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Elder Care - Money Saving Tips

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Money Saving Tips - Elder Care

The cost of assistied living and elder support is high and is best approached using long term financial planning. The impact on the finaces of the people on whom the elders are dependant can be serious if no plans have been put in place. Here are some ideas and money saving tips to help reduce elder care costs.

  • Use Personal and community resources - get the family to help support the elder and look for community and church resources to help.

  • If you are PLANNING, consider Long Term Care (LTC) insurance - this is usually very good value insurance.

  • Ask if an assisted living facility offers shared apartments. This has many benefits, not only reducing the costs but also providing comanionship and mutual support.

  • Involve the family, look for commitments to help out. Most services in assisted living facilities are charged for, anything the family can do to reduce these service cost, saves.

  • Veterans and widows of veterans may be eligable for Aid & Attendance benefits through the veterans administration if they meet the financial and medical requirements.

  • There are usually grants available through various non-profit agencies for low-income residents to provide a break for caregivers.

  • Even if you can't afford long term assisted living, caregivers can be given a break by using a "short-stay" in a facility. There are often grants to help with this.

  • Reverse Mortgages can be useful where one half of a couple needs assisted care and the other is not ready for that level of support. Using a reverse mortgage uses the equity in the property to pay for the assisted living place. The reverse mortgage is repaid when the property is sold