Whether you are a child of elderly parents or anticipate needing care in the near future, it is important to understand your options. Making a long-term care plan ahead of time, with those options in mind, may help avoid unwanted communication problems with your family or designated agents.
In terms of long-term care options, there are three common approaches: unpaid caregiving, paid at-home caregiving and nursing home care.
Unpaid caregiving
Most adults in America eventually care for the health needs of someone in their life. Unpaid caregiving allows family members to take care of their loved ones at the cost of their own time and money.
Paid at-home caregiving
There are many companies that assist people in need of care in their homes. Many companies provide caregivers or allow family members to take training in order to work as a paid caregiver for their loved ones.
Nursing home caregiving
Nursing homes are facilities built to provide care for their live-in clients. This may offer peace of mind to families who want to make sure their loved ones are in professional hands.
Each of these options comes with its own costs. As the AARP reports, the median cost for a private room in a nursing home is around $108,405 per year. Even unpaid caregiving demands hours of time alongside the usual home expenses.
Planning ahead may help you learn more about how your situation relates to these long-term care options. When deciding your future or the future of a loved one, it is important that you make your wishes and care options clear in writing.
