When Do You Need to Start Setting Money Aside for a Senior Caretaker?
Some adults continue to live on their own without ever having to worry about a caregiver. Others, however, will require some form of caretaking as they age, be it full or only part-time. It's wise to begin to set money aside in advance to ensure the cost is covered should the need for a caretaker arise.
Set Money Aside Years in Advance
Most seniors will not have enough money for a caregiver with their monthly retirement check alone. This is why it is so important to begin setting money aside years in advance. The more money a person can put away, the better suited they will be for the added expenses related to hiring a senior caretaker.
A few years may not even be enough time either. Instead, it's wise for young adults to consider their futures and ensure they have a savings account set up that they continue to add money to for any necessary expenses that arise as they age. By the time retirement is reached, there should be a significant sum in this account to cover expenses.
Save a Sufficient Amount
If a person has been saving money for years, they should have a sufficient amount to cover costs for a caregiver in the future. However, having a number in mind to reach can help ensure this is the case. Some people may need to save more per month or start saving sooner to reach an accurate number.
It can cost thousands per month to have live-in help and daily care. Many pay more than $4,000 each month for regular care like this, though there are ways to find more affordable assistance. Limiting care to part-time when possible and finding a family caregiver is often necessary for those who do not have enough money saved to cover the full price of caretaking.
Budget for All Possible Expenses
It is also important to budget for all possible expenses during the senior years. Seniors cannot rely on retirement checks alone if they need to pay for caregiving, rent, utilities, and groceries. Carefully budgeting for all monthly expenses can help ensure costs are manageable and all necessary services can be paid.
Find Financial Assistance
Another option is to find financial assistance. There are many programs out there that help cover expenses related to hiring a senior caretaker and maintaining health. People should sign up for medicare, for example, and take advantage of the healthcare options that this type of insurance covers.
There are also free respite services for veterans and similar options to help take some of the burden off seniors and their family caregivers. Having enough money set aside, plus being able to use some forms of assistance, can greatly reduce financial concerns for elderly people.
Get a Caretaker Through Senior Helpers Somerset
Once you're ready to hire a caretaker, contact Senior Helpers of Somerset. We operate within Basking Ridge, Bridgewater, Plainfield, Edison, and nearby to bring you quality caretaking services when you need them. There are full-time and part-time services available, based on your individual requirements.