Many baby boomers find themselves caring for an aging parent or parents. If you have a large family, the responsibility can be shared among your siblings and other family members. Unfortunately, some family members do not make themselves available to assist nor do they have concern for the aging adult, so often the elder care falls on only one or two children. These individuals then shoulder the entire responsibility for the care of the aging parent(s) – often at great personal sacrifice – including loss or decrease in income, additional financial burden, and loss of many hours of personal time.
If you are currently juggling your own home and family care and are now adding the care of an aging parent or relative, there may be some financial help available to you. Monetary compensation may be available in certain circumstances.
Before contacting any of these organizations or departments it is best to have the individuals’ financial records and also their medical records and history.
As the population gets older, it seems that more companies are offering long term care insurance. Yet, is it really necessary? There are many assumptions around long term care insurance, specifically that you or a loved one will one day become sick enough to need the kind of care, such as assisted living or nursing home, that long term care insurance provides.
Yet, many experts agree that unless you have substantial assets, long-term care insurance is a must. After all, Medicare and health insurance do not cover the long term custodial care (i.e. assistance with activities of daily living) that most seniors need after a serious illness. According to an article on Forbes.com, there are things to consider before signing up for long-term care insurance, since not all companies offering long-term care insurance are created equal.