There are several options available for taking care of your elderly parents.
One is to put them into an assisted living facility. This is probably the most expensive option but it is also the least physical burden for the children. Your parents can start in an assisted living facility where they need little care and move to different parts of the facility as they need more care. The more services they need requires more expense. This can be paid by long term care insurance, the use of their retirement benefits and social security, the sale of a home or other assets, you making a monthly payment or some other financial arrangement. Most of the care is done by your parent until they need the staff to provide care.
A problem can arise when the money runs out and your parent or you can no longer afford the cost of care. Long Term Care Insurance usually sets a daily limit and anything over that limit come out of your parents pocket or your wallet.
If they want to remain in their home another option is home care and you hire a caregiver to come in and help them with their daily routines. This option is also very popular because others actually perform the care on your parent. Mom and dad stay in their home and a caregiver comes in on a daily basis to perform the care they need. Live in caregivers are also available but that is an expensive option. The cost can be paid by Long Term Care Insurance, Retirement and Social Security Benefits, Supplemental Insurance Benefits and depending on their condition, maybe Medicare. The other payment option is the sale of some assets, reverse mortgage, home equity loan or some other financial options. There is always the possibility that you might have to make some sort of payment to cover these services.
Once again a problem can arise when the money runs out and your parent or you can no longer afford the cost of care. Long Term Care Insurance, Supplemental Insurance and Medicare usually sets a daily limit and anything over that limit come out of your parents pocket or your wallet. If their condition worsens will their be benefits available to put your parents into an assisted living center. Will you be able to sell or borrow on their home to cover expenses?
Depending on how grave the condition, hospice care might be an option for end of life care. This seems to be a new way of taking care of the elderly. Before hospice was only for end of life care when there was no hope of recovery. More and more I am seeing people being put on hospice care when there is not an end of life concern. I’ve seen people put on hospice for Alzheimers disease, dementia and cancers when the patients had the will and wanted to fight the disease to get more time. Most of the time is was because the family did not know or want to care for the parent. They were looking for an easy way out
The option I chose was to become the caregiver. This might happen if your parents are living with you or neither of you can afford the other options. Cultural reason can also be another reason why some become caregivers of their parents. I decided I was going to care for my elderly parents because I was single and self employed. I was living with them and I felt it was my duty to care for them. My sisters had families and careers and I felt it was night right for the care of our parents to interfere with their lives. We also could not afford any of the other options. Long Term care insurance was never purchased, Medicare and Supplemental insurance covered very little as far as home care but they did cover the medical expense and some medical equipment. My shock was how fast it happened and how much work was involved. I had to do thing I never thought I could or would do. I tried to plan ahead but I had no idea what I was going to be involved. It became a full time 24 hours a day, 7 days a week job. It consumed my entire life and has affected me even today. I am still in the process of trying to rebuild my life after my mom passed away. It was definitely a life changing experience.
Thank you for your time and consideration.
Author-“You Got To Do What You Got To Do”
www.takingcareofaparent.comJames Colozzo is not a medical expert or professional and has no formal training or education on this subject. He is an average person that was given a challenge and had to deal with the situation. His experience comes from the over 20 years that he actually did all the work to care for his elderly parents and their medical conditions. Since every person, condition and situation is different, what Mr. Colozzo did to care for his parents might not be suitable for others. You need to partner with your physician to find what type of care is best for your situation.
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Tags: Aging Parents, Financial Cost, Long Term Care