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Finance Tip of the Day

Caring for the Elderly – Part 1

  • 2018 19 Jan
Caring for the Elderly – Part 1


Caring for the Elderly – Part 1

Caring for elderly parents catches many unprepared, so here is a list of helpful tips for those who find themselves in the position of a care taker now and who may require family care themselves in the years to come.

Understand all long-term care options, their benefits, and cost.

  • Have a list of private nursing homes in your area (average yearly cost $77,000+); ask others who are using the facilities for references.
  • Learn about Assisted Living options in your area (average yearly cost $40,000); ask about services that the facility offers.
  • Care at home – according to AARP 90% of elderly parents prefer to live at home. Cost ranges depending on the extent of care needed.  

Keep in mind that Medicare does not cover long term care and only those who have spent most of their assets qualify for Medicaid funding for a nursing home.

Today's tip brought to you by Mvelopes and Money4Life Coaching.

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