What do you do when your elderly parents can no longer take care of themselves? You can opt for assisted living outside the home. If that is not a viable option for you, you may choose to have them remain in their home and bring in assisted living services, in the form of in-home providers, instead.
This kind of arrangement comes with costs and will have an effect on your budget. Here are some factors to consider when making a budget for your parent's home care.
Number of hours
How much care does your parent need? Does he just need someone to come around a few times a week, daily, or round the clock? This is significant because assisted living in-home care is chargeable per hour.
How dependent is your parent? The answer to this question will determine how much help he needs the cost of such help. He may need activities of daily living such as bathing, dressing, and using the bathroom. On the other hand, it will cost you more if you include more activities such as housework, shopping, transportation, and medication reminders. If he is more dependent, you'll still have to factor in medical nursing care.
Duration of care
Think long-term. How long is your parent likely to need care? And how much is this cost likely to change? Your parent's needs may change with time. More likely than not, the cost of care will go up.
Generally, medical insurance for assisted living is not accepted. However, in some exceptional cases, Medicaid or Medicare may be available. Find out if your parent qualifies or if you can get long-term care insurance.
More often than not, you will have to fund home care expenses out of your own pocket, so you need to be financially prepared for the long haul.
You can take care of your home-care budget by beginning to save early. You may also solicit the help of other family members and see what each person can contribute.
If your parent owns his home, selling the home and having him move in with you may help take care of home-care costs.
Assisted living in-home care comes with a considerable financial burden that requires careful financial planning. The cost of such care depends on the level of care needed, the health and dependency status of your parent, and the ability to get additional funding.
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