One of the bigger issues that many seniors face is that their savings accounts are not helping them in the latter years of their lives. Even when Social Security benefits are taken into account, paying for senior care and other necessities can be difficult for many people. The best way to prevent this is to start planning early on in life, but if you or an elderly family member have not already begun planning for their retirement finances, now is the time to figure out what the best course of action is moving forward.
If you are over the age of 65 and haven’t started thinking about how you are going to pay for your senior care, then you need to start thinking about some tough things. At this point in life, it might not be possible to go back to work part-time and earn a few extra bucks here and there. Instead, you might need to look for cost cutting measures in your life. Many elderly folk find that they no longer need to or even really want to live in their old homes. In these instances, downgrading your home could be a good idea. Obviously this is something that you will want to put some thought into, but if paying for a high quality level of care is important to you, freeing up income by lowering your rent rate or by seeing a larger amount of cash in your bank account by selling an existing home might be a way to safely achieve the cost of care.
Others meet this need by selling belongings, cutting costs on entertainment or vacations, or by having a family member act as a caregiver once in a while. If you need help coming up with more ideas, sit and talk with a trusted friend or family member. Care is important in your senior years, but you don’t want to sacrifice the things and experiences that you love unless it is an emergency.
If all else fails, and the care that you or a loved one truly needs is still out of your range, there’s no reason to give up hope. Contact your local Department of Social Services and see what options you have available to you. You might find that you qualify for a part-time level of in-home care through Medicaid or Medicare. Medicare benefits do not cover a lot when it comes to senior care, but other types of public health insurance can provide you with minimal coverage. This is a start in the right direction, and although it might not be an ideal solution for you or your family, it is better than not having any senior care at all. The cost of assistance can be offputting, but that doesn’t mean that senior care is not an absolute must for many. Studies show that more than 50 percent of all elderly individuals will need some sort of long term care during their lifetimes and the sooner that you address this need on your own, the better. But even if it’s too late to start preparing ahead of time and you are already in need of care, you do still have choices available.