It is certainly a goal for many older Americans to stay in their own homes as they age. However, this does mean that eventually they will probably need some sort of help for either a few hours every day or 24/7 care depending on their needs. Senior living arrangements can be very intimidating because of the price tag that comes along with these arrangements. Not being able to afford assisted living or in-home health care can be an extremely stressful process and often leads to a close family member taking care of their loved one.
Planning ahead can be one way around financial hardships, having many years of a savings strictly for this cause is absolutely a best-case scenario. So definitely think about that because it never too late to start saving! However, despite a lack of funds, there are a couple things that can be done now in order to find affordable living arrangements. These arrangements could either be at an assisted living or in-home heath care. Everyone is different in terms of what they want and do not want when they get older, many seniors just want to stay home no matter what their health condition is. Below are a few pointers when to get you thinking about the financials of care.
Do the Research: depending on location or living arrangements, such as a shared room, assisted living can be less costly. According to A Place for Mom, certain states such as Missouri, Alabama, Georgia, Kentucky, and Michigan with the lowest expensive median monthly assisted living cost. In addition, if only a few hours a day of care is needed try looking at less expensive alternatives such as www.care.com for in-home help.
Benefits: if your senior loved one is a veteran there are many government programs that are very helpful with financial assistance. In addition, looking at benefits.gov can give you a better idea for what you or a loved one might qualify for in terms of getting financial help from the government. According to AARP, “If you’re the family caregiver, you may be eligible for a voucher to pay a neighbor or friend to help out.”
Seek out local help: Churches, synagogues, and local senior centers can be very helpful when it comes to looking for financial help or more affordable options for either assisted living or in-home health care. You never know locally who can and is willing to help out unless you reach out and express a need.
Although these are only a few small pointers for financial help, ultimately doing the research and being patient can go a long way. At the end of the day, whatever the options are, there are many of them around we just have to do the legwork to find them.
“Assisted Living v. Living at Home: Costs Compared.” A Place for Mom, 22 Apr. 2015, www.aplaceformom.com/senior-care-resources/articles/assisted-living-costs.
Haiken, Melanie. “How to Pay for In-Home Care.” Caring.com, Caring.com, 5 Nov. 2017, www.caring.com/articles/pay-for-in-home-care.
Mercer, Marsha. “You Can Afford a Home-Care Worker.” AARP, www.aarp.org/caregiving/financial-legal/info-2017/afford-a-homecare-worker.html.