money for assisted home care
Many families of seniors are facing a serious problem of not only aging parents who need assistance at home with their health problems but how to pay for this invaluable service.
Too often the care of older parents falls on the shoulders of one family member, who is typically a middle-aged married woman, has children at home and quite often has a career or is employed. Once a family member attempts to care of their parents on their own and without any help from other members of the family, they often develop their own serious health issues and sometimes die within a year due to the stress they are experiencing.
A family can quickly fall into bickering and fighting about how to handle the situation and in addition to this problem, there are the expenses of actually hiring a professional to provide the necessary assistance to the senior who needs help when the family member can no longer manage it on their own.
The fees for such services can vary, but on the average and depending upon if the care is needed 24/7 can be as high as $10,000 a month. How and who will pay for this? The family?
Probably not, but what if funds from a reverse loan were used to pay this expense? Why not utilize the equity in a parent’s home to cover this expense and any additional expenses for their care that may occur as time passes?
Using the equity in a parent’s home makes good sense for everyone in the family. The parents will be well taken care of and their family will not have to be overwhelmed with this responsibility, not use their own funds, miss family time or take time off from their professions each time an emergency comes up with their parents.
In conclusion, it is an excellent option to pay for the fees of caregiving and it is also a solution to keep families from using their own funds to pay for a caregiver, but also to protect their own health and the unity of their family.
I am providing a copy of an article that discusses the Commission on Long-Term Care and a report that they are preparing for Congress that will identify the areas of concern as people age. How this will effect their quality of life, finances and family and how the nation needs to be prepared to meet the needs of an aging population.
AARP Stresses In-Home Options to Long-Term Care Commission
Posted By Elizabeth Ecker On August 6, 2013 @ 6:27 pm In News,Reverse Mortgage | 1 Comment
“Aging in place will be a critical component of long term care, AARP said in a statement to the Commission on Long-Term Care following a hearing of the commission last week.
Currently, the commission is working on a report to Congress that will lay plans for Long Term Care legislation, of which home care should be a component, AARP said.
“The Commission has a little over a month to vote on recommendations and the three hearings to date highlight the importance of expanding consumer choice of quality care options, increasing access to home and community-based services that would allow more people to stay in their homes and communities, and bolstering support for family caregivers,” said AARP Executive Vice President Nancy LeaMond.
AARP urged swift movement by the commission, with pressing long term care challenges facing the nation in its current state.
AARP hopes the Commission will use the short time it has left to offer real guidance to Congress on addressing the many challenges surrounding long-term care,” LeaMond said. “This is an opportunity to jump-start a national conversation that brings individuals, families, policymakers, businesses and other LTSS stakeholders together to pursue real change.”’
Written by Elizabeth Ecker