The
number of adults caring for someone with a serious health problem is on the
rise and is likely to continue growing as the population ages.
It is not uncommon for someone
to take on the task of caring for an aging parent or relative in their elderly
years. But what are the true costs of caring for an elderly loved one?
This math of the matter was the
subject of a recent article in The New
York Times titled “Assessing the Costs of Caring for an Aging
Relative.”
Bottom line: you do what you
have to for the people you love. On the other hand, elder care can have some
serious and unforeseen costs, some strictly for care and some in lost income or
professional mobility.
Aside from dollars, there are
the “costs” in terms of the caregiver’s health, too.
The original article lays out
some of the facts, but the key considerations to master are the basic
questions: What do you need to do? What can
you do? And what can your elderly loved one do to plan ahead?
If you and your loved one are
planning early instead of reacting to a crisis, then there are many steps you
can take. For many, it will mean gaining a firm understanding of Medicare and
Medicaid, none-too-simple topics in and of themselves. For others, there still
may be the option of long-term care insurance.
Caring for a loved one is still
an important option for most, those giving the care and those receiving the
care. Indeed, such care is perhaps cheaper and more meaningful than nursing
home care.
Whatever route you and your
elderly loved one elect to take, be sure you weigh all of the rewards and risks
carefully before committing to any course of care.
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Reference: The New York
Times (August 28, 2013) “Assessing the Costs of Caring for an Aging
Relative”