All around the United States, the cost of senior care is rising. In-home care is included in this. And while no one really wants to pay more for senior care in the future, unfortunately there’s not much that can be done to prevent this on a large scale basis. By knowing what you are up against, and knowing how to lower your own costs whenever necessary, you can save your family tens of thousands of dollars over the long run. This takes years to accomplish, and there’s no better time to start than today.
First of all, consider inflation. Things get more expensive over time, and since we know this, it’s only smart to prepare for it ahead of time. Milk is more expensive than it was 20 years ago, homes are more expensive, and healthcare is, too. In another 20 years, these things are all going to rise in price even more, so as we prepare our own futures, we need to take this into account. If finances are a concern, speak with a retirement planner or a financial consultant. If you are currently employed, your company likely has resources on hand to help you analyze whether you are on track for your own retirement, and they might have tools that you can use to not only make the cost of your own senior care more affordable, but to help with a current loved one, too. For example, many companies will have benefits to help you care for a loved one. If you are unsure, speak to someone in your company’s human resource department today to see what, if anything, they can do to help you in this category.
Next, look to outside resources. Long term care insurance is something that might be too late to purchase for an older loved one, but it might be an option for you. If you are thinking of doing this, an insurance salesperson is not who you should talk to, but a financial planner that focuses on retirement. They will be able to give you better guidance here. It’s helpful for some, but not for all.
You should also be looking at any programs that could benefit your family. If you’re loved one would qualify for Medi-Cal, then help them to get covered by this so that costs will be offset in the future. Other programs, like the VA, can also help. Look into what can help lower your share of the rising costs of care so that you can stay ahead of the game here.
Overall, the best way to avoid the need for in-home care, or any other type of senior care, is to help yourself and your family stay in good health. This begins with healthy habits like staying away from smoking, avoiding excessive alcohol, eating right, and getting plenty of exercise. You can’t go back in time and help an older loved one and correct this twenty years ago, but you can make changes today that could potentially benefit them.
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