliaire-vie-sociale/quelles-remunerations-aides- financement
