The Increasing Cost of Elder Care and How to Manage
Getting to retirement age is an accomplishment in and of itself. Working for decades and saving up to be able to enjoy the post-work life with travel, relaxation, and family is a goal many of us aspire to and a goal that many people have accomplished. But as inflation hits our economy and cost of living goes up, many are not prepared for the cost of elder care when health becomes a larger concern. It’s not so simple as going to the doctor for a cold, or taking cough drops, or routine checkups. Many elders require assistance in their daily lives, from something as minor as someone getting groceries for them to something as involved as having to live in a full-time memory unit in an assisted living.
One of the biggest and most stressful challenges for elders and their families when confronted with the need for more involved healthcare, is the surprising and financially punishing cost for services. Assisted Living facilities cost thousands a month, and more complex facilities for people with more serious assistance needs can cost upwards of 5 figures a month! Difficult to budget for when you have only a pension and Social Security.
Even more frustrating is the dilemma that many middle-class elders may find themselves or their loved ones in when confronted with care costs: they don’t have enough financial resources to pay out of pocket, but they have too much money to qualify for government assistance. The frustrating catch-22 leaves many families in a position where they may have to make significantly larger financial sacrifices than they originally hoped. Reverse mortgages on an owned home, selling of possessions and assets, inheritance you hoped to pass on, all of these and others contribute to a potentially dire situation.
One of the benefits of hiring a Geriatric Care Manager is the financial guidance and navigation that they can provide when dealing with the cost of healthcare and living arrangements for an elder person. Rather than pay out of pocket and become financially and mentally drained, GCM’s are knowledgeable about alternative programs and assistance to cover these costs and needs, as well as nuances and strategy for navigating the complex red tape that can be involved. Although there is a cost for hiring a Geriatric Care Manager, the resources saved overall can be significant. GCM’s can even negotiate on an elder’s behalf for better pricing on things like Home Care Nurses, Assisted Living moving costs, and even costs for medical devices like wheelchairs and mobility devices.
Rather than stress and worry about paying for elder care, or struggling to navigate the complex and convoluted world of financial resources and incentives, let alone health care needs for you or an elder relative, consider consulting with a Geriatric Care manager. It may save you a lot more than just money!
If you are interested in discussing any matters of aging with a professional on our team, we offer FREE consultation calls every day at 617-405-8796. You can also leave a comment with your question, send us a direct Facebook or Instagram message, or e-mail us at email@example.com.
Senior Steps provides guidance and assistance with medical, legal, and financial advocacy and planning, and help with activities of daily living.