Caring for Aging Parents? How to Finance Elderly Care
Here’s something people don’t tell you: aging is costly. It’s well-documented how expensive it is to have a baby. But when it comes to caring for aging parents instead of growing children, there are fewer resources to help you prepare.
The first obstacle for many people in obtaining the proper care for their older parents is the financial burden. That’s why we’ve assembled this guide to get you started in assessing your finances and exploring your options for paying for your parents’ care.
Keep reading for ideas you may not have considered previously.
Look at Your Resources
The first step in defraying the costs of caring for the elderly is taking stock of the resources you already have available. Here are some questions to get you started:
- -How much can you comfortably budget for your parents’ care?
- -Does your parent have a pension?
- -What does their investment portfolio look like?
- -Do they receive Social Security?
- -If you have siblings, how much can they contribute on the financial end of things?
Taking stock as thoroughly as you need to will inevitably require difficult conversations. But those are conversations worth having to avoid greater pain down the line.
Look Into Medicaid
If your older parents receive Social Security, the odds are great that they qualify for Medicaid coverage as well. This can go a long way in making their healthcare costs affordable.
Not only will they not need to pay Medicare Part B premiums, but they also won’t have to carry a Medicare Supplement insurance policy.
Explore Overlooked Benefits
There are many federal and state programs that can relieve the financial burden of caring for elderly parents. Your parents may be eligible for programs assist with expenses as wide-ranging as housing, legal bills, utility bills, transportation, meals, prescription drugs, and other healthcare costs.
You can check into your parent’s eligibility for these programs by visiting Benefits CheckUp, a site from the National Council on Aging that searches for resources available to specific elder patients.
Consider Home Care
Once you have your resources established, consider in-home care. With kind, compassionate caregivers assisting your loved one, aging at home will be much more pleasant than living in an assisted living facility. The comfort of living at home paired with the assistance with daily tasks, driving to appointments, medicine reminders, and much more, will give your loved one the best golden years possible. You can rest easy knowing your parent or family member is safe, healthy, and comfortable in their environment.
Caring for Aging Parents
Request a consultation to find out more about how we can assist the elderly person in your life. Caring for aging parents doesn’t have to be a hassle, and we have solutions that can make care as painless as possible.
We also have links to many other resources to help you continue your search for affordable care for your elderly parents.