Retirement these days isn’t what it used to be, or what many of retirement age today thought it would be. Many American’s in their 50′s and 60′s find themselves a part of the ‘sandwich generation’, meaning that they are still caring for their own children while simultaneously caring for aging parents. This can, and does, put families in a financial crunch. A great retirement plan and college savings can still be upended with an unexpected medical crisis.
If aging parents do not have the assets or insurance in place to provide for their care, families may need to pick up the slack. This can be particularly difficult, especially if there are grown children still in college, or in need of financial assistance after college. Medicare only provides certain types of long-term care assistance, and only after assets have been depleted. With Medicare and Social Security facing tough times ahead, they are not resources that anyone should count on at this point in their future retirement. If elderly parents do have the means to pay for their care, it is important to scrutinize all spending to make the money last as long as it can.
In our current economic climate, investments aren’t performing as they once did, home values are shrinking and medical costs are rising. Time must be taken to do due diligence with finances to make every dollar count, because the cost of care adds up fast! Several thousands of dollars per month for nursing home care or assisted living arrangements can deplete savings rapidly. In-home care has it’s costs as well, particularly if home modifications are needed to accommodate any physical limitations. If there are not enough financial resources available, aging parents may not be able to live the way they want.
If a family member chooses to take the time to care for aging parents themselves, this too can have the financial impact of lost earnings. A caregiver faces great physical and emotional challenges as well, and their health must be regarded as well. To determine whether or not you are using all of the resources available to provide the best care for not only your aging loved one, but also for you the caregiver, hiring a Geriatric Care Manager can prove very beneficial.
A Geriatric Care Manger is knowledgeable about all local resources that can be used to your advantage, and can also refer you to reputable, experienced partners in home care, nursing care, assisted living care, finance and any possible elder law issues you may be facing. A GCM’s experience, education and oversight can insure that you are receiving the best care that you can afford.
To learn about using our free Care Advisor service for senior home care, and access our Provider Network of licensed, insured agencies, visit us at Advocare. No fee or contract is necessary to use the services of our Care Advisor. A Certified Senior Advisor will discuss your care needs, develop a profile of the best candidate, and schedule interviews with potential caregivers from multiple agencies. Our unique model allows the agencies to compete for your business and helps you choose the best caregiver for the best price.
We help families in South Florida with care management in the Boca Raton, Boynton Beach, Delray Beach and Palm Beach areas.
