It can be a challenging transition when you have to take care of your parents. They took care of you your entire life, and they have always been there for you. However, now they need you to be there for them as they get older and are unable to care for themselves.
Taking care of elderly parents can be very expensive. Depending on the severity of their health condition, they may need 24-hour nursing care. There is a wide range of options depending on their mobility and medical needs. For example, there are senior apartments that are designed for older adults to live independently while still having all the resources they need on-site.
There are assisted living facilities that offer a higher level of care than senior apartments, but still provide a level of care and oversight that may be needed. Assisted living facilities may not have doctors on staff, but they will transport residents to doctor’s appointments, beauty appointments, shopping, events, and more.
The next option is a nursing home that provides constant nursing care for older adults with more severe health conditions. There are nursing homes that allow married couples to share a room, so they can stay together. For example, there is a healthcare center in Ocean View, NJ called Autumn Lake Healthcare that specializes in caring for your parents, and they will work with you directly to figure out insurance and other issues.
Regardless of the option you choose, caring for elderly parents is expensive. Finding the money to care for them can be a daunting task. You need to navigate and understand the health insurance system, including Medicaid and Medicare.
Medicare is based on your parents’ age, while Medicaid bases eligibility on their income. There is also a chance they may qualify for both. There are also different plans under the Medicaid and Medicare umbrellas, so you need to look into what idea your parents have, as well as supplemental plans they have to cover additional expenses.
Often, the care facilities will have someone on staff who can help you figure out what coverage your parents have. Once you understand their coverage, you can find the facilities, doctors, and hospitals that are covered under their insurance. While this can be a frustrating process, once you get used to it, things will get easier.
Ensuring that every doctor you see and office you go to is covered under your parents’ insurance is essential. However, you also want to make sure they are getting the care they need regardless of whether their insurance covers it. Sometimes you will need to find ways to pay for medical expenses out of pocket.
If your parents have a whole life insurance policy, you may be able to borrow money from it or sell the policy to get money upfront. If your parents still own their own homes or vehicles, you may be ready to sell those and start the downsizing process to have the money to pay for their care.
If there are last-minute emergency expenses that need to be covered, you can get online payday loans that deposit on the same day. While payday loans may not be the long-term solution you are looking for, they are an ideal option to get through an emergency while figuring out long-term care.
Payday loans can cover emergency room visits, co-pays, medications, or other last-minute medical expenses. Then you will have some time to put together the money you need to pay the loan back.
The pressure of caring for your parents can be intense and overwhelming. It is essential to care for yourself during this time, as well. Be sure to ask for help from people who have been through it, sit down with counselors and social workers to figure out what the best options are, and take time to consider what is best for you. Often adult children feel that moving their parents in with them is the best option, but they can’t care for all of their daily needs.