Some 41 percent of baby boomers with a living parent are helping to care for them, according to a recent USA Today/ABC News/Gallup Poll, and nearly half of those who aren't worry about being able to do so in the future.
The price tag isn't cheap: MetLife says the average price for in-home non medical help runs about $20 an hour, an assisted-living residence costs roughly $36,000 a year, and a private room in a nursing home goes for over $77,000 annually.
But you can help aging parents get the assistance they need without burning through family finances.
1. Have the Conversation
2. Get the Right Help
3. What to do if your parents are less independent -- and how to pay for it
4. How to Save Money
5. How to deal with Alzheimer's or Dementia
6. Find out the financial documents and medication information you need from your parents
Full Article and Source:
How to Help Your Aging Parents Without Going Broke
The price tag isn't cheap: MetLife says the average price for in-home non medical help runs about $20 an hour, an assisted-living residence costs roughly $36,000 a year, and a private room in a nursing home goes for over $77,000 annually.
But you can help aging parents get the assistance they need without burning through family finances.
1. Have the Conversation
2. Get the Right Help
3. What to do if your parents are less independent -- and how to pay for it
4. How to Save Money
5. How to deal with Alzheimer's or Dementia
6. Find out the financial documents and medication information you need from your parents
Full Article and Source:
How to Help Your Aging Parents Without Going Broke
7 comments:
7. Protect your parent(s) the best you can against conservatorship.
Home care is less expensive overall than assisted living or nursing home "care".
Being at home protects the person from unnecessary exposure to germs and illnesses, thereby avoiding additional medical expenses.
It shouldn't be about money, but the reality is that it is for many people.
It's cheaper to be taken care of at home.
Here's a problem: if you move into your parents' home to care for them, you could be accused of exploiting them.
People don't think of that - they are thinking of doing the right thing for their parents. And moving in is the right thing as it is usually much more comfortable for the parents to stay where they are rather than move to the childrens' home.
But, that comfort may come at a horrible price: guardianship / conservatorship.
The price tag for keeping somebody at home and providing care is nothing compared to the worry and angst of having them in a nursing home or assisted living where they are vulnerable.
It's good to see these types of articles. They fall short of warning of the dangers of guardianship abuse, though.
I am in this right now and have been for several years. Both parents living in their 90's in their own home. Thank you NASGA for the infomation.
8. Pray the government doesn't "help" you.
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