Financial aspects A person caring for aging often has a gray area. It can be difficult Predict upcoming health-related expenses And guess how much help will be needed. Nevertheless the cost of care goes up. According to an AARP Public Policy Institute report, the caregiver of a family and friend is worth about $ 470 billion every year.
If you are currently Caring for an elderly relative Or plan to do so in the future, filtering the financial statements as soon as possible can save time and money later. Here are some common misconceptions about the cost of care as well as what to expect from realities.
Your loved one will stay at home and will not spend care. Your elderly relative can never go to an assisted living facility, but other Care costs Can still come. Motto Stagner, senior special needs consultant for Mouth Financial’s Voya Keres program, “Many adult children accept responsibilities very slowly for their aging parents.” Driving and regular doctor appointments can begin with that. “There may be costs for home maintenance, such as cleaning, snowing, or mowing the lawn. Eventually you need skilled nursing support or in-home care. Can. “Even though your loved ones never live outside of themselves or their home, responsibilities like these define the role of a caregiver, and the cost may increase over time,” Stagner says.
All domestic help will be covered by insurance. For assistance in home or nurse visits, health insurance or Will pay medical costs. And in some cases, such as giving a shot or a blood pressure check, you may get coverage providing insurance. However, in most instances, you will need to find other funds for daily help at home. “Health insurance and Medicare never pay for custodial care, which is seated day in and day out,” says Patrick Simasco, a large law attorney and wealth protection expert at Simcoe Law of Mount Clemens, Michigan.
you Can quickly calculate how much help will come at home. The exact amount spent on bringing your loved one or family to the home can vary greatly. “The actual cost of care depends on the intensity of the need and how much care actually needs varies,” says Felice Ettinger, president of Royal Health Care Services in New York. “It also depends on whether the patient has long-term care insurance or some other form of long-term insurance where they live and whether they are eligible for Medicaid.” It can also vary depending on family status. If some relatives help during the weekend or on certain days, you can only pay for a few hours during the week.
The cost of caring is only financial. If you are spending hours every week Caring for a loved one, You may face conflict in other areas of your life. “You can’t pour from an empty cup, but carers around the country are trying to do that,” Stagner says. You may find that you have limited time for family and friends, sleep, doctor appointments, or exercise. These can increase non-financial costs such as increased stress, one’s own health problems and the emotional drain of caring for an older relative.
You can’t afford a caretaker, so you won’t get one. Perhaps your loved one has some financial resources, or other family members are unable to help pay for professional care. It may still be beneficial to research what is available. You may find that just a few hours a week makes a big difference to your own health and the quality of life of your loved one. According to the 2018 Genworth Cost of Care Survey, the national average cost for a home health aide is $ 22 per hour.
Taking care will not affect my finances. Helping a loved one often involves additional physical demands, and these can affect your career over time. Brian Walsh, manager of financial planning at personal finance company Sophie, says, “We saw caregivers working fewer hours, passed promotions, changed jobs or even quit.” And if your relative lives with you, you can pay higher utility bills or remodel some rooms in your house.
Conversations about finances can wait until care is required. If your loved one is currently in good health and living at home, it may still be prudent to plan. Like this, if a crisis Such a fall or unexpected hospital visit, everyone is ready. “Anyone who has tried to move quickly through the Medicaid application process or to push through the power of attorney documents in an emergency situation will tell you about how your parents will live their lives. Negotiations should take place long before there are any physical or mental health issues, ”says Stagner.
if Talking about finance If you feel uncomfortable, consider starting with a few simple questions. You can ask for guidance for your own retirement. You can then hear what resources your loved one has accumulated and suggest to use, such as a health savings account or long-term care insurance. “Stagner says,” Paying full attention to property ownership and beneficial designations are important steps in the process. Also talk about power of attorney. Ask if your relative wants to make medical and financial decisions or is unable to do so.