Care for elderly draining boomers' funds

MINNEAPOLIS, Dec. 30 (UPI) -- Costs of caring for elderly parents in the United States is zapping the savings of their children, who compromise their own retirement to provide care.

For some adult children, it's a Catch-22. They pick up expenses for parents who have too much money to qualify for government-subsidized Medicaid, but not enough to pay for what could be years of care, The New York Times said.

A recent AARP study concluded the financial onus is exacerbated by ignorance since most Americans don't know how much long-term care costs and mistakenly believe Medicare pays for it.

Never has old age lasted so long or been so costly, health economists said. Home equipment such as a hospital bed can run about $3,000 a year alone.

"Children are sacrificing to care for their parents to the limit of their means and sometimes beyond," said Robert L. Kane, a geriatrician at the University of Minnesota School of Public Health.

Researchers have documented the time spent by adult children and others in caring for ailing relatives. But data is inadequate on how much money they spend, health economists say, because most people do not itemize expenses.