Having any member of your family fall ill to do old age can be a difficult process. But what can be especially trying is trying to get on top of elderly care financing.
There’s the stress of seeing your loved one become visibly older, perhaps forgetting your face or developing various unpleasant physical illnesses. And, as if that weren’t enough, there’s always the issue of the money. Hospital bills can rack up quickly, and once patients reach a certain age, their health tends to only get worse.
Join us today as we look at elderly care financing and how you can take the sting out of this already painful process.
Elderly Parent Care
When it comes to elderly patient care, a struggle with emotions arise that are involved with aging parents and their change of lifestyle. It’s a difficult time for everyone involved, and it’s important to have two things in place to help you through it: a tight budget and healthy boundaries.
Establishing the relationship between yourself and your parents in this new setting is important so that nobody gets left feeling manipulated or guilty. Be respectful of their boundaries, make sure they understand you’re going to live your own life in addition to helping them, and make it clear you love them.
Being on top of your money is equally important. As with all savings, make sure you start early, in college or your younger years in the workforce. Once these payments officially fall to you, make sure you follow a strict budget every month in order to avoid unexpected errors.
Working towards a less expensive retirement for your parents can be difficult. The following are some of the types of financial aid your parents might qualify for:
- Public Housing: In cases where applicants (usually 50 years and older) are qualified for this benefit, they’ll end up paying less than 30% of their adjusted gross income for rent.
- Mortgage or Reverse Mortgage Assistance: Homeowners with limited income may be inches away from foreclosure at any time. Find out about mortgage relief options to help take some of the pressure off.
- The USDA Housing Repair Program: Grants and low-rate loans from this innovative program help to bring homes up to code when homeowners are 62 or older.
- Utility Bill Assistance: Senior citizens on a restricted income can sometimes qualify for discounted utility service rates. Ask your local government offices or your utility provider for further details.
- Phone Bill Assistance: In houses across the country, phone bills are racking up every month. Lifeline programs may give seniors monthly discounts or even free cell phones under the right circumstances, so do your research.
Elderly Care Financing
When it comes to taking care of the people who matter the most, most of us don’t want to “make it about money”. The truth is, however, it can be costly and you’ll need to have your finances figured out early on to come out on top. And with the right combination of elderly care financing options, you can make it through with much less damage to your bank account.
Get better care for the elderly in your life. Visit Granny Nannies today to find out about our professional in-home care options, and make a smart investment in their quality of life.