Treading the Path to Elder and Long Term Care..

Look - A baby boomer adult child can end up suffering financially from care decisions regarding their parents. Just read the article “Navigating the confusing path to elder care“, and you can see how helpful a long term care insurance policy can be when coming up with money to pay for care. The caregiving author spent over half a million dollars on her mom’s Alzheimers care - ouch!! Could you afford to do that?

It all seems so far off and unlikely, and it’s just human nature to deny, deny, deny, hoping that you’ll never have to deal with either giving or receiving care.

But take it from a family living with Multiple Sclerosis and 24/7 care. Trust me, care issues are right around the corner for the vast majority of us, right around the corner…

It’s important for family to sit down together and have that rather unwelcome and possibly uncomfortable conversation. Elder care is one thing, but many folks need long term care well before they reach their golden years. Make sure that all family members have their “ducks in a row”, so to speak. Make plans, just as you would in case of a fire in your home.

Who do your family members expect to care for them if they have long term care needs? Is another family member a reasonable choice? Are any of the parents, siblings, children or grandchildren responsible and patient enough? Do they have enough time and physical energy to provide possible 24/7 care? It can be exhausting. Do they have the proper training and living situation, as well as the needed financial stability to be caregivers?

Most children will offer home care for their parents, but many of them are not financially, emotionally or physically prepared to do so. It can be a daunting task and a commitment that the majority of folks are not prepared to take on, good intentions aside.

If the family cannot provide care, then a decent facility must be found. It can be helpful to do your research ahead of time, as trying to do research while also being a caregiver can be overwhelming.

Decide in advance which state and town will be best, knowing that are costs can vary drastically depending upon geographical location. Care facilites in cities are usually more expensive than the ones in rural areas. Also, it will depend upon whom in the family is best to oversee the care giving facility and who will have the time to visit most often. A move nearer to that person may be desireable, as long drives can be a burden and expensive.
There is the issue of how the facility will be paid. If there is no long term care insurance to pay for the care, then it must come out of someones’ pocket. If you or your famly does not have an extra $40,000.00 to $200,000.00 or so a year to pay for care, then make sure that the facility you choose is able and willing to switch you or your loved one to a “Medicaid” bed once any available nestegg monies are used up.

It may be wise to consult an elder care attorney about the laws surrounding long term care and Medicaid.

To avoid unwanted and unpleasent surprises concerning care expenses, it would be even wiser to get long term care insurance.

Ask for your free rate quote from the Buyer’s Advocate today, and “be prepared”.

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