More People Paying Out of Pocket for Senior Care

For those of us that have an elderly loved one that we care for, it might not be a surprise what a recent article from Financial Advisor Magazine uncovered: adults with an elderly family member receiving senior care are more likely to dip into their own personal savings to help fund their mom or dad’s care or cut expenses in other areas to try and make care more affordable. For those that have been through this, it’s not a surprise at all that this occurs. It might not even be something that you’ve been paying much thought to any more. It’s just how it is.

 

There is a growing concern that this shouldn’t be the way that it is, though. The problem isn’t that senior care should be free or that care should be watered down to cut costs. Instead, the concern is that insurance is so confusing and difficult to navigate that some people have no idea what types of senior care are covered, if any. By helping people to navigate the red tape of things like Medicare and Medicaid, knowing what types of care are available to them becomes a lot easier.

 

There are several reasons why people are paying more out of pocket for care than ever before. Putting aside any sort of political or economic discussion, people are paying more for care because of longer life expectancies. The average lifespan is about five years longer, on average, than it was forty years ago. That number is expected to go up by another five years within the next decade, according to some estimates. And with the larger number of senior citizens in the population today–and that number expected to keep growing–this is an issue that’s not going to go away any time in the foreseeable future. In fact, it’s only going to keep growing.

 

More people are paying out of pocket for a loved one’s senior care than ever before.

 

The sooner that your family has their care plans sorted out, the better. Having a plan in place to help you reduce costs in your mom or dad’s care without reducing the quality of care will go a long way toward helping your family save money and reduce stress. Spend some time going over your options, know what care is going to cost, and how you are going to pay for it. There will likely be some surprises along the way in this process, and if you can get them addressed before care becomes an emergency, the process will be smoother for your loved one in need.

 

If you are unsure what types of care your elderly mom or dad has, it’s important that you speak with someone who understands the world of health insurance and can give you some trusted advice. If you are trying to set up care for you parent, and you have questions about coverage, get in touch with us at Paradise In-Home Care today. We can schedule a free consultation and help you figure out not just which type of care is right for your family, but also how best to pay for it.

The post More People Paying Out of Pocket for Senior Care appeared first on Paradise In-Home Care.