Some researchers believe that the number of those receiving institutionalized senior care, whether this be at a nursing home, an assisted living facility, or professional in-home care, will grow by 20 to 26 percent in the next ten years. While a six percent increase might not seem like a large number, please keep in mind that this is a change of millions of individuals. While it’s true that many in the Baby Boomer generation have already begun receiving senior care, there are still millions more that are expected to need assistance.
If you have a loved one that fits in the above category, do you have an idea of how care will be paid for? As a family member, you might not necessarily carry the legal obligation to help your mom or dad pay for their care, but you do have a moral impetus to be of assistance. Many younger individuals that are still in the work force are turning to their employers for help with paying for a loved one’s care.
Wondering how this works? Employers often offer benefits beyond health insurance for you and your family. Things like health savings accounts, where you can set aside money to pay for expenses that are healthcare related can be very useful, as can the various employee assistance programs that exist. Also, many companies now partner with other companies to provide discounted services.
Getting in touch with your company’s human resources department might be a very beneficial way for you to learn how you might be able to offset some of the costs associated with a loved one’s care. They will be able to point you in the right direction in how you can do your part to help out. They might even recommend other benefits that we haven’t mentioned here. There are many different features that could be offered by your employer, after all. Those referenced above are just the biggest and most widely utilized benefits.
It is worth keeping in mind that not all parts of the United States allow younger adults to use their benefits to help with an older family member–but only children. This is a trend that might change in the future simply because an older loved one can be considered a dependent in many cases. If you have any questions about this, it is worth speaking to someone who is knowledgeable about the laws and regulations of your specific state.
Research shows that the average person between 45 and 64 pays about $9,500 per year when it comes to healthcare costs. For those age 65 and older? That costs jumps up to $17,000 per year. Obviously this is a big difference and it underscores the importance of beginning to save for your own care early. For now, doing the little things that you can to help your own family members afford the care that they need and deserve can go a long way toward improving the quality of the care that they receive. And don’t forget to look at other programs that might help. Medicare and Medicaid can be beneficial, but there are other programs, too.
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