How to cope with rising elder care costs

Last weeks Hurley Elder Care blog explored the financial devastation many families face as they navigate the rising cost of elder care. We looked at some of the reasons behind the spike in costs including labor shortages, facility maintenance and the specialized services required by those facing chronic conditions like Alzheimer’s disease.  What strategies are available to familes to help cope with rising elder care costs?

How to mitigate the impact?

1. Plan Ahead: Start planning for elder care well in advance. Explore insurance options, savings plans, and government assistance programs to help cover costs.
2. Explore Alternative Care Options: Investigate less expensive care alternatives, such as adult day programs, shared housing arrangements, or community-based services.
3. Consult with Financial Advisors: Seek advice from financial advisors who specialize in elder care planning to help create a sustainable financial strategy.
4. Utilize Available Benefits: Make sure to take advantage of government programs like Medicare, Medicaid, and Veterans Affairs benefits to help cover some of the expenses. A certified elder law attorney can help you best utilize public benefits.
5. Consider Long-Term Care Insurance: Long-term care insurance can help protect your assets and provide for future care needs.
6. Discuss Family Contributions: Open and honest conversations with family members about contributing to the care costs can help distribute the financial burden more equitably.