How to Financially Plan for Senior Care

One of the challenges of aging is that nearly seventy percent of all older adults will need some type of long-term care during their lifetime. Many adult children or other close relatives will have the responsibility of planning for their senior loved one’s care. This duty can be very overwhelming because most people do not know where to start, and this is not uncommon. It would be easy just to use resources such as geriatric care management professionals, but you may be more at ease if you handle the situation on your own. You can start by considering some necessary points listed by Baltimore Home Care about elder care for your senior love one.

• What type of elder care, if any, will your senior loved one need?
• Will the type of housing they will need be dictated by their health situation?
• How will you pay for everything they may need?
• What all will you need in order to document your plans?

All of these are legitimate considerations that may help you with the financial planning for your senior loved one. Their care can range from minimal assistance in their home to medical care in a nursing facility. Depending on their health, the housing options can be in an independent living facility, an assisted living facility, memory care, a nursing home, or a continuing care retirement community. There are eldercare planning documents to fill out if you apply to financial programs.

• The HIPAA authorization form will allow the facility to share medical information with you and other designated members of the family.
• A medical power of attorney allows you to make medical decisions for your senior loved one should they become unable to do these themselves.
• A financial power of attorney will grant you the power to make financial decisions on your older adult’s behalf.
• An advanced healthcare directive will state whether your senior loved one wants to be kept on life support is there is no other chance of their recovery. This is also called the living will.

Planning for senior care, and the financial aspect will weigh heavily on the minds of adult children who feel that this responsibility is one that must be done regardless of apprehensions. Once all the documents have been executed and signed, the only thing left is to take a look at the budget. You have the power to check with a personal banker at the bank and go over income and current expenditures. Determine what expenses will be eliminated once the senior loved one goes into a facility. If they will be staying in their home with a caregiver, you will need to finance their income. There are usually programs that will assist with the financing of elderly care in many cities. The government agencies are a good place to start looking for these various programs. The government programs will help take care of the elderly, and those with disabilities.