This Vox piece gives a pretty good overview of just how difficult (and expensive!) eldercare can be, and how a generation of Boomers going into their Twilight Years is going to be rough for lots of their grown children:
"Boomers themselves have driven tectonic shifts in American cultural norms and family structures — a revolution in divorce, along with a trend toward smaller families and away from multigenerational living — that could make that backbone weaker. Compared to their elders, boomers will have fewer people in their lives able to step in and care for them as they age, says Rachel Margolis, a demographer and sociologist at the University of Western Ontario. In 2010, there were more than seven potential family caregivers for every person over 80; by 2030, that ratio is expected to fall to 4:1, and by 2050, it will be less than 3:1, according to AARP. More care responsibilities will fall on fewer family members, most of them adult children, who may find themselves caring for loved ones alone or with little help, sometimes across two different households."
Me and my sister are living this right now. If I haven't mentioned it here, I have told my friends -- my Dad has excellent health care and a real pension after three decades of high level Federal work. And even with those resources, a lot of genuine sacrifices and hard decisions still had to be made. And more will come going forward as he approaches the age of 95.
My only suggestion? Let the children of older folks pay some reasonable amount to go on their parents' health insurance if they give up work to take care of their mom or dad.
And the move to (return to?) multigenerational homes seems an obvious and necessary trend.