Money... the necessary blessing and evil that seems to impact every area of our lives! So many seniors have worked all of their lives, looking forward to that golden age called "retirement", and many have done a great job when it comes to planning for their income during that retirement period.
But what about planning for the other issues that can come crashing in around around our lives during our senior years? What happens when a senior has a debilitating stroke, and needs extensive care that isn't covered by Medicare? Or how do you pay for care when a loved one is diagnosed with Alzheimer's or another form of dementia, but the family desperately wants to allow them to be cared for in the home as long as possible?
These are serious issues, and these issues and issues like them can totally devastate the finances of a family that thought it was financially prepared for old age. It's critical that families explore and understand exactly what Medicare or Medicaid with pay for, and what it will not pay for. If they haven't already checked into the feasibility of Long Term Care insurance, this is also another important option to pursue. Finally, if an individual or their spouse is or was a veteran in the Armed Forces, there may be financial assistance for care as well through the Veteran's Administration. This aid may have certain requirements or restrictions, and will require the gathering of certain documentation as well, so it's critical to begin that process as soon as possible.
One critical but very important option that could literally save tens of thousands of dollars later would be for your family to meet with an attorney who specializes in elder law. These lawyers understand the nuances and changing landscape of legal and financial issues regarding seniors. This would include tax issues, financial management of funds, trusts and so much more. Spending just a little with an attorney today could be an investment that could save your loved one thousands of dollars later.
The bottom line is simple... Private, one on one care for your loved one in the home is the best option you can provide. But whether you are able to provide in home care, or facility care becomes the only option available, EVERYTHING has a price tag attached to it.
Member agencies of the Oklahoma Professionals for Home Care deal with these issues on a daily basis, and are uniquely equipped to assist your family in facing them, or have the ability to put you in contact with qualified people who can do so! Just click on the "About Us" tab at the top of the page, and then click on "Membership Directory" for a complete listing or our members! Remember, Money Matters, and it's up to you now to make the wise decisions to help make the money last as long as possible, and get the biggest bang for your bucks!
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