If you have an elderly relative, you will know that caring for them will become one of the number one priorities that your family has. For adult children, this can be especially problematic as there are various hurdles to overcome to ensure that your elderly parents are well looked after. For example, you might struggle to find time in your schedule to dedicate to them and their care. However, there is another serious issue that many people struggle with - the huge cost that often comes with elderly care.
Are you currently struggling to cope financially? If so, then looking after an elderly parent will put an even bigger strain on your finances. But, thankfully, there are some ways you can ease this strain and reduce the financial pressures that come with senior care. The following tips can help you do just that.
Prepare In Advance
The best way to afford any elderly care that your relatives might require is to prepare for it while they are still fit and healthy. If your parents are still working, then they will, hopefully, be paying into a pension plan. Once they then retire, they can tap into this pension for a steady income, and they can use the cash towards any specific care. It’s also a good idea to encourage them to take out some insurance that will cover any long-term care that they might need to receive. There are insurance policies that specifically cover care homes and elderly treatment, for example. Even though this may seem expensive when your parents are paying into it, it will certainly save you a lot of money further down the line if they ever need any expensive care costs covered.
Deal With Debt First
Do your parents still have some debt that they need to pay off? Ideally, this is something that they should try and pay off before they retire, but if it is a particularly large sum, it could stay with them well into their senior years. If your parents do have debt still, it is important you try and find a solution for it. Even if you are battling to pay for their care fees and costs. You will find that once you have paid off all the debt, you will be able to breathe a sigh of relief and can then focus solely on the cost of care. It’ll feel like a weight has been lifted from your shoulders! If you are struggling to deal with paying off debt and care fees, there are some debt charities you can speak to for guidance.
Discuss Your Options
If your parents need specialist care or need to move into a assisted living home, it is necessary to discuss the options available to them before they decide on one. For instance, it is important that you take a look at a few different homes when you are choosing one. When you learn about Parc Provence and all the other nearby care homes, you will be able to find out about their specific facilities and if there are any health conditions that they specialize in. You will then be able to decide which one will suit your elderly relative’s needs best. But that’s not the only reason it’s necessary to take a look at a few different options. Each home or treatment option will come at a price, and taking a look at a few different choices will give you an idea of the ones you can afford. You will then be able to pick the best one for your budget.
Look For Government Benefits
There are some benefits that are available to people if they require specialist home adaptations due to a health condition. For example, if your relative has very limited mobility in their old age, then they might require a stairlift or some handrails added to their home. This work can be very expensive. Thankfully, if your relative is on a very limited retirement income, then they can apply for money from the government to pay for these necessary adaptations. If you aren’t sure whether your relative will be allowed to claim such money, you can check online or call your local council offices. It could be worth speaking to your family doctor as well, as they should have a good idea of what you are entitled to.
Review Your Relative’s Assets
It might be necessary to take a look at all of your relative’s assets and review whether they really need them all. If your relative does have such assets in their possessions, it is worth thinking about whether they should sell them or not. Selling them will boost their finances and provide some more cash that you can use for their care. One such asset that many people sell is property. For instance, if your parents still live in your family home, it might be worth them selling it so that they can downsize to a smaller property. That will free up the equity in the home. If your relative needs to go into a assisted living home for health reasons, there is no point to hold onto their property, and you will be better off selling it to fund their care.
Set Up A Budget For Daily Expenses
As long as your relative is able to live an independent life, it is important that they do so as this can help them stay in good spirits. But while they do live on their own, you might have to help them out with managing their finances. One way you can do this is by creating a budget with them. To do this, you need to figure out how much money they get each month and how much they have in their savings. You can then set weekly or daily limits for expenses.
Dealing with your finances can be very tricky when you are caring for an elderly relative. Hopefully, all the tips in this blog can help you figure things out!