Paying for Care
Putting financial plans in place early in the caregiving journey is important as it allows you to plan for the future. Many chronic and/or progressive illnesses require years of care so as soon as a diagnosis has been made, the planning process should begin.
The average costs for long-term care services in the United States are:
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$8,365 a month or $100,380 per year for a private room in a nursing home.
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$7,441 a month or $89,292 per year for a semi-private room in a nursing home.
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$4,051 a month or $48,612 per year for a private room in an assisted living facility.
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$4,385 a month for a home health aide
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$1,625 a month for adult day services
Source: Genworth
Get Organized
Start collecting all financial documents and put in a safe place that is also accessible for yourself and any other family members that may be involved so they are there when you need them. Things like:
- Banking information
- Monthly expenses and income ( including social security, pension or other retirement benefits including VA benefits,etc.)
- Any Insurance policies (long-term care, life insurance, etc.)
- Stocks and bonds certificates
- Investments or other assets (CD’s, trusts, IRA’s, annuities)
Involve the Family
Many times families pull together during a time of need. Getting together once a month to discuss care needs encourages all members of the family to show up and offer to help. Typically, one person assumes the role of the primary caregiver but in most cases there is a secondary family member, neighbor or friend who offers to help as well. Sharing openly helps not only the caregiver but very often allows the person who is ill feel a part of the solution.
Professional Help
Sometimes we need outside assistance. Elder law attorneys, estate planning attorneys, and financial planners are great resources during the financial planning process. Look for a credentialed expert for your needs. Don’t be afraid to ask about their education, background, and specific work experience to see if it is a match for your situation.
Guidebook from AARP about financial planning:
https://drive.google.com/open?id=18Ig6uraFKirwvABrehyIfrFdHhTffDQl