How much does eldercare cost, and how do you arrange it when it is needed? The average person might have difficulty answering those two questions, for the answers are not widely known. For clarification, here are some facts to dispel some myths.
True or false: Medicare will pay for your mom or dad’s nursing home care.
FALSE, because Medicare is not long-term care insurance.
Just how many older adults have memory disorders? Well, here are two recent estimates. The Chicago Health and Aging Project figures that nearly a third of Americans 85 and older have Alzheimer’s disease. The National Institute on Aging sponsored a study, which concluded that 14% of Americans age 71 and older have dementia to some degree.
Older women may be the most vulnerable to all this.A new Merrill Lynch and Age Wave study notes that after age 65, women have twice the projected risk of Alzheimer’s that men do.
What actions can be taken to try and shield your parents from such abuse? As a first step, you and your parents can meet with an estate planning attorney to put a signed financial power of attorney in place (if one is absent). Should your mom or dad lose the capacity to make financial decisions on their own, this document can authorize you (or another family member) to make worthy decisions on their behalf.
At some point in life, just about everyone becomes a caregiver or a financial caregiver to a family member or loved one. If you are a caregiver or know someone who is, you probably have some stories about how overwhelming it can be—emotionally and otherwise. Being a caregiver requires love, time, and patience. It also requires some financial oversight—an aspect of caregiving that often doesn’t get the proper attention it deserves.
It can be difficult to know what to say or do when someone you know is suffering through the loss of a loved one. You might fear saying the wrong thing and decide to say nothing at all. While you can’t take away the pain of the loss, you can provide much-needed comfort and support. There are many ways to help a grieving friend or family member, starting with letting the person know you care.
When a spouse passes away, the emotion and magnitude of the loss can send our lives reeling. This profound change can also affect our finances. All at once, we have a to-do list before us, and the responsibility of it can make us feel pressured. With that in mind, this article is intended as a kind of checklist – a list of some of the key financial matters to address following the death of a spouse.