Caring for elderly parents can drain one’s finances. The costs add up for medical appointments, medications, housekeeping services, and more. This strains the budgets of many caregivers. However, there is community support to ease the financial burden.
There are also non-profit groups that provide rides for medical visits or deliver meals. Support is available, but finding it takes researching options and advocating for your loved one’s needs.
Practical savings come through shopping wisely for medical equipment rentals. Seeking personal care referrals from others who have walked this road can lead to more reasonable rates as well. Comparing costs is always advised.
For those handling their own bills plus their parents’ expenses, the strain can damage their credit. This is when long-term loans for bad credit may serve as a practical option. Spreading payments over several years makes the amount due each month more affordable. Still, it is wise to only borrow what is truly needed, as interest costs do accrue.
Budget Assessment
Looking at income and expenses monthly helps assess where one might cut costs when caregiving.
List all money coming in each month. This may include employment wages, social security payments, pensions, and any other regular funds.
Monthly Expenses
List all bills and other monthly costs. These could involve housing, food, utilities, medications, medical copays, loans, caregiving services, and transportation.
Compare and Evaluate
Compare the income and expense totals. Ideally, income should equal or exceed expenses. If not, look for ways to trim spending.
Think About In-Home Care
More families are considering in-home care versus nursing homes for elderly parents. What are the positives and negatives of each?
Caring for Parents at Home
- Parents get to live in their own house or with you
- They keep a flexible routine that fits their needs
- Having care at home costs less money each month
Caring for Parents in a Facility
- Nurses and aides give care 24 hours each day
- Parents would live with other older people
- The monthly fees are much higher for facilities
Things to Compare
- Find out the hourly rate to have caregivers come to a house
- Check the monthly charges for area nursing homes
- See what types of care are included in those costs
- Think about what healthcare tasks you can handle
Decide what works best for your parents’ preferences and needs. Also, look closely at the costs for at-home care services versus a full-service nursing facility. Compare what is covered for those fees.
Leverage Health Insurance
Health insurance can cover more costs than people know. But you must ask questions to understand the coverage.
What’s Included
Read the plan’s list of benefits closely. Call member services with questions.
Ask what percent they pay for:
- Doctor and hospital visits
- Medical equipment and supplies
- Prescription medicines
- Home health aides and nurses
- Adult day programs
- Assisted living or nursing homes
- Caregiver respite help
- Home safety changes
- Rides to appointments
Extra Help
Ask if they offer any “caregiver support” benefits. These could give some money back for:
- Making the house safer
- Having someone fill in to give you a break
- Counselling for stress
- Meal deliveries after medical procedures
Use all parts of health insurance that could apply. This saves you cash when caring for older parents. Their costs keep going up. So, make the coverage stretch.
Buy in Bulk
Many medications elderly parents take are cheaper if you purchase 3-month or full-year supplies compared to 30-day amounts. This avoids frequent trips to the pharmacy, too.
Just be sure to check expiration dates so nothing expires first. Also, confirm with the doctor that dosages and prescriptions won’t change over that longer period.
Daily Supplies
Making fewer shopping trips can save time and gas money. Monitor what gets used most often. Stick to the extra stock of those items. Kitchen staples like paper towels, drinks, or frozen foods also cost less per unit in bulk. Compare per-ounce or roll prices between grocery and box stores.
Think through storage space before buying a huge stockpile. Be realistic about usage before items expire or get given away unused.
Ask the pharmacy or doctor’s office for 90-day medication fill programs. Research prices between grocery versus warehouse stores on regular purchases, too. Caring for elderly parents requires organising many details. But buying certain key items in bulk lightens the financial load.
Financial Aid Options
The government gives some money to family caregivers. There are loans that you need to pay back. This offsets high care costs. See if you qualify by income and expenses.
Tax Help
You may be able to deduct some costs on your tax forms, such as mileage for medical rides or caregiver fees. This lowers taxable income. Or get tax credits to reduce taxes owed.
- Keep good records of all years of care expenses.
- Talk to a tax preparer about how to maximise these savings.
- Explore all options to ease the money burden caregiving puts on families.
- Learn the rules for financial aid programs.
- Understand what care costs apply for tax deductions or credits.
- Managing life with elderly parents is hard enough.
- Get help covering expenses where possible.
Poor Credit Adds Hardship
Caring for ageing parents stretches budgets thin. When credit scores dip, too, getting loans for big expenses gets tough. Low rates bring rejections or sky-high interest costs. This compounds money struggles, making it harder to qualify for decent loan terms.
“Guaranteed Approval” Claims
Lenders promising guaranteed loans for bad credit regardless of scores seem appealing. But read closely for hidden fees and costs that jack up actual rates.
Seek Better Options
Rather than risky credit traps, ask non-profits about caregiver grants to ease current shortfalls. For future income boosts, allowing better loan repayment ability, explore job retraining programs. Also, nurture credit through on-time payments showing reliability despite earlier dings. Slow scores rise, opening doors closed to new debt today.
Conclusion
Caring for ageing parents is not easy. There are many costs, from doctor bills to help around the house to changes that make their home safer. This stretches a caregiver’s money.
Try to save up in case more care is needed down the road. Make lifestyle adjustments to free up any funds possible. Review the budget regularly. Stay organised with paperwork. Caregiving takes time and money. Planning ahead helps ease the strain over the long haul.