Your Aging Parent Runs Out of Money?
Your parents are living into their 90’s. Their savings have been depleted on the cost of care. Consequently, the only assets are their income, maybe a pension and Social Security. However, they still are at home, and need help with cooking, shopping and bathing.
You receive a phone call, “I just don’t have enough to pay the caregiver next month.”
What will you do? The savings are exhausted. Federal, State and Local Government programs have been cut. Medicare and Medicaid will not pay for the caregiver.
Consequently, they may not get any help at all, unless they are in a nursing home. Ironically, in most states, Medicaid will pay for a nursing home, but won’t pay for a caregiver at home to keep an aging parent out of a nursing home. Although, the nursing home is obviously much more expensive than staying in one’s own home.
An option is to pay for the caregiver yourself, but that can lead to your financial hardship.
Although, you may not be able to do much advance planning for your aging parents who live into their 90′s and beyond, you can plan ahead for yourself and not leave the same mess for your children
Therefore, you need to work with an elder care attorney and find your own long term strategies.Tags: aging parent, caregiver, elder care, medicaid, Medicare, nursing home