How to Plan Your Parent’s Care on a Budget

As your parents get older, you’ll likely start thinking about how they’ll be cared for later in life. Unfortunately, elder care is costly and can often seem even impossible to pay for. Thankfully, you can do a few things to plan for eldercare even while on a tight budget.

1. Research your and your parent’s financial situation. Your budget may feel tight, but there could be ways to rework it so that paying for help isn’t as out of reach as you think. If part of your budget is spent paying down debt, then use this debt paydown calculator to see how quickly you could free up money that can be put toward caring for your parents. Your parents might also have money stashed away to help with the care they’ll need in later years, so start researching any outstanding 401(k)s, pensions, savings, or stock accounts they might’ve forgotten to mention. 
2. Work with an eldercare advocate. An eldercare advocate can help you find services that fit your budget and meet your specific needs. They can also help you make the most of government programs and benefits that may be available to you, of which there are many. Some of the most common programs include Medicaid, food stamps, and public housing. It’s important to research each program carefully to determine if it’s a good fit for your family’s needs.  
3. Explore eldercare options in your area. There may be eldercare homes, assisted living facilities, or nursing homes in your area that offer affordable rates. You can also explore community-based options, such as home-care aides or respite care. Home-Care Aides provide companionship, assistance with daily tasks, and support with activities of daily living. They often come with a background in social work, nursing, or rehabilitation. Respite Care is a type of care that helps caregivers take a break from their regular duties. This can be a helpful way to recharge and restore energy.
4. Consider eldercare facilities that offer discounts for senior citizens. Many facilities offer special rates for those over the age of 55, and sometimes there are also special rates for residents who have a certain level of income. Don’t be afraid to ask about these discounts as they may make all the difference in affordability. 
5. Consider bringing your parents to live with you. This may be a difficult option for some, but it may also be the most affordable, even if temporarily. However, there are a few things to consider if you’re considering bringing your parents to live with you. One is the cost of care. If your parent require significant care, it may be more expensive to care for them than to have them live in a nursing home. Another consideration is your parent’s health. If your parent has a severe medical condition, it may be best for them to live in a nursing home where they are closely monitored. Finally, you’ll want to make sure you have the space and resources to care for your parent. Bringing your parents to live with you may require upgrading your home with handicap-accessible additions such as ramps, grab bars in the bathroom, and hospital beds. 
6. Look into part-time or on-call options. If you’re looking for ways to save money on your parent’s care, consider looking into part-time or on-call options. These types of arrangements allow you to maintain a life while still taking care of your parents. You can also find these options through care services or eldercare organizations. Some facilities offer part-time or on-call services that allow residents to stay in their own homes while receiving care. This can be an affordable option, allowing you to stay connected with your parents.

The bottom line

When planning your parent’s care, remember to consider the cost of care, your parent’s health, and your home’s resources. With these tips in mind, you can create a budget that works best for you while ensuring your parents have the best care possible.