Creative Ways to Pay for Long-Term Care for Parents

It can be tough being an adult child especially when it comes to a parent needing to go into a long-term care facility.

Creative Ways to Pay for Long-Term Care for Parents

It can be tough being an adult child. This is especially true when it comes to a parent needing to go into a long-term care facility.

Here are some startling statistics:

  • One-quarter of all adult children in the U.S. are providing personal care or financial assistance to their aging parents – a number that has more than TRIPLED over the last 15 years, according to recent MetLife research.*
  • $522 billion a year is the dollar value of care that families provide for older Americans. It costs the individual caregiver $324,044 in terms of lost wages and social security benefits.

So, how can you care for your aging parents without going broke? Well, I wanted to introduce a few resources for you.
First, Caregiving Consultant, Tena Scallan, has over 25 years of experience in the healthcare industry and is author of The Ultimate Compassionate Guide To Caregiving: A Simple Blueprint for Dealing with Today’s Healthcare Crisis. Tena helps families navigate the complicated and stressful world of caregiving with detailed guides and expert coaching.
She can answer question such as:

  • What money truths must you keep in mind when being a caregiver?
  • Why should you consider caregiving for a loved one a business?
  • What financial mistakes do people typically make?
  • Can you get paid by the government for being a caregiver?
  • What resources are available to those in financial need?
  • Do caregivers get any tax breaks?

Second, unknown to most people, there are ways to structure your parents' current assets more effectively to provide income to pay for expenses. It is like getting long-term care insurance after the fact. These are policies that are medically underwritten that create income streams for the remaining years of your parent's life. Sitting down with a qualified adviser can alleviate a great deal of financial stress as provide you with options that you didn't know existed.

Long-term care expenses are often not planned for. However, there are still options available to eliminate the stress of an already stressful situation.

For more information about these types of plans, send me an email at bob@prudentmoney.com and I will point you in the right direction.

Bob Brooks is a Financial Adviser who practices in the DFW area. He is also the host of the Prudent Money Radio Show. If you want to contact Bob please call 972-386-0384 and ask to speak to Judy. You can also email him at bob@prudentmoney.com.

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