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Is your parent no longer able to live alone? Even if you haven't yet faced this dilemma, chances are you will. A Georgetown University study predicts that that by 2019, as many as 13 million Americans will need long-term care.
Expect the cost to be sky-high, too. The American Association of Homes and Services for the Aging reports that the average monthly cost for a private room in a nursing home is $6,234. Unless a parent is on Medicaid or meets requirements for physical or occupational therapy, private pay is required.
Sometimes even Medicaid isn't a ticket to a nursing home; at least, not a desirable one. "More and more nursing homes are decreasing the number of beds available for Medicaid-qualified patients," says Thomas Space of Advisors Financial Planning group in Gilford, N.H. "The reason is that they can't make money on these patients."
Turning to assisted living facilities may not help, either. The average cost? $2,714 per month. Even at this cost, many of these facilities won't take individuals with Alzheimer's, a condition that affects many older persons.
So what you can do to keep from dipping into your own savings to care for an elderly relative? One of the best-kept secrets in elderly housing is the personal care home.
| In a personal care home, live-in caregivers take care of two or more elderly residents. Before choosing one, you need to answer these eight questions: |
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The costs of a personal care home are comparatively reasonable. Expenses range from $1,500 to $3,000 per month, depending on the location and the level of services required.
Many personal care homes also welcome residents with Alzheimer's. "If your parent has dementia, a personal care home is usually a better choice. It's a small environment with fewer people around; your parent sees the same faces every day so it's less overwhelming," says Michelle Moreland, an eldercare advisor and a regional director for A Place For Mom, a national eldercare referral service.
1. Is a personal care home a good fit for my parent?
Financial benefits aside, consider your parent's social and physical needs. If your mom is sociable, she might need to be in an assisted living facility or in a personal care home that has several residents. If your dad needs help shaving or getting up from a chair, he'll probably receive a more hands-on approach in a personal care home.
Also consider getting a professional opinion. "Find a doctor who'll take the time to sit down and assess the physical and emotional state of your parent. Then you can decide the best approach," says Stuart Shapiro, M.D., CEO of Pennsylvania Health Care Association. |
