Caring For the Elderly in Idaho a Growing Expense

Caring For the Elderly in Idaho a Growing Expense

MB900407553[1]It is not uncommon for someoneto take on the task of caring for an aging parent or relative in their elderlyyears. But what are the true costs of caring for an elderly loved one?

This math of the matter was thesubject of a recent article in The NewYork Times titled “Assessing the Costs of Caring for an AgingRelative.”

Bottom line: you do what youhave to for the people you love. On the other hand, elder care can have someserious and unforeseen costs, some strictly for care and some in lost income orprofessional mobility.

Aside from dollars, there arethe “costs” in terms of the caregiver’s health, too.

The original article lays outsome of the facts, but the key considerations to master are the basicquestions: What do you need to do? What canyou do? And what can your elderly loved one do to plan ahead?

If you and your loved one areplanning early instead of reacting to a crisis, then there are many steps youcan take. For many, it will mean gaining a firm understanding of Medicare andMedicaid, none-too-simple topics in and of themselves. For others, there stillmay be the option of long-term care insurance. 

Caring for a loved one is stillan important option for most, those giving the care and those receiving thecare. Indeed, such care is perhaps cheaper and more meaningful than nursinghome care.

Whatever route you and yourelderly loved one elect to take, be sure you weigh all of the rewards and riskscarefully before committing to any course of care.

For more information on this and otherestate planning subjects, contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.

 

Print
Please login or register to post comments.

Categories