No Immunity to the High Cost of Caregiving

Value of Immunizations

There is considerable discussion about the value of immunizations. Should we get a COVID or flu vaccine? Should children receive all recommended vaccinations? Some people are anti-vaccine altogether, while others dedicate their lives to developing the next vaccination. Others create their own customized blend of vitamins and minerals to boost their immunity.

One way or another, we all hope that our immune systems, with or without help, will fight off a dreaded disease.

However, there is one situation for which there is no immunity – the high cost of caregiving.

Is This Article For You?

Young people – Will you be responsible for taking care of a parent or other loved one someday? If so, this is for you.

Older folks, have you set the course so that your family won’t need to leave the workplace or spend their family resources taking care of you? You also need to pay attention.

When was the last time your family sat down to discuss what the future may hold?

My advice: Develop your own “immunity plan” for the future; prepare for the worst and hope for the best.

In an article in the Minneapolis Star Tribune, Carla Fried wrote, “Millions of Women – yes, it’s mostly women – end up in midlife weighing a temporary work exit to care for ailing parents. The economic cost can be devasting.”

This, of course, can also apply to men, as they may be the primary caregiver, juggling a job, family, and an aging parent. Single people and only children may be more affected than others when caregiving for a parent. No one is immune. We Baby Boomers are aging, and will benefit from informed future caregivers (whether we admit it or not).

Planning Ahead is the Key

Here are a few steps you can take to try to avoid a crisis.

• Ensure that all necessary legal documents are completed and reviewed on a regular basis. An elder-care attorney can be spendy; however, the legal advice could save significant money and heartache in the future.
• Examine your parents’ future living situation. Can you transform their home into a safe place as they age? Would it be helpful (and possible) to live near them? Tour alternative housing before it is needed, and understand the cost, including if Medical Assistance (Medicaid) may be needed to pay expenses.
• Keep the five-year look-back requirement for Medicaid in mind. (Check out this article: Medicaid and the Five-Year Lookback Period – a Must Know – USA Daily Chronicles.)

In the throes of a decision-making phase about an aging loved one? Consider the following:

• If you need to reduce work hours to care for a loved one, try not to take your own Social Security too early. There is a higher guaranteed payout if you wait until your full retirement age (depending on the year of your birth), and there is an even greater payout at age 70.
• If a sibling leaves work to care for a parent, others can compensate them or contribute to their IRA to offset lost retirement savings.
• Reduce your hours at work, vs. quitting altogether.
• Make plans to pay for a caregiver for your loved one. That is not cheap but may be a viable alternative.
• Explore available benefits such as Social Security Disability (if the loved one is under 65), Veterans’ benefits, Medicare Supplemental Plans, Medicaid, or community resources.

Families Must Communicate

The bottom line is communication; understand the financial and legal situation, and work with your loved one(s) to plan ahead as much as possible. Yes, these conversations may be difficult now, but there are a lot worse alternatives.

For more caregiving resources, visit my website at www.gracesmessage.com .