As our older loved ones age, they need additional care and support to remain healthy and safe. Caring for an aging relative represents a challenge for many families, especially financially. In addition to potential loss of income and increased expenses, many families need help finding ways to retool their budget to accommodate their caretaking needs. In this blog post, we'll examine reasons why families need to start reconsidering their finances when caring for seniors, strategies for budgeting for caretaking services and supplies, and tips for balancing cost savings with quality of care.
Reasons for Reconsidering Finances When Caring for Seniors
Many reasons exist for financial concern when caring for an aging loved one. Here you'll find a few key concerns:
- Financial Implications of Caretaking: Caring for an aging parent or relative may represent a large expense. Depending on their needs, they may require in-home care, medication, safety equipment, additional food and supplies, and transportation. All of these items can put a strain on an already tight budget.
- Possible Loss of Income: For those that provide full-time care for an aging relative, there's the potential for a loss of income. This income reduction could result from leaving a job or cutting back on hours. Planning for this loss of income is essential when budgeting for caretaking services and supplies.
- Increased Expenses: In addition to the costs of caretaking services and supplies, families may need to deal with additional costs for medical care, medication, or home modifications. It's essential to plan for these costs for families to be able to make necessary changes that will help improve the quality of life for their aging relative.
Strategies for Retooling a Budget Towards Caretaking Services and Supplies
Consider these steps when planning your budget as a caretaker:
Identifying and Prioritizing Needs
The first step in budgeting for caretaking services and supplies is to identify the aging relative's needs. These needs may include physical, emotional, and spiritual needs, as well as any additional services. By prioritizing the needs, determining the budget and allocating funds will be easier.
Identifying Ways to Save on Medication and Safety Equipment
Many insurance providers offer cost-saving medication and safety equipment options. Additionally, local and online pharmacies may provide discounts on medicine. It's essential to investigate these options to find the best deals.
Utilizing Government Programs and Benefits in Washington State
Several government programs and benefits are available to those needing caretaking services and supplies. These include Medicaid reimbursement for personal care or home health services, options for senior housing, meal delivery, and transportation assistance.
Seeking Financial Assistance from Family and Friends
Often, families can seek financial assistance from family and friends. Help from relatives may provide a much-needed financial cushion and help to offset costs associated with caretaking.
Exploring Other Financial Resources
Other financial resources are available, such as grants and charitable organizations. These can provide additional financial assistance and help to alleviate the costs associated with caretaking services and supplies.
Balancing Cost Savings with Quality of Care
It's important to remember that while cost savings is essential, quality of care is paramount. Be sure to carefully evaluate all caretaking services and supplies to ensure that they meet the aging relative's needs. Additionally, seek advice and guidance from a healthcare professional.
We Can Help
Caring for an aging relative may represent a challenging task, especially financially. Families can reduce their caretaking costs by taking the time to identify and prioritize needs, utilizing available resources, and finding ways to save on caretaking services and supplies without compromising the quality of care.
For families living in Seattle, Bellevue, Kirkland, Redmond, Kent, Renton, or Sammamish, Senior Helpers Seattle provides helpful guidance and assistance in caring for an aging relative. Contact us today for more information.