Having an older loved one in need of assistance can be stressful for various reasons, but don’t let finances be one of them! According to Bankrate, in 2014, the average monthly rate for a single, assisted living bedroom was $3,500. With prices steadily climbing, this number has since increased. When most families start to encounter these prices, it may seem overwhelming. Luckily, the experts at Oaks Senior Living want to help you learn what options are available to pay for assisted living for your loved ones.
The Greatest Generation, as they are often referred to, came of age in one of our country’s most significant periods of economic despair, The Great Depression. Enduring the struggles that pursued, seeing their parents work hard just to lose their business, forged the idea of commercial importance in our society. Which is why the Greatest Generation is the greatest at saving, they have seen firsthand how dire it can be for the livelihood of a family. With our countries economic status waving in and out of turmoil they know to keep a few pennies in the bank but also to use it for what truly matters; money, food, their family’s needs and their own needs, such as senior living services.
One of the first questions we receive when we meet a family looking for memory care services is ‘How do I pay for this?’. Budget is always a concern for anyone who is considering any senior living option. While paying out of pocket from a bank or savings account is always an option, it is often not feasible for many families to cover the cost of memory care that way.
What would happen if you suddenly had to take over a parent’s finances? Unfortunately, this is the reality for many families due to illness or emergency situations. If this situation were to happen to you, we want to make sure you are prepared. Preparing yourself for how to manage your parent's finances and protect them before it is necessary creates a lot less stress in an already stressful situation.
Budgeting for elderly care and the costs of senior living facilities are as varied as seniors themselves. We will take a look at the things you need to consider when determining what you can afford and how to pay for it.
Most people hope and plan to live independently in their own home for the rest of their lives, but at some point, you or someone in your family will likely need some form of assisted living. Determining what it will cost can be confusing and daunting. Following are some factors to consider.
Senior Financial Abuse has reached an all time high. All may appear well but when you look deeper you find that your elderly friends, neighbors or associates are easy targets.
Properly handling senior finances properly is crucial especially when it involves a loved one. By the time Mimi King started asking questions about her parents' finances, they had already been bilked out of over $100,000 over a 10-year period by a trusted family member.
"It took about two years to sort it all out and stop the bleeding," says King, of Lexington, Ky. "We had to find out what the damage was, and we had to figure out a solution."
If you have elderly parents you know just how important it is access the right support when needed. Here is a guide to the top 10 programs everyone who is caring for an aging parent should know about.
