June 25, 2022

Did you know that there are more than 46 million people in the United States of America over the age of 65? A big part of growing older is seeing your own parents start to age. You could quickly find yourself in a position where you’re caring for an aging parent as your parents start showing signs of dementia and old age.

There are a lot of things that go into elderly care, especially when you’re balancing caring for the elderly with looking after your own children and working a full-time job. It is natural to welcome aging parents at home with open arms but it can also seem daunting.

The good news is that you’re in the perfect place to learn about some helpful tips that will make caring for an aging parent a much easier proposition. Keep reading this article to learn about nine helpful tips that will allow you to help aging parents at home.

1. Think Before Quitting Your Job

A mistake that many people make when it comes to elderly care for aging parents is to immediately move towards quitting their job. Taking this step will damage the amount of income that you have coming in each month and it will also put a massive dent in the amount of money that you save towards your own retirement.

2. Think About Benefits You’d Lose

In addition to losing your income and harming your retirement savings, it is also important to think about the other benefits that you’ll lose when you quit your job. Odds are that you’ll be losing your personal health insurance as well as a life insurance policy and employee disability package.

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All of these things are significantly expensive to get if you quit your job and get them on your own. Keep that in mind before you start writing your letter of resignation to help with caring for an aging parent.

3. Start a Caregiving Budget

A big part of caring for an aging parent is making sure that they have money set aside to help them out. Start going through their finances and finding areas where you can cut unnecessary spending. You can then reallocate that money towards elderly care for your aging parent, like getting a Granny Pod here.

4. Look for Free Public Benefits

There are a number of great organizations and resources that you can find on the internet that are dedicated to helping you to find help when it comes to caring for the elderly. Many of these resources are free or cost very little money. The government provides an eldercare locator that will provide a ton of benefits to you and your family when it comes to getting your aging loved ones the help they need.

5. Understand Medicare and Medicaid

Many people don’t understand the differences between Medicare and Medicaid, and the benefits that each provides. You need to get up to speed on what these two programs provide for your aging parent. Medicare will not assist you with the financial requirements for placing your loved one in a nursing home, but Medicaid will.

One thing to keep in mind is that your loved one will not qualify for Medicaid assistance for a nursing home unless they’re exhausted from all of their assets. You also need to learn about the co-pays that your aging parent is required to pay for doctor’s visits and medications.

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6. Understand the Costs

Another important thing to consider when it comes to caring for an aging parent is understanding the costs that you’ll face by taking them in and caring for them at home. Many people would prefer to grow old in a place where they’re comfortable, like their old home. This approach allows them to enjoy all of their favorite possessions and think back to fond memories.

If this is the preference of your aging parents then you need to be ready to spend some money for an aging-in-place service. Make sure you do your research and read plenty of online reviews before settling on the right aging-in-place service to help you get care for your aging parents.

7. Consider Getting Professional Help

In addition to going with an aging-in-place service, you can also explore your options when it comes to getting professional help with healthcare. This is a great option to consider if your aging parents show signs of dementia or other complex medical conditions that are difficult to care for.

If this is the case with your aging loved one then you should see if you can find a professional elderly care service near you that will help with the more difficult aspects of providing elderly care.

8. Keep Your Eyes Out for Financial Scams

There are a number of financial scams out there that target the elderly as this is an industry that is rapidly growing. Scammers are finding that the elderly are easy targets for scams that involve paying for goods or services that don’t exist. It is up to you to make sure that your elderly or aging parents don’t become victims of these cruel scams.

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9. Come Up With Your Own Retirement Plan

There is no better time to look at your progress towards retirement than when you start providing elderly care for an aging parent. Use this opportunity to look at your savings accounts, retirement accounts, and budget. Make sure that you’re on pace to retire when you want to retire.

It is important that the math adds up and that you’ll have no issues supporting yourself from a financial standpoint. You’ll find out more about the implications that taking care of your aging parents will have on your retirement timeline.

Now You’re Prepared for Caring for an Aging Parent

Caring for an aging parent is a noble thing to do, especially when they’re showing signs of dementia or other complex medical conditions. If you’re planning on taking care of aging parents at home then you need to think long and hard before quitting your job. You should also look into the free benefits that your aging parent is eligible for when it comes to healthcare.

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