Caring for an aging parent often also involves figuring out how to pay for needed long-term care services, whether it’s in-home assistance, an assisted living facility, or a nursing home. These expenses can quickly become daunting. As the owner of Pearl's Placements for Seniors, I want to provide an overview of options to cover long-term care costs.
Research Public Funding Programs
Programs like Medicare, Medicaid, and Veterans Benefits may cover portions of long-term care costs depending on your parent’s financial situation and medical needs. Have them speak with a senior services organization to explore eligibility for government assistance.
Tap into Long-Term Care Insurance
If your parent had the foresight to purchase a long-term care insurance policy years ago, now is the time to utilize it. These can cover in-home care, assisted living housing fees, adult day services, and more. Review policy details.
Evaluate Their Financial Resources
Sit down and have an open discussion about your parent’s financial standing including income, assets, and existing debts. Are they receiving Social Security or a pension? Do they have investments, retirement accounts, or property that could help pay for care services? Understanding the full picture allows better planning.
Consider Reverse Mortgage
If your parent is a homeowner, a reverse mortgage allows them to convert home equity into cash to cover care costs while still living in their home. This functions as a loan against the value of the home. Be sure to first explore the pros, cons, and alternatives.
Discuss Family Assistance
Have a candid conversation about whether siblings or relatives can pitch in financially on care expenses, even if just a modest amount. Make it clear any contribution is voluntary. For large costs, suggest siblings split expenses equally versus putting the burden all on one person.
Cut Unnecessary Expenses
To free up more funds for long-term care, help your parent reduce unnecessary spending. Cancel unused gym memberships, cable channels, and magazine subscriptions. Downsize to a smaller living space. Shop sales and clip coupons. Every dollar saved adds up.
If paying for care is becoming overwhelming, Pearl’s Placements can help assess options and point you toward resources. I’m Penina Tuimaualuga, and I know the costs that come with caring for an aging loved one can feel daunting. But you don’t have to figure it out alone. Let’s talk about solutions to make this more manageable for your family.
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