Less than 20 years ago, senior citizens accounted for no more than 2 percent of all bankruptcy filings. In 2018, that number reached 12 percent. More older Americans are filing bankruptcy. While some people think it’s that seniors aren’t saving enough, it can be difficult to know how much to save when health care and prescription costs keep skyrocketing.
You want your mom’s money to last. Is there a sure-fire way to make sure that happens? The truth is that you don’t know. She may be healthy now and develop Alzheimer’s five years from now. If that happens, her care needs increase. She’ll see doctors more often, take multiple medications daily, and need constant supervision at some point. What you can do is have a plan in place just in case.
Good Health Can Change Without Advance Warning
Your mom’s been healthy all of her life. That’s great, but there are no guarantees. Your family needs to discuss what happens if your mom does develop a chronic health condition. She should designate medical and financial powers of attorney and create an advance directive. She needs to have HIPAA permissions in place and make sure her desires for long-term care are understood. All of this can prevent legal battles later.
Talk About Where She Wants to Live
If she wants to age in her home, you need to talk about the things that can be done to ensure that happens. Senior care aides are just one small feature of a full care plan. You could update her home with things like grab bars and non-slip vinyl flooring to prevent a possible fall months or years from now.
She may have goals of downsizing to something smaller and more manageable. Make sure that happens when she’s ready. If she waits too long, she might find herself regretting it because she’s stuck with a stagnant market or house that needs too many repairs before she can sell it. Downsizing can save money and allow her to grow the extra equity in CDs or IRAs, too.
Pair Family Help With Senior Care Services
Medicare doesn’t cover long-term senior care. Your family will be paying out of pocket for it in many cases. That doesn’t mean you should skip it. There are ways to arrange senior care so that it’s covering the hours that you and your siblings can’t be with your mom.
If the family provides three-quarters of the care your mom needs, she’ll only be paying for the other quarter. It won’t cost as much as she fears. Call an agency to find out how to use senior care aides and family caregivers to provide all of the care your mom needs.
Sources:
https://www.forbes.com/sites/teresaghilarducci/2019/08/15/elderly-bankruptcy-why/
If You Or An Aging Loved One Are Considering Hiring Senior Care in South Pasadena, FL, Please Contact The Caring Staff At Assisting Hands Home Care Today! 727-748-4211.
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Becky Moultrie is Owner and Administrator of Assisting Hands Home Care Serving Pinellas. Guided by a motto to Do Good with Love, she’s well positioned to do just that at Assisting Hands. She has a passion for helping families keep seniors and those who are diabled happy and healthy at home. She serves on a number of boards in Pinellas County including the Pinellas Park Gateway Chamber and Better Living Seniors (BLS), leading the Membership Committee. Annually, she hosts a Silver Santa Party, collecting donations for nearly 100 low income seniors in the county. She attends Blessed Sacrament Church, Seminole where she is an Ascribed Member of the Rosminian Order. When not busy Doing Good in the community, Becky is at home with her husband David & their 4 children, tending to their beehives and digging in the garden.
