We all know being a caregiver can take an emotional toll. Unfortunately, it can also take a heavy financial toll. According to a recent Caring.com survey over 60% of caregivers worry about the impact care-giving is having on their savings. In addition, 42% are spending more than $5,000 a year on care. How is that possible? Many senior services are paid for privately (not through the government or insurance). Long-term care can quickly add up whether it’s in a facility or at home. Groceries, medical bills, and long distance phone calls are just a few examples of the costs that are often associated with care-giving (not to mention the cost of a facility itself). Another hard reality is that the caregiver is often forced to take time off from work, change jobs, or leave work all together in order to manage their care-giving responsibilities. This loss of income can deeply impact the financial situation.
So what can be done to prepare for this? Perhaps the best thing you can do is talk openly with your parents about finances before it becomes a necessity. Review investments, assets, income, and expenses. Know where they keep important documents. If necessary, consider switching to joint accounts so that you have access when needed. Most importantly listen to your parents wishes. Listen to their vision of their long term care and work together to develop a plan that will financially allow for it.
Photo Credit: http://www.freedigitalphotos.net/images/view_photog.php?photogid=404
When the dark clouds of life roll in and settle over you, it’s important to have someone who can help you tap into your inner strength so that you can survive the storm. At The Empowerment Group, that’s exactly what we do. We welcome you to explore the possibilities that are available to you. Restore a sense of balance and direction to your life. Whether through therapy, through Family Mediation, or through relationship counseling, we can help you find a path toward resolution and relief. Empowering your life! The Empowerment Group wants to help you bring balance, peace and happiness to your life even when the storms roll in and you feel all hope is gone. We can help:
- Pre-Marital Counseling