Children who find themselves caring for their aging parents often can lose track of their own situation.
They may be meticulously watching their parent(s)’s finances while neglecting their own. They also may consider quitting or cutting back on hours worked in order to find time to be a good caregiver.
In this continuation of my series on caring for aging parents and as the owner of an assisted living facility in Parker, Colorado, let me offer the following tips…
1. Look at your finances and your budget in several ways.
First, make a care-giving budget. By this I mean, put together a comprehensive look at your options and what you could be spending on care-giving. That could be anything from giving up your job to take over this time-consuming task, to finding an assisted living facility that provides health care and other support.
If you quit your job or cut back on hours worked, you’ll also need to take into account the benefits offered by your job, such as health insurance and retirement plans, which could be costly to replace. You also should look at your future and whether quitting a job could damage your prospects of finding work in later years.
In this review, don’t forget to include your parent(s)’s resources and how they might come into play.
Second, maintain your own budget. Track your income and expenses, and pay off your debt and bills. If time is becoming an issue, consider auto-pay for some of your bills. That way, they won’t be overlooked and go unpaid, resulting in needless late payment or interest charges.
2. Save for YOUR retirement. As a caregiver, your finances might become tight, but don’t skimp on your own retirement savings. If you don’t have a plan, create one and monitor its progress. In your current care-giving situation, you know better than anyone how important it is to have savings when you get older.
3. Educate yourself about insurance policies, such as disability, life and long-term care. If you haven’t already, it might be a good idea to invest in some of these options.
4. Educate yourself about Medicare and Medicaid. These government options may provide some assistance in the areas of medical bills and living options. For example, Country Home Assisted Living in Parker, Colorado, accepts Medicaid payments for its residents.
5. Look out for financial scams. Financial abuse of the elderly is a sad reality of life these days. Make sure your parents are protected from making quick, pressured or expensive financial decisions.
6. Seek assistance from professionals. There are all sorts of professionals available to help families – everyone from financial planners and insurance agents, to local social workers and governmental agencies, to religious and community organizations. They are there to help, so don’t be afraid to ask!