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When the elderly grow older, a big worry is that they will run out of money before they run out of years.
Even if they receive pension payments and Social Security, their savings and retirement might not be enough to cover the costs of an in-home caregiver, an assisted living facility, or a nursing home. Unfortunately, their children might not be so willing to come to the rescue when there is a mortgage and when saving for college and retirement have become a priority. Fortunately, there are some options for when an elderly person can no longer financially support themselves.
If your elderly parent is living in their own home and receiving care at home, one option would be to bring your parent into your home and sell your parent’s home to pay for a caregiver.
Your parent could move into a small residential care home, also known as an adult family home, which offers personalized service to small groups of adults. These homes are generally modest with small rooms, either private or shared, and have varying levels of assistance. However, whatever expenses your parent cannot afford with their small income, you would likely have to cover.
Your parent might eventually have to go into a nursing home, where in Indiana, most of the individual’s income is paid to the nursing home or other long term care facility. If a person can qualify, Indiana Medicaid pays the rest of the nursing home costs and other medical expenses covered by Medicaid.
If your parent’s health allow and there is a concern he or she may run out of money sooner, think about moving him/her into a nursing home sooner. If your parent is able to pay privately to enter a nursing home, he or she is more likely to gain entrance into a facility of better quality. Oftentimes, after the private pay period, the facility will help with the Medicaid application process to help your parent stay in the facility.
Deciding what to do and how to help an elderly parent who has run out of money is not always easy. What we want for our aging and elderly parents and loved ones is often compromised by the economic reality of living beyond the age they planned for. While it is difficult to plan ahead for aging parents who live well into their nineties and beyond, it is important to take stock of your own finances in order to plan ahead for yourself. Sit down with financial advisors and estate planning attorneys to determine how to save best and plan for your own expenses and caregiving in the event that you, too, live beyond your years.
Valparaiso Elder Law & Estate Planning Lawyers
If you need assistance with the complicated legal issues that might be facing your elderly parents such as whether they will be able to afford long-term care or qualify for Medicaid, an experienced Indiana Elder Law and Estate Planning Lawyer can advise you of any options you might have, and help you plan for your parents’ financial wellbeing. Call RG Skadberg, our knowledgeable Indiana Elder Law and Estate Planning Lawyer, at Carr, Chelovich, Skadberg, & Kazmierczak, LLC today at (219) 200-3902 or fill out the form provided on our website and schedule your free consultation.