Inflation has now topped staffing as the main concern about the rise in the cost of long-term care, according to a new study. CNBC’s Sharon Epperson reports on what you should consider when paying for long-term care. For access to live and exclusive video from CNBC subscribe to CNBC PRO: 

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Inflation is a term that refers to the increase in prices of goods and services over time. It is a common occurrence in any economy, and it affects every aspect of our lives, including long-term care. The rising cost of care facilities and home care services can be attributed to inflation, which has a significant impact on the affordability of long-term care.

Long-term care is the type of health care that is provided to individuals who require assistance with daily living activities for an extended period. This type of care includes nursing homes, assisted living facilities, adult day care services, and home care services. The latter is becoming increasingly popular due to the aging population and the desire to stay in one’s home for as long as possible.

Inflation affects the cost of long-term care in several ways. One of the primary ways inflation affects the cost of long-term care is through the cost of labor. Long-term care providers, including nurses, aides, and caregivers, are in high demand due to the increasing need for care services. As the cost of living increases, these workers demand higher wages, and providers have to pay more to retain their services. As a result, the cost of long-term care services rises along with inflation.

Inflation also has an impact on the cost of supplies and equipment used in long-term care. These can include items such as medical equipment, office supplies, and personal care products. As the cost of these products and devices rises, the cost of providing care services also goes up.

Another factor that drives up the cost of long-term care is the cost of real estate. Nursing homes and assisted living facilities require a significant amount of space to house residents, and the cost of land and buildings is directly affected by inflation. As such, the cost of long-term care is influenced by the cost of real estate, which continues to rise with inflation.

Inflation also has a significant impact on the cost of prescription drugs – a significant component of long-term care for many elderly individuals. The cost of prescription drugs continues to rise every year, and this trend is expected to continue as research and development costs increase. As such, the cost of long-term care that requires prescription drugs continues to rise along with inflation.

In conclusion, inflation is a significant driver of the cost of long-term care. As the cost of living continues to rise in today’s economy, the cost of long-term care will continue to increase. While this trend may be out of our control, it’s essential to plan for the financial impact of long-term care and take steps to prepare for the costs associated with aging.