Providing long-term care for an aging parent can be challenging due to the medical, legal, and financial complexities. As time goes on, you might find yourself managing care expenses for your parent that might easily reach $70,000 annually and facing challenging legal and medical decisions.
For whatever obstacles you may encounter, you’ll want to be as ready as you can be. This introduction will help you get going.
Advanced Decisions
A collection of written instructions known as an advance directive describes the kind of care a person wants to receive in the event that they are terminally ill or dying and unable to communicate for themselves. It’s crucial to talk about your parent’s preferences before they get sick so you can respect them later, even though it might be challenging. The following advance directives can be created independently or with legal assistance:
A living will outlines your parent’s wishes for managing their pain, receiving meals and liquids, and using life-support at the end of their life. When she is unable to speak for herself when it comes to medical decisions, it effectively speaks for her.
You should submit a durable power of attorney for health care if your parent prefers to make these decisions as new circumstances or treatment possibilities present themselves. In the event that your parent is unable to make their own medical decisions, the proxy named in this agreement will be able to do so legally on their behalf. Ensure that your parent has authorized the sharing of medical information with a proxy by the doctors and insurance providers.
Legal Preparations
If your parent hasn’t previously done so, you should assist them in drafting the following vital legal documents:
A power of attorney empowers someone to handle your parent’s finances, including decisions concerning gifts, property, and guardianship. As you assume greater responsibility for your parent’s house and care, a power of attorney becomes more crucial. Keep in mind that this is not the same as a durable power of attorney for health care, which solely applies to medical choices.
The distribution of your parents’ estate and belongings is governed by a will. Regardless of your parent’s wealth, a will can assist remaining family members in efficiently and amicably distributing personal belongings.
Financial Issues
Home care and caregivers are the most popular elder healthcare needs, and it is important to consider the prices of such choices. Keep in mind the following important information as you start to budget for these expenses:
- Long-term care or custodial care are not covered by Medicare. Only short-term, medically required services are covered under benefits.
- While Medicaid is an option for seniors with lower incomes, the majority of middle-class seniors cannot use it until they have exhausted their assets. But keep in mind that each state is responsible for managing Medicaid, and each has its own set of qualifying standards. You can prepare for and file a Medicaid application with the guidance of an elder care attorney with expertise in the program.
- Veterans and their spouses can get a variety of services through the Veterans Administration, but the approval procedure might take months.
- Long-term care insurance covers extended or custodial care, but employer-based health insurance does not.
- There are innovative private-pay financing options, like reverse mortgages or using life insurance proceeds to pay for in-home care.
Planning early will make the transition easier for everyone in the years to come, despite the fact that the medical, legal, and financial considerations of providing long-term care for your elderly parent can seem overwhelming.