It’s becoming more and more common for elderly parents to move back in with their adult children. Unfortunately, the cost of caring for these parents is often much more than their children expect. Fortunately, there are some steps you can take to better afford these costs.
Social Security Benefits
The first place to turn for financial assistance is to the money that your aging parent should already be getting. Your parent is likely due benefits from social security, money that can and should be used for their care. Though you will absolutely need to have conversations with your parents (and possibly even an attorney) to use these funds, they absolutely are meant to ensure that your parent has some kind of safety net as he or she ages.
Health Insurance
Yes, health insurance can and should cover some of the costs of care. Health insurance may, for example, help to cover at least some of the cost of senior care and will likely cover most costs associated with health care. Though you may not be able to get much help in terms of the costs of daily living, having medical costs covered can go a long way.
Long-Term Care Insurance
Long-term care insurance (LTC or LTCI) is an insurance product, sold in the United States, United Kingdom and Canada that helps pay for the costs associated with long-term care. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Individuals who require long-term care are generally not sick in the traditional sense but are unable to perform two of the six activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
Long-term care insurance can cover home care, assisted living, adult day care, respite care, hospice care, nursing home, Alzheimer’s facilities, and home modification to accommodate disabilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day, it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours a day up to the policy benefit maximum. Caregiver payments are generally not payable to relatives, however.
Elderly Support Charities
There have been a number of charities that have sprung up to help ease the burdens of people across the country as the cost of elder care has risen. If you have such a charity in your area, you may be able to apply for aid. This can come in the form of discounted services or even financial assistance, but everything that these charities do can help to make your life just a bit easier.
Financing Options
Finally, you may be able to finance some of the costs of taking care of your parents. This might include equipment rental fees, care costs, or even work done on your home to make it easier for your parents to get around. While financing does tend to come with attached costs, it may be easier for you to make payments over time than to deal with the lump sum costs of care.
While caring for your parent might be expensive, it’s still something that’s worth doing. There are places out there that can help you if you’re willing to do some research and programs that can help to ease your financial burdens. Make sure to check out the resources that are available – you might be surprised by what you can save.
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