(3 Minute Read)
As our parents get older, they begin to lose the sense of independence they once had. The responsibility of making sure that your parents are properly cared then may fall to you. But it’s not always easy to find the time to take care of aging parents with your busy work and family schedules. This is where elder care can help solve your problems.
In-home Care or Retirement Center?
Choosing between an in-home caregiver and moving your parent(s) into a facility that will be able to provide constant attention is a difficult decision to make. But this decision shouldn’t fall simply on your shoulders. Have a candid conversation with your parent(s) about what you’re able to provide, versus what kind of care they can receive from a caregiver or in a retirement center. If they’re of sound mind, it’s their decision too.
In-Home Care
In-home care typically involves a nurse or caregiver coming to the patient’s home, wherever they are. This is a great option if your parent doesn’t wish to move into a retirement facility. Many elderly people can still live independently in their own homes for years—and in some cases, they already have those homes paid off, meaning no more mortgage.
Of course, after a while, living on their own may become too difficult. In these cases, it might make sense to move the parent into your home, or into an apartment that’s closer. If they’re set against a retirement center, an apartment building can provide some of the same accommodations while still providing a place for a nurse to visit as necessary.
Retirement Facility
In-home care isn’t always the best option and depending on the individual medical needs of your parent(s), you might consider moving them into a retirement facility. In a retirement home, they can have 24-hour access to the medical care and treatments they need. This option often comes with higher costs, but if you can find the funds to make it work, it can be the best for you and your parent(s).
Retirement facilities aren’t the “old folks’ homes” that they used to be. Now, many retirement communities and facilities offer many active options for aging seniors to still be perfectly independent while living in close proximity to the care they may need.
Paying for Care
As with any other medical treatments, elder care has a cost. While your parents might have some money in their retirement funds to help pay for the care, it’s likely not enough. It’s important that you talk with a financial advisor to make the right choices to help pay for their care. Sometimes the best decision is to move them out of their house so that it can be sold to raise additional money for care. You can also look closely at all of their accumulated assets to find any hidden opportunities.
One option that many people don’t know they have is an unwanted life insurance policy. When an elderly person has a life insurance policy they no longer need or want, they may be able to sell it in a life settlement for a large sum of money.
If you’re interested in whether you qualify for a life settlement, fill out our Qualification Calculator today!
