Looking after elderly relatives is one of the biggest challenges you’ll face as you start to get older. It’s a challenge emotionally but also a big financial hurdle you’ll have to get past. People often underestimate that cost of caring for elderly relatives and end up in some serious financial trouble. If you’re worried about your parents and you think they could use some extra help, these are the costs you need to consider.
You have to start making some tough decisions about who should look after your parents and it’s all dependent on how well they can get by on their own. If they’re really struggling and you can’t be there to look after them in their own home, you may have to consider putting them in a residential home. The average cost for a residential care home is around $3000 a month (visit https://www.seniorliving.org/healthcare/help-paying-home-care/ for more information). You’ll be able to find some cheaper ones around but then you aren’t getting the same level of care. You can’t cut corners when it comes to looking after your family so you need to think about whether you can actually afford to pay out that much money every month. Speak with your relative and see whether they can help you with some of those costs. It’s a bit of an awkward conversation to have but you need to have it if you’re ever going to be able to afford their care.
Your other option, if you can’t afford a residential home or you don’t think that it’s necessary, is home care. The major benefit of providing home care is that your parents can maintain some of their independence while making sure that they have everything they need. It’s also a great way to bond with them and make the most of the time that you have together. If you’re going to provide home care, you have to decide whether they’ll stay where they are or whether they’ll move in with you.
Whatever you decide, you’ll have to get some professional help in to help you look after them. You can do a lot of it yourself but you’ll need a trained staff to help you administer medicines etc. Visit https://seniorsforseniors.ca/ for more information on home care services. Often, you can get by with home care for a while but there may come a time when you need to move them into a residential home because they need round the clock care.
The extra living costs are often overlooked when people are trying to work out how much they need to care for an elderly relative. Even once you’ve paid all of the care costs, you’ve still got to remember that you’ve got an extra person living in the house. That means you’ll have to pay for extra food and energy costs on top of all of the normal care costs.
Looking after your parents as they start to get older is always going to be tough. Just don’t forget to consider the financial implications.