Caring for an elderly parent can be a rewarding job, but it comes with its own set of challenges. When providing care to your aging parent, you’re likely to make several sacrifices and feel resentment. Fort Myers home care experts share a few tips on how to care for your senior parent without affecting your own wellbeing.
1. Prepare a Budget
You may have to quit your job or cut down your working hours to provide care to your senior loved one, which could affect your finances. Before making any major decision that impacts your financial position, it is best to prepare a budget. Create a list of resources your aging parent will need and explore payment options.
2. Think Before Quitting Your Job
If you’re planning to quit your job, give it a second thought. Convince your employer to allow you to work from home or take early off every day. Many employers are willing to change the working hours of employees who are also caregivers. If your decision to quit is final, remain on friendly terms with your former employer as you may need your old job back once your caregiving duties come to an end.
3. Learn About Medical Benefits
Currently, there are two medical benefit programs available to seniors called the Medicare and the Medicaid. Each program has its own benefits and drawbacks. Medicaid covers nursing home expenses, but only for seniors who don’t have too many assets. Medicare is only available to qualifying individuals. Other medical and financial options to consider include co-pays and out-of-pocket expenses.
4. Consider Professional Home Care
If your aging parent needs extensive care, consider hiring a professional caregiver. An in-home care expert can assess your loved one’s needs and offer comprehensive support with daily activities. Research the leading home care providers in your area before making the final choice.
5. Talk to Your Parent
Many seniors are apprehensive about in-home care services as they fear losing their independence. Sit down with your aging parent and talk about why professional home care is a good option for him or her. It is also a good time to convince your aging parent to create a will and compile all his or her important legal and financial documents.
6. Lookout for Financial Scams
Financial abuse in the elderly has become a major issue over the past few years. Older adults are often susceptible to online scams and abuse that is aimed to rob them off their life savings. Keep an eye on your elderly parent’s finances and make sure he or she is safe from financial scams.
7. Create Your Own Retirement Plan
When caring for your aging parent, consider creating a retirement plan for your own self. You need to find out if you’re ready for retirement. Think about how you will support yourself after retiring, how your finances will be affected in the future, and what steps you can take to prevent a financial crisis in your own golden years.
