Many families are unprepared for nursing home or long term care planning costs, especially when they find out that Medicare doesn't pay for long-term care. The monthly cost in a private room at a nursing home, is approximately $9,000 per month in our area. The yearly cost is 12 months x $9,000 equals $108,000 per year. Medicare does not pay for long term care. Medicaid will pay for the nursing home, only when you have spent most of your assets. Assisted living is an option where the facility provides personal care services, such as meals, housekeeping and assistance with activities….
However, a person's age is not a justification for removing there keys. Seniors in their 80s and 90s can drive safely, while others in their 50s and 60s are dangers to themselves and others. However, seniors get the blame for bad driving. The most driving-accident-prone age group is 15 through 19. Your parents losing their independence, by removing the car, can be devastating to them. However, if physical and mental condition impare their ability to drive, you have to act for their and others safety. Here are some indicators: Vision: Your parent's optometrist or ophthalmologist can identify vision problems, limitations, concerns…
Growing numbers of families are compensating relatives who serve as caregivers. According to a report by the National Alliance for Caregiving and AARP, 43.5 million Americans looked after a friend or relative age 50 or older in 2009, 28% more than in 2004. In a survey conducted for Home Instead Senior Care, a home-care franchiser, nearly 7% of respondents said they receive compensation for providing care to a relative. Feeding this trend is the high unemployment rate, the costs of nursing-home care, and the 2006 changes in Medicaid law that affects asset protection strategies. Some 37% of caregivers surveyed by…
Growing numbers of aging parents are compensating their caregiving family members. However, it is important to disclose such caregiving agreements to the entire family, to avoid potential disgruntled and unhappy siblings, and the threat of a lawsuit. According to a report by the National Alliance for Caregiving and AARP, 43.5 million Americans looked after a friend or relative age 50 or older in 2009, 28% more than in 2004. "Obviously with the economy, we have seen many seniors retain their adult children rather than pay a home care agency or another person for their care,” states David Wingate of Senior…
Caring for elderly parents can become a family affair. Oftentimes family members question whether parents can “legally” pay for the help they receive from relatives. The short answer is yes, but you’ll need to make sure you follow some important guidelines. OurParents.com recently published an article for handy reference; here are their points on how an elder can pay a relative for care services at home. Gifts. Yes, parents can make gifts to a relative out of appreciation for care and assistance. But be careful. If your parent eventually needs Medicaid to help pay for long-term nursing care, any gifts…
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