Senior care options have seen increases in costs since a spike in 2012. This has caused many people to re-evaluate their care options and the savings to cover those options. If one of your parents is facing the rising costs of senior care, and you want to offer some sort of financial help, consider these four methods. Remember, some methods can also be combined to make savings and your financial assistance go further and last as long as they need care.
Though it isn't an ideal option for most, you can look into the option of taking your parent as a dependent. This means that you will not only be able to receive some financial benefit during tax time, but you will also have the option of taking them on your health insurance if your company offers it. This may reduce expenses and offer better health options in the long-run. Before taking this step, contact your health insurance provider as well as an attorney to ensure you are using the right legal steps.
Life Insurance Policies
One way to help with future expenses is to check into various life insurance policy options. There are some options that allow you to take out insurance on your parents and cash in that insurance for a specified amount after several years. Speak to your local life insurance representative to discuss this as an option and to move forward with the proper steps to begin the process.
Some families have used the option of taking out a second or even third mortgage to help with their parents long-term senior care expenses. This is an ideal option for families who need to meet an immediate financial senior care need and have the finances to move forward with an additional mortgage. For this option you will need to speak with a mortgage representative and discuss the options available to you based on your personal credit and financial status.
If you have a nursing degree or if you have a nursing student in the family, you can use that education to your advantage in senior care. These nursing services can be offered instead of a home nurse or live-in nursing option. This will save nursing costs and allow your parent to stay in their home while still receiving round-the-clock personal care. This is an ideal option if aging in place is the only option your parent wants to consider.
These are just a few ways you can help with your parents increasing senior expenses. Make sure that you are speaking with a professional representative if you move forward with any methods that deal with insurance, mortgages, or legal matters.
For more information about senior care, contact Quality Home Staffing Inc. Home Care Agency.