Your parents have retired. You want to protect their finances as best you can. One of the things you’re thinking about is what happens if they become ill or need more help than a family caregiver can provide. It’s a good thing you’re thinking about these. Many families skip planning and find themselves in a tight spot.
Health Issues Can Appear Without Warning.
Even with health insurance, there’s no guarantee that every health care cost is covered. Some health issues do not come with a warning. Your dad’s check-ups have been fine, but he has a stroke. He didn’t have high blood pressure or high cholesterol. He never had a headache or any warning signs until the stroke hit. Without doing an MRI, there was no way to know of the blockage that caused the stroke.
Your mom started feeling bloated and had some stomach pain. Tests found she has pancreatic cancer. Now that she’s had the surgery and is on chemo, she’s too weak for laundry and housework. She lives alone and needs someone to help her cook meals, get to appointments, and take care of the home.
Elderly Care Services Are Often Paid For Out-of-Pocket.
Many elderly care services have to be paid for using your parents’ assets. Once they’ve used up their assets, Medicaid may help but only after they meet income and asset requirements.
Odds are high that at some point in the future your mom or dad will need care. Your mom might develop Alzheimer’s. Your dad might have a stroke and become partially disabled. Planning for this in advance is ideal.
There are long-term care insurance policies to help cover the costs. The earlier your parents buy them, the better. They could also put money aside to cover any future expenses. A reverse mortgage, while not ideal, is another way your parents may get hold of the cash they need for elderly care services.
Cut Bills Where Possible.
After retirement, your parents should start cutting expenses. They are no longer working. They might not need two cars. Selling one will free up some cash by reducing auto insurance rates. Homeowner’s insurance often gives a discount to seniors who are home all day.
The other thing that will help your parents is to make sure elderly care services aren’t skipped over. You can be a family caregiver, but you’ll need breaks. Even a few hours a week will help you. Learn more about your elderly care options by making a call.
If you or an aging loved one are considering hiring professional elderly care in Helena, AL, call and talk to the staff at Lipford Home Care (205) 623-5700.
They have three teenage children and are actively involved in their church and community – both teach high school Sunday school while Dennis coaches youth sports and Kelly leads a women’s Bible study. Dennis & Kelly personally manage the daily activities of the company.
It is their passion and commitment to providing quality and responsive service that has made their company the fastest growing home care agency in Birmingham.
They believe that being an independently owned and operated company gives them the flexibility to manage their business in a way that better serves their clients.
They understand you have a choice in care providers and they will do their utmost to earn your trust.
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