One goal many people have regarding their lifestyle and care needs as they age is to stay in the comfort of their homes as long as possible.
If this is something you wish to do, it is crucial to consider the cost of receiving care in your home. And it is not just the financial cost you must think about; there is also an emotional toll that loved ones may experience.
The cost of caring for someone you love
As a person’s health declines, spouses, children or grandchildren can often be the ones to step in and provide the care a person needs. As this article explains, the demands of the role often seem insignificant and infrequent at first. And some people are happy to help an ailing parent or spouse.
However, things can change quickly and dramatically. Suddenly, caregiving can be a person’s full-time job for which they may or may not get paid. Parties can drain their savings or stop saving altogether; they may require financial assistance and wind up in debt.
On top of the financial repercussions of the role, family caregiving can be incredibly stressful. It can leave a person drained and exhausted. They may have to give up their own goals, plans and lifestyle, which can fuel anxiety and depression. And too many navigate all these challenges without the support system they need.
Tragically, some caregivers release their anger and emotions in dangerous ways, such as abusing their family member or misusing drugs and alcohol.
Minimizing the cost of these arrangements
Considering all the ways aging at home can affect you and those you love most, it can be crucial to start planning now to reduce the financial and emotional strain of this type of arrangement.
Planning options you might want to think about can include setting aside money to pay for in-home care, buying long-term care insurance and Medicaid planning. These tools can help you cover the cost of your care.
Failing to plan can place an enormous financial and emotional burden on the people you love. Thus, taking these steps now can ensure you get the type of care you need in the setting you wish to receive it without putting your loved ones in a painful position.