Taking care of an aging parent may be the highest calling of your entire life. However, it also means sacrificing time, money, and your own experiences to be by their side 24/7.
According to a study by MetLife, nearly 10 million adult children over age 50 now care for an aging parent. From 1994 through 2008, the percentage of men helping provide basic care for a parent increased by 14%, while the percentage of women increased by 19%. Working Americans lose an estimated $3 trillion in lifetime wages, with average losses of $283,716 for men and $324,044 for women, when it comes to taking time to provide care for their elderly loved one.
With these costs and other matters in mind, the following are tips about the financial repercussions of caregiving:
- Consider all of your options before quitting your job/career to help a parent. Having the time to properly take care of your parent can result in losing current income, as well as your retirement savings and benefits (health insurance, life insurance, employee disability, etc.). If you decide to leave work, will you be able to find work in the future?
- Create a budget for caregiving. Before you decide to leave work to care for a parent, take a thorough look at what you are spending on caregiving. Then, make another list of your parent’s resources and how they might be used to support caregiving.
- Understand the costs of having your parent remain at home. Most people want to stay in their home as they grow older since they are surrounded by comfort, possessions, and memories. Consider how much remaining at home will cost and if it is possible.
- Research free or low-cost benefits, as well as Medicare and Medicaid. There are websites you can check out which provides help in identifying and getting help with caregiving tasks, such as the National Association of Area Agencies on Aging and The National Council on Aging. Consider the medical coverage your parents have as well.
Getting Professional Help at an Assisted Living Facility
If you decide that taking care of your aging parent is a costly burden to undertake on your own, think about enlisting your loved one in an assisted living center. These facilities offer quality care for your elderly parent, giving you the opportunity to visit your loved one as much as you want.
Contact All Seasons Residential Assisted Living for more information about our experienced and quality services today.
