American Consumer Credit Counseling Explains How to Take Control of the High Cost of Caregiving
Caregiving is a reality for many families across the country, whether it's paying for parents' medical tests, helping out relatives, or caring for sick loved ones. Not only can it become time consuming, it can upend lives and potentially ruin retirement savings. To help consumers plan ahead, national nonprofit
"Whether or not you have money saved for future caregiving needs, it is important to have a plan in place – particularly due to the unpredictability and costs associated with long-term care," said
According to a study by Barron's, about 70 percent of today's 65-year-olds will need extended assistance. The study also noted that about half of long-term care costs are not covered by Medicare or insurance and must be paid out of pocket. A study by the
ACCC provides tips for consumers looking to effectively prepare for caregiving:
1.) Understand the unpredictability and make a plan – Many people underestimate how long their family member or friend will need help. It is important to understand that caregiving may be needed for a long period of time, so ensure that there is enough money set aside to pay for these services. Sit down with those connected to the individual in need of care in order to analyze the costs.
2.) Extend the conversation to outside available resources – It is important to ask for advice from human and financial resources. Get recommendations from doctors and lawyers for any service providers and senior communities that are in budget and highly regarded. Find faith-based or community resources that can assist with transportation or companion care needs, and gauge which neighbors, family, or friends can be called on in a crisis.
3.) Research facilities and long-term insurance early – Looking at facilities early is necessary because most have waiting lists, and no one should make a housing decision under duress. It is important to look into insurance plans before they are needed in order to find a long-term solution that covers certified nursing assistants, assisted living, and adult day care.
4.) Acknowledge that hiring an outside caregiver may be the best option – Most people begin looking for a caregiver or assume the role of one after a medical emergency. Even though becoming a caregiver may seem like a cheaper alternative, more often than not, this is not the case. This is due to the fact that people are often forced to quit their jobs, usually during their peak earnings period – affecting not just their income and career trajectories, but also future
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, and student loan counseling call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
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