Chicago, Illinois (PRWEB) June 01, 2016
Senior care services are rarely planned for ahead of time and this compounds the stress of finding the right care services for families who must make decisions quickly when a hospital discharges a senior after a major medical emergency. Caregiverlist's complimentary financial planning tools makes this an easier task. Medicare does not pay for long-term care and because of this, families should discuss the costs of senior care ahead of time.
Caregiving requires emotional, physical and financial assistance for seniors. As memory loss, including Alzheimer's disease, can be part of aging, successful senior caregiving requires understanding the senior's financial plan. Financial skills are many times the first skills to decline in the early stages of dementia.
Paying for senior care includes the following options:
- Medicare for short stays in a nursing home, with medical doctor approval
- Veteran's Aid and Assistance for home care, for veteran's who qualify and their spouses
- Long-term care insurance benefits (for seniors who purchased long-term care insurance)
- Personal Retirement Savings
Seniors who are not able to privately pay for senior care from their savings and investments and who do not qualify for veteran's benefits, may convert to Medicaid, which replaces Medicare for low-income seniors. Medicaid will pay for an on-going stay in a nursing home. Because Medicaid is funded by both federal and state tax dollars, the benefits vary in each state. Some state Medicaid programs do provide home caregiving services.
This comprehensive guide serves as a framework for caregivers trying to develop a financial plan for a loved one living with Alzheimer's disease and other forms of dementia. Caregiverlist's Nursing Home Directory assists families to view the daily costs of nursing homes and Medicare only covers up to 100 days, with medical doctor approval.
A study by the Endowment for Financial Education found that seven in 10 adults say they have difficulty talking to their families about who will make financial decisions on behalf of aging family members who are unable to handle their money. Caregiverlist, as part of its mission to care for the caregiver, believes in the necessity to provide family caregivers with the tools to understand the needs of the seniors in their care and the ability to to become a responsible fiduciary for a loved one living with Alzheimer’s or dementia.
Not only is it important to understand the financial needs of the senior care recipient, but also the impact that providing care has upon the finances of the caregiver. Nearly seven times as many women as men went from working full-time to working part-time while being a caregiver. Families can understand how senior care costs may impact their care needs by making a financial plan for senior care needs.
Caregiverlist's new retirement planning tool provides a complimentary telephone consultation to discuss costs and options for paying and saving for senior care. Whether, as a caregiver, you are taking over the day-to-day financial management of a senior loved one’s household or discussing the implications of long term care costs, Caregiverlist provides tools, including the only resource with the daily costs of nursing homes, to help senior caregivers make confident financial care decisions.
Caregiverlist.com® is the premier service connecting seniors and professional caregivers with the most reliable senior care options, highest quality ratings and outstanding careers nationwide. Founded by senior care professionals, Caregiverlist® delivers the efficiencies of the internet to senior care companies by providing online job applications, caregiver training, background checks and industry news. Seniors and caregivers can access senior service information “by state,” view nursing home costs and star-ratings and learn about all senior care options and quality standards. For more information, please visit http://www.caregiverlist.com.