Eldercare Planning in San Mateo:
Taking Care of Your Parents and Yourself

Nearly everyone will be faced with eldercare issues during their lifetime. As more people live longer into their seventies, eighties and even nineties, the expense of healthcare and senior living arrangements will likely impact both children and parents. The expense of eldercare can be daunting and cannot be ignored; current costs can range from $2,600 to over $10,000 per month (See the Cost of Caregiving). However, with proper financial planning, investment management and careful selection of healthcare alternatives, the costs can be manageable. Seeking a financial advisor to assist in eldercare planning should be an early and important consideration for everyone.

A CFP® Professional/Registered Investment Advisor experienced with eldercare issues can help not only with the financial planning and investment decisions, but also provide a network of other eldercare professionals – insurance brokers and agents; CPAs; lawyers for real estate, personal estate, business and eldercare; and healthcare advisors to provide more coordinated, effective service. Gosho Financial Group also provides a secure online repository or vault for key documents (trusts, insurance policies, tax returns, health records, passports, etc.) for easy access when needed whether at home or abroad.

Carol Gosho, Gosho Financial Group’s founder, has firsthand experience with eldercare issues that affect her clients, but also as the caregiver for her mother, who is in her 90s, lives with her and has progressive dementia. Call Gosho Financial Group in San Mateo to discuss your eldercare questions.

The High Cost of Eldercare

Normal costs for Eldercare can range from $2,600 per month for seniors in reasonable health to over $10,000 per month for persons needing more assistance.


Type Rate Monthly Annual
Home Care $15/hour
$2,600 $31,200*
$30/hour $5,200 $62,400*
Board & Care Monthly $3,500 $42,000
Assisted Living Monthly $3,950 $47,400
Nursing Home Monthly $9,050 $108,600
*(52 wks @40 hrs = 2,080 hrs/yr)

Medicare does not cover long-term, in-home care or assisted living residences. And long-term care insurance might not cover all of the cost or might not last for enough years.

Peak Earning Years and the Elderly

In 2013 we reached the inflection point where the elderly population, i.e. over the age of 65, outnumbers the people in their peak earning years of age 45 to 54. The implication is that there will be less tax revenue to pay for increasing costs of government programs like Medicare and social security. And both age groups will have to be more responsible for their own financial future.

Retirement Planning San Mateo
Chart: dshort.com

Financial planning and investment management assistance from a professional financial advisor experienced with eldercare issues will become even more important in the future.