Personal Finance Retirement

How to Care for Aging Parents

The Costly Alternatives

As mentioned earlier, once you’ve determined that your elderly parent needs daily assistance, your options are relocating to an assisted living facility, hiring an aid to assist in the home, or having your parent live with you or another relative. Assisted living facilities are costly.

According to the Genworth Cost of Care Survey, a one bedroom in an assisted living facility costs an average $3600 per month, and a nursing home (which has more comprehensive care for seniors) costs on average $220 per day. Not only are these options costly, they can be isolating and devastating to the affected senior.

While hiring a home health aide or homemaker services (which provide general personal care and/or cleaning and other assistance) costs on average $20 per hour. These costs quickly add up and can be a heavy burden. On the other hand having an elderly parent move in has added costs of being physically and mentally taxing on the caregiver’s time, energy, and resources.

Find Your Individual Solution

Each situation is different. Start with the paperwork. Get all legal and medical documents consolidated and organized.

In some cases, visiting a lawyer may be necessary to get power of attorney, healthcare proxy, life insurance and a living will documentation established. Assess the needs of your elderly parent, and don’t go it alone. There are resources accessible to you for whatever your need may be.

In today’s tech savvy world, there is an app for almost anything. Things such as your elderly parent’s medical history and medications lists can be accessed by online portal or app, which helps make life a bit easier. Find what works best for you and your parent, and don’t worry. It may seem overwhelming at first but it does get easier.

What are some other ways you can help care for your elderly parent?

About the author

Stasie Tillman

Stasie Tillman

Stasie Tillman is a writer & an investment and personal finance analyst. She oversaw the Analytics department for a prominent Long Island, New York brokerage firm for many years. She’s on a quest to
live a balanced life in all aspects (mind, body, and spirit). Come be encouraged and find inspiration to live A Stoic Life.

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