| Most parents do not want to burden their | | | | $172 per day or $62,800 per year. |
| children when it comes to care in their later | | | | |
| years, other parents expect their children to | | | | Reverse mortgages are also another option to |
| care for them. The best way to balance these | | | | pay for home care. In simple terms, this is a |
| expectations is to discuss options for long | | | | loan on the equity of the home that is repaid |
| term care long before the care is needed and | | | | when the older adult passes away or moves out |
| to make financial plans now to cover needed | | | | of the home. Payments to the older adults are |
| expenses. | | | | made monthly or given in a lump sum to be |
| | | | used for home care, repairs and other |
| For example, parents can live in the home of | | | | proejcts. |
| the children or vice versa. What | | | | |
| modifications would need to occur to make | | | | Researching long term care insurance is an |
| this necessary? Adding a separate apartment | | | | option for many children who are able to pay |
| with a separate entrance? Remodeling a | | | | or share premium payments with their parents. |
| basement? Installing a wheelchair ramp? A | | | | Long term care insurance, depending on the |
| walk in shower? If living together is an | | | | policy purchased, can cover costs for adult |
| agreed upon plan, a budget should be | | | | day care, home care, assisted living and |
| established for remodeling costs and money | | | | nursing homes. A premium of $1200-2400 per |
| set aside now. Assume costs anywhere from | | | | year depending on the policy and the age of |
| minor modifications of several thousand | | | | the individual when purchased looks favorable |
| dollars to an addition costing $40,000 and | | | | versus $62,800 for one year in a nursing |
| up. | | | | home. |
| | | | |
| Other options are the obvious ones: in home | | | | Many believe that in retirement expenses |
| care, assisted living, nursing homes and | | | | decrease. For some yes, for others with |
| other care centers. Review the costs. The | | | | multiple health complications, expenses |
| average cost for in home care is $20 per | | | | increase. There are health insurance |
| hour; assuming 3 hours per day 7 days a week, | | | | premiums, medications, medical supplies, |
| this equates to about $1,680 per month or | | | | hearing aids, etc. It all adds up. Make a |
| $20,160 per year. The national average | | | | resolution to discuss long term care planning |
| monthly rate for assisted living is $2,500 or | | | | with your spouse, your parents or your |
| $30,000 per year. A nursing home averages | | | | children and reduce worry about the future. |