Supporting Aging at Home: A Practical Guide for Families to Ensure Independence and Financial Stability

Author

Naborforce - DFW

For more information about the author, click to view their website: Naborforce

Posted on

Oct 11, 2024

Book/Edition

Texas - Dallas, Collin, SE Denton & Rockwall Counties

As more American families face the reality of aging, in-home care is becoming a preferred option. A recent AARP survey shows that over half of Americans aged 50 and above plan to remain in their homes as they age, and for good reasons. Staying at home offers comfort, familiarity, and with proper planning, can also be more cost-effective while promoting longer independence for elderly parents.

With the continuous rise in healthcare and long-term care costs, having early and honest financial discussions is key.

If your loved one is thinking about aging at home, we’ve created this guide with useful tips to help support senior independence while easing the financial burden.

Here are steps to ensure your parents or loved ones age safely and comfortably at home.

1. Start Financial Discussions Early

While it can be uncomfortable to talk about finances with aging parents, it’s a vital conversation to have. Begin by reviewing their current financial situation, including assets, debts, and regular expenses. Also, look into possible income sources such as:

Pensions
Social Security
Retirement savings (401k, investments)

Being open helps you understand your parents’ financial landscape while making them feel supported. Approach this conversation with compassion, emphasizing how you aim to maintain their quality of life while preparing for the future.

(Need tips on convincing an aging parent to accept help? Check out our blog on how to navigate these conversations.)

2. Understand the Costs of Aging at Home

According to the National Council for Aging, the average monthly cost of a senior care facility ranges between $4,500 and $5,300, a significant financial strain for many families. Aging at home can be more affordable, but it's essential to account for associated expenses.

One of the hidden costs of aging in place is home maintenance and modifications, which can account for up to 52% of out-of-pocket expenses, according to a 2021 AARP study. Personal care services and medical staff, if needed, can also add to these expenses. For a detailed breakdown of long-term care costs, including potential surprises for families dealing with conditions like dementia, check out this Wall Street Journal article.

3. Explore Long-Term Care Insurance

With rising care costs, long-term care insurance can help cover expenses for in-home care, nursing, or assisted living. The earlier you invest in a policy, the more affordable the premiums.

However, long-term care insurance may not be suitable for everyone. It can be pricey and may not cover all types of care. For more information, AARP’s guide on hybrid policies, which combine life insurance and long-term care benefits, is a good resource.

4. Plan for Home Modifications and Safety

To keep your parents safe at home, certain home modifications, such as installing grab bars, ramps, or stairlifts, might be necessary. These changes can range from a few hundred to several thousand dollars depending on your loved one’s health needs.

(Looking for affordable ways to enhance home safety? See Naborforce’s top 10 safety tips for under $10.)

In addition to modifications, budgeting for adaptive equipment or medical technology like alert systems is crucial. These devices help ensure that your parents can access help quickly, contributing to their independence and peace of mind.

5. Managing In-Home Care

If in-home care is required, costs will vary depending on the level of assistance needed. While part-time help from a home health aide may suffice initially, your parent may eventually need full-time or 24-hour care, which can cost over $100,000 per year.

Before reaching that point, services like Naborforce can offer interim support, providing help with small tasks like running errands or getting to appointments. This can extend your parent’s independence and delay the need for full-time care.

6. Know About Medicare, Medicaid, and Other Resources

It’s essential to know what benefits your parents may qualify for. While Medicare does not cover long-term care, it can provide short-term in-home care under certain conditions, such as after a hospital stay. Medicaid, on the other hand, covers long-term care but is means-tested, so eligibility will depend on a careful review of their financial standing.

You should also explore local and national programs, including veterans’ benefits or state assistance programs, which can help offset the cost of aging in place. In some cases, if you become a caregiver for your loved one, you may be eligible for caregiver payments, depending on your state’s regulations.

Conclusion

Helping your parents age at home requires thoughtful financial planning, including income assessments, long-term care options, and preparing for unexpected medical needs. Starting early and maintaining open communication can make the process smoother, providing your loved ones with the comfort and security of aging in their own home. And remember, whenever you need an extra hand, Naborforce is here to help!

A Helping Hand for Older Adults - Naborforce 844-696-2267

We’re Naborforce. We match older adults who need a little help and kindness with Nabors eager to provide it, strengthening the communities we serve.

Everyone can use a little help. Help around the house. Help running errands. Help preparing a meal. Help by just being a friend! Our goal is to promote joyous and independent aging and living while providing peace of mind to families.

What is Naborforce?

Naborforce is a service designed to help seniors maintain their independence by connecting them with "Nabors"—trusted community members who assist with everyday tasks such as grocery shopping, transportation to appointments, light household chores, or simply providing companionship. By offering flexible, non-medical support, Naborforce helps seniors age in place while giving families peace of mind. It's a great option for those who want to delay the need for full-time in-home care, ensuring that older adults can continue living comfortably and safely at home with just the right amount of help!

Check out our page at www.naborforce.com

Supporting Aging at Home: A Practical Guide for Families to Ensure Independence and Financial Stability

To view the original version of this article visit naborforce.com/in-home-aging-and-financial-considerations-for-families/
Seniors Blue Book was not involved in the creation of this content.

Other Articles You May Like

Hospice Provides Post-Discharge Support That Sepsis Patients Need

By Faith Protsman, MD, Regional Medical Director, VITAS HealthcareTwo recent studies highlight how sepsis impact often extends well beyond the acute event that led to a patients hospitalization. The studies emphasize two particular points that should inform physicians and clinicians as they consider referring these patients to specialized care: Medicare patient data gathered between 2012-2017 shows that sepsis patients face considerably poorer health outcomes following hospital discharge when compared to non-sepsis patients, including elevated risk for death and increased use of advanced healthcare services. Sepsis survivors exhibit strong indicators of persistent inflammation and immunosuppression for up to a year after hospital discharge, increasing their risk of readmission or death. Both studies indicate a significantly elevated risk of death among sepsis patients after they have been discharged and ostensibly cured. Of course, sepsis patientsparticularly those of the Medicare cohort, who are largely of advanced agerarely leave the hospital in better condition than they entered.The Yende study, in particular, shows that neuroendocrine and inflammatory responses to sepsis can continue long after the patient survives a septic episode. For patients with advanced or chronic diseasesas was the case with nearly 78% of participants in the studythese biomarkers are associated with decline.Post-sepsis Discharge: A Critical JunctureIn many cases, these individuals life expectancies upon discharge will be less than six months. This is a critical juncture: While comfort-focused hospice care could provide an ideal source of support for the eligible patient, their family, and their caregiver(s), most sepsis patients are simply sent home without even a discussion about palliative end-of-life care and its benefits.Frankly, such an oversight is a disservice to everyone involved. The sepsis patient is left with physical and/or cognitive dysfunction, often without significant options for symptom management. Their partner or family will either need to assume caregiving duties or turn to costly private services. And the physician and hospital staff will likely see the patient again following another acute event, a readmission that impacts performance scores, strains resources, and unnecessarily fills beds.By no means do I intend to lay the blame for these unfortunate circumstances on physicians. Timely hospice referrals require ongoing education about end-of-life care, and open, ongoing communication between hospice providers and referral sources.More Help: How to Talk About Hospice Care >Those of us in hospice are working hard to bridge the gap, but even as our healthcare system transitions to a value-based model, the mentality of fee-for-service still permeates our nations acute-care facilities, and many hospitalists see a discharge home as a success.Hospice: A New Way Of Judging SuccessIn hospice, we judge our successes on the patients quality of life and the fulfillment of their goals and wishes near lifes end. Usually, that means going home with 24/7 support from an interdisciplinary hospice team. Whether home is a traditional residence, an assisted living facility, or nursing home, the hospice team will assist caregivers (and/or facility staff) with direct clinical care and education, integrative services, bereavement support, and delivery of medication, equipment, and supplies.In other cases, improving quality of life means remaining in a general inpatient setting with hospice support, taking the burden off hospital staff until the patient is able to transition home or until the patient dies. Hospice offers complex modalities in any setting, so patients who would otherwise be confined to an ICU can usually return home to be among loved ones.With support from hospice, a sepsis patient and their family are more likely to report higher satisfaction of care and greater quality of life. The patients emotional and spiritual needs can be met alongside their physical needs, thanks to care from chaplains, social workers, music and massage therapists, and other integrative specialists. Finally, the patient is more likely to die at home, surrounded by loved ones, rather than in the hospital.Because sepsis is most common in patients with advanced or chronic diseases that indicate hospice eligibility, acute incidences of sepsis should always trigger a hospice eligibility assessment. We owe it to our patients, their loved ones, and our colleagues in healthcare, all of whom can benefit from the support that timely end-of-life care offers.

Resources Every Family Caregiver Should Know About

Caring for a loved one can be one of the most rewarding experiences, but it also comes with its challenges. Family caregivers often wear multiple hats, juggling work, family, and caregiving responsibilities. Knowing where to turn for help can make all the difference in managing the stress and ensuring your loved one receives the best possible care. Here are some essential resources every family caregiver should be aware of:Local Area Agencies on Aging (AAAs)AAAs provide a wealth of information and services tailored to seniors and their caregivers. From meal delivery and transportation to caregiver training and respite care programs, these agencies are a critical first step for many caregivers. You can find your local AAA through the Eldercare Locator.Support GroupsCaregiving can feel isolating, but youre not alone. Support groupsboth in-person and onlineconnect you with others who understand your journey. Platforms like Family Caregiver Alliance or local support groups can offer emotional support, practical tips, and a sense of community.Respite Care ServicesTaking care of yourself is vital to being an effective caregiver. Respite care offers short-term relief by providing professional caregiving services, either at home or in a care facility. Check with local senior care providers, such as our team at Elderlink Home Care, Inc., to learn more about these options.Financial Assistance ProgramsThe costs of caregiving can add up quickly. Programs like Medicaid Waivers, Veterans Aid and Attendance benefits, and local state assistance programs can provide financial relief. Additionally, many states offer stipends or tax credits for family caregivers.Technology Tools for CaregivingModern technology has made caregiving more manageable. Apps like CaringBridge and CareZone help you organize medical records, schedules, and communication with other family members. Medication reminder tools and wearable devices can also provide peace of mind.Caregiver Education and TrainingBecoming a caregiver often requires learning new skills. Organizations like the Alzheimers Association and AARP offer online courses, workshops, and guides to help you handle medical tasks, improve communication, and navigate the complexities of caregiving.Professional Home Care ServicesSometimes, partnering with a professional caregiver can provide the support you need. Home care services like those offered by Elderlink Home Care, Inc. allow your loved one to remain in the comfort of their home while receiving expert assistance with daily activities, personal care, and companionship.Legal and Financial Planning ResourcesHaving the proper legal and financial documents in place is crucial. Organizations like Legal Aid and National Academy of Elder Law Attorneys (NAELA) can guide you in preparing essential documents, such as powers of attorney and advanced directives, ensuring your loved ones wishes are honored.Caregiver Counseling ServicesThe emotional toll of caregiving is real. Many mental health professionals specialize in helping caregivers navigate stress, grief, and burnout. Look for local therapists or online counseling services to prioritize your mental health.Meals on Wheels and Nutrition ServicesEnsuring your loved one eats well is a top priority. Programs like Meals on Wheels provide healthy, affordable meals delivered right to their door. Many community centers and churches also offer meal services for seniors.Final ThoughtsBeing a family caregiver is no small task, but you dont have to go it alone. By tapping into these resources, you can find the support you need to provide the best care possible for your loved one while maintaining your own well-being.At Elderlink Home Care, Inc., were here to help. Whether you need professional caregiving services or advice on navigating the complexities of senior care, feel free to contact us for guidance and support.Remember: Taking care of yourself is just as important as taking care of your loved one. Dont hesitate to reach out for helpits a sign of strength, not weakness!Question, please call us at 303-734-0641.

Waxahachie High School Alumni: A Legacy of Support and Resources

The Waxahachie High School Alumni Association, also known as the Waxahachie Ex-Students' Association, has long been a pillar of support for its graduates. Established in 1961, the association has grown to become a vital resource for alumni, providing a range of services and opportunities to stay connected with their alma mater and fellow graduates.One of the standout features of the Waxahachie High School Alumni Association is its commitment to providing valuable resources to its members. Among these resources is the Seniors Blue Book, a comprehensive guide that offers information on senior living options, healthcare services, and other essential resources for seniors. This guide is an invaluable tool for alumni who are navigating the complexities of aging and seeking reliable information to make informed decisions about their future.In addition to the Seniors Blue Book, the alumni association offers a variety of other resources and services. These include: Scholarship Programs: The association awards numerous scholarships to graduating seniors each year, helping to ease the financial burden of higher education and support the next generation of Waxahachie graduates. Reunion Planning: The association assists alumni in organizing class reunions, providing a platform for classmates to reconnect and reminisce about their high school days. Community Events: The association hosts various events throughout the year, including homecoming celebrations, community-building activities, and volunteer opportunities. Networking Opportunities: Alumni can take advantage of networking events and online platforms to connect with fellow graduates, share career advice, and explore professional opportunities. The Waxahachie High School Alumni Association's dedication to supporting its members is evident in the wide range of resources and services it offers. By providing tools like the Seniors Blue Book and fostering a strong sense of community, the association ensures that Waxahachie graduates remain connected and supported throughout their lives. Click Here for more information about the Waxahachie High School Alumni Associationand the resources it provides.

View Details

Naborforce

Aging in Place 3015 West Moore Street, Richmond, Virginia, 23230

Nabors Helping Older Neighbors Naborforce is a new service that is bridging the gap between full independence and home/companion care by providing light support for older adults who just need a friendly hand from time to time. We connect our clients to a network of Nabors for social engagement and on-demand support for errands, transportation and help around the home. Its who to call for help with all those little things that keep your parents or you independent and happy. Whether youre busy balancing your career, raising kids, live out of town or just need a little support, let Naborforce provide a backup son or daughter on-demand. Our goal is to promote productive, connected, and joyous aging and living. We are the perfect solution for active, independent older adults who dont need a caregiver yet. For older adults or families seeking licensed care, companion or home care is the right alternative.A Little Help Can Make a Big Difference Naborforce is on-call for the things that family or neighbors might help with if they were available. We all know that in this frantic, modern world, communities and neighborhoods have become more decentralized. Through our platform, Naborforce makes it simple to connect you or our loved ones to vetted folks right in your community. A short visit from a Nabor can make a world of difference. Our technology platform gives you quick and simple access to our corp of Nabors who are vetted and ready. Sign up and schedule visits online, or just give us a call. No cumbersome paperwork, no extensive consultations. And, if one hour is all you need, thats ok with us. Add family members to your profile and we will send them an update or photo from our visit. It could be sharing notes after a visit or maybe its a photo after a visit to the hair salon!Your Dallas - Fort Worth Naborforce team is ready to assist with of your help at home needs!A Helping Hand for Older Adults - Naborforce 844-696-2267 Were Naborforce. We match older adults who need a little help and kindness with Nabors eager to provide it, strengthening the communities we serve.Everyone can use a little help. Help around the house. Help running errands. Help preparing a meal. Help by just being a friend! Our goal is to promote joyous and independent aging and living while providing peace of mind to families. PLEASE NOTE: Naborforce DOES NOT PROVIDE ANY PERSONAL CARE. We do not assist with bathing, feeding, dressing or toileting. Additionally, we do not provide medication management, wound care, safe transfers, or any other regulated activities. Should you need that level of care, please contact a home care agency.