Living Longer Comes With a Price
As people grow into the elderly status of life, it becomes difficult to find a place of both comfort and security to call home. Unfortunately, to many people cannot take care of their aging parents for one reason or another and the best option open to them is to find a safe and secure environment that is full of great amenities at a convenient price.
Finding all that however, is like finding a needle in a haystack. It does exist but homes for seniors are abundant and that means you may find one out of twenty homes that do hold everything you want in a senior home.
When it comes to finding a place for your aging loved one to call home, you should find out all that you can about your options. Speak with an elder-law attorney and make sure you go over contracts with an attorney as well.
If you cannot take care of your loved one as well as you had hoped to, you want to make sure you find a home that can and will take care of your loved one as though they are their very own family.
Looking for a home requires a lot of research but it can also require a lot of money and let’s fact, the cost of senior homes are increasing with time. All over the nation, in the past year alone, long-term care costs have increased faster than inflation, according to research completed by MetLife’s Mature Market Institute.
Cutting Costs and Keeping Security
The last thing you want to worry about is whether or not your loved one is being cared for. You want to walk away from a home you placed your loved one in and know that they will be well taken care of well-respected while you cannot be with them.
You can achieve this by knowing exactly what you should be looking for. It is so important to read everything that you are given when it comes to a senior home. You do know what to have any doubts and if you do, you should ask as many questions as you can.
When it comes to what care your loved one will receive, you will need to look over specific services. Define what you want your loved one to be able to do. There are many services within a senior home and these costs can add up. So identify the services and find out if you can cut some costs that way. Another way to save on cost is to think about different care options. There are a variety of different options open to you and you should think about them all before signing up for anything. After all, you want to make sure you are placing your loved one in a healthy environment and if you have to move them around from place to place, that is the least healthiest thing for them.
What Will it Cost?
Assisted living homes can be quite costly but they do give seniors the ability to feel as they are living more independently. However, the price has shot up 17 percent to $3,486 in the past five years based on the facilities that offer six to nine services.
A private room at a nursing has increased by 4 percent in the past year to $248 per day and home health-care spending has jumped up 129 percent to $19 billion between the years of 2000 and 2010.
Paying the Cost
To find out the best option that is available to you, you must first know exactly how you plan to pay for it.
There is long-term health care insurance and it can cover many different expenses. There is paying it right out of your checkbook, which many people opt for.
Here are some options that might help to manage the cost a little bit better:
If you are married and you have some savings, you could think about buying an annuity that will pay benefits for a direct number of years. This is a great option for one spouse to receive the treatment that they need while preserving savings for the other spouse.
Another option is The Department of Veteran’s Affairs aid and attendance benefit that pays up to $2,020 per month to married veterans who qualify for it.
When you cannot take care of your loved one or aging parent as well as you had hoped to, it is wonderful to have a safe place they can call home. It is important to know what kind of healthcare you want your senior or loved one to receive as they need it and remember it is never too late to think about your own future as well.