Comparing the Costs Effective Senior Care Options (Part I)
April 5, 2011 — Senior Helper
When you’re facing the difficult decision of what kind of elder care option is best for your aging loved one, finances will always be an important consideration. There are basically 3 different senior care options for your loved one, so let’s look at the costs associated with each:
Move the Parents into Your Home
There are many unseen costs associated with this option. One of them
is the moving expenses. If you decide to move your parents out of their
home, you will not only need to get rid of a whole bunch of furniture
and personal items, you will also most likely want to put the house up
for sale. This entire process could put a lot of stress on your loved
ones, but it will also cost a lot of time and money. What’s worse, the
housing market in most parts of the country is at or near record lows
for the past decade. This means you’re unlikely to get nearly as much
for the home as you could if you wait to sell until the market goes
higher.
Another cost to moving the parents in with you is time. If you choose
this option, you become their primary caregiver. If you are already
working and/or have kids to take care of, this could put a big strain on
your already busy schedule. In fact, it may force you or your spouse to
either cut back to part-time or give up their job entirely.
Put Your Parents into a Nursing Home
We’ve all heard the horror stories of elderly going off to the
nursing home, where they are basically shut off from the outside world.
They feel trapped-like they’re in a prison-and lonely. The stress of the
situation tends to create more health problems. Even aside from the
“human” cost, this is a very expensive option financially as well. We’ve
already talked about the moving costs, but now that they’re in the
nursing home, the expenses can quickly eat up their remaining assets.
All in all, there is very little upside to the nursing home option.
Link to this post!
Comparing the Costs Effective Senior Care Options (Part I)
April 5, 2011 — Senior HelperWhen you’re facing the difficult decision of what kind of elder care option is best for your aging loved one, finances will always be an important consideration. There are basically 3 different senior care options for your loved one, so let’s look at the costs associated with each:Move the Parents into Your Home
There are many unseen costs associated with this option. One of them is the moving expenses. If you decide to move your parents out of their home, you will not only need to get rid of a whole bunch of furniture and personal items, you will also most likely want to put the house up for sale. This entire process could put a lot of stress on your loved ones, but it will also cost a lot of time and money. What’s worse, the housing market in most parts of the country is at or near record lows for the past decade. This means you’re unlikely to get nearly as much for the home as you could if you wait to sell until the market goes higher.
Another cost to moving the parents in with you is time. If you choose this option, you become their primary caregiver. If you are already working and/or have kids to take care of, this could put a big strain on your already busy schedule. In fact, it may force you or your spouse to either cut back to part-time or give up their job entirely.
Put Your Parents into a Nursing Home
We’ve all heard the horror stories of elderly going off to the nursing home, where they are basically shut off from the outside world. They feel trapped-like they’re in a prison-and lonely. The stress of the situation tends to create more health problems. Even aside from the “human” cost, this is a very expensive option financially as well. We’ve already talked about the moving costs, but now that they’re in the nursing home, the expenses can quickly eat up their remaining assets. All in all, there is very little upside to the nursing home option.
Link to this post!
No Comments
1 Trackbacks
Elder Care Caregiver Services New Jersey
No comments:
Post a Comment