Can I Afford Senior Care for my Retired Parents?

Contrary to popular belief, the cost of senior care is well within reach of anyone in need of it. Unfortunately, most people tend to avoid thinking about their senior adulthood. Similarly, most of us don’t plan ahead for our senior parents and the care they will need in their golden years. The fact is, at some point we are going to incur significant senior care costs – so the wise thing to do is to be prepared for it.

• Start early: Don’t wait until the time your senior parents are finding it difficult to manage alone in their own home or even in your home. Start the senior care financial planning process early and involve them in the planning. It also helps to prepare them for the transition. They may even want to contribute to keeping funds aside so it makes them feel like they are doing their part. Look at what options are available to you and make sound decisions accordingly – it is that this point that an adult care consultant could really benefit you and your senior loved ones. Starting a ‘senior-care fund’ in the family fairly early makes for comfortable retirement living.
• Financial aid: Look into the various senior care financial aid opportunities available to you. Certain grants and aid programs like the one provided by the Alzheimer’s Association for respite care may be useful if your parent has Alzheimer’s.
  Medicaid is a joint federal-state program that provides health coverage or nursing home coverage to certain categories of low-asset people, including seniors needing nursing home care. Medicaid planners typically advise retirees facing high nursing home costs to take timely steps that will protect their financial assets in the event of nursing home admission. State Medicaid programs do not consider the value of one’s home in calculating eligibility, therefore it is often recommended that retirees pursue home ownership. By adopting the recommended strategies, many seniors hope they will quickly qualify for Medicaid benefits if the need for long-term care arises.
  There are, however, a number of other options as well. Discuss with your retired parents and care consultant whether they have assets they want to liquidate. Consider the best long-term care insurance that needs to be purchased. Veterans’ benefits and grants may also be available to seniors that are eligible.

At Adult Care Advisors, we offer expert advice on how to plan for your seniors’ adult care or assisted living arrangements.

Get in touch with our team of adult care consultants today to discuss financial planning for senior care and assisted living in New Jersey.