parenting costs
Planning for aging parents
Most parents do not want to burden their children when it comes to their attention in later years, other Parents want their children to care for them. The best way to reconcile these expectations is to discuss options for continuing care period, long before needed care and financial planning today to cover expenses.
For example, parents can live at home for children or vice versa. What changes must be made this necessary? Adding a separate apartment with separate entrance? Remodeling a basement? Installing a wheelchair ramp? A walk in the shower? If life is thus agreement on the plan, a budget should be established for the renovation costs and the money set aside now. Suppose that the cost of some minor modifications to several thousand dollars more than a cost of $ 40,000 and more.
Other options are the most obvious: home care, assisted living, home nursing and other care centers. Consider the costs. The average cost of home care is $ 20 per hour, assuming that three hours a day 7 days a week, equivalent to about $ 1.680 per month or $ 20,160 per year. The national average monthly assistance is $ 2,500 or $ 30,000 per year. A nursing home averages $ 172 per day or $ 62,800 per year.
Reverse mortgages are another option for paying for home care. In simple terms, this is a loan against the equity of the house that is the return of senior dies or moves out of the house. The payments to the elderly are made monthly, or provided by a lump sum for the use of home care, repairs and other field proejcts.
Search insurance long term care is an option for many children are able to pay premiums or to share with their parents. Long Term Care Insurance, underwritten by the police, can cover the cost of adult day care, home care, assisted living and nursing home. A premium of $ 1200-2400 per year depending on the policy and the individual's age on the purchase seem favorable compared to $ 62.800 for one year in a nursing home.
Many believe that retirement reduce costs. For some yes, multiple other complications health, increase spending. There are health insurance premiums, medications, medical supplies, hearing aids, etc all add up. Make a resolution to discuss planning for long-term care with your spouse, your parents or your children and reduce concern about the future.
About the Author
Pamela Dombrowski-Wilson is an author and owner of In Home and Family Services, Inc. a counseling and direct care company serving older adults and their family members. Visit http:// www.inhomeandfamily.com or http://www.pameladwilson.com for more informaion
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