6 Ways to Reduce Financial Burdens of Senior Care
The cost of senior care varies based on the type of care required and personal preferences. Some people choose to age at home,
while others choose senior housing because of the convenience and easily accessible assistance.
The expense of elderly care is increasing at various rates. According to research, more than 60% of family caregivers are concerned about finding a method to pay for a parent’s care. It’s reasonable; providing care may be costly and stressful. Many people quit their jobs to spend more time at home with an elderly parent, or they deplete their retirement money to pay for hospital visits, new medicines, or home safety devices.
Some caregivers give up significant portions of their life to assist their parents, other family members, or friends in making peaceful transitions. Caregivers might pay for their acts of care with their own health and well-being; in fact, some caregivers even pay with their lives.
If you have to care for an elderly parent or grandparent, there are ways to cut down on the personal and financial expenses of caregiving. You may begin by preparing ahead of time rather than reacting after the fact because preparing saves money. Let’s look at a few ways you can reduce the financial burdens of elderly care.
- Hire a Private In-Home Caregiver
When compared to hiring a caregiver through an agency, hiring a caregiver on your own is generally 20-30% less expensive. This strategy, however, will not work for everyone. Background checks, bonding, insurance, training, worker’s compensation, taxes, and backup care if the caregiver is unavailable are often handled by agencies. You will be accountable for everything if you hire privately.
- Use Technology for Monitoring
Nothing can replace in-person assistance and companionship, but technology can help cut down on the number of hours an in-home caregiver is required. Monitoring of medical alert systems, for example, ensure that older individuals are safe, while medication management systems ensure that prescriptions are filled on time, video chats allow family members to check in often, and online shopping reduces errands.
- Use Personal and Community Resources
Make caregiving a family project by including all family members. With drawings and regular phone calls, even youngsters may contribute to their grandparents’ happiness. Identify services that will make your work as a caregiver simpler, and if you and your parents reside in the same town, inquire about services and resources from friends, neighbours, and local groups. You may learn which senior facilities in your area provide social activities, transportation, and even volunteer opportunities for them. home care in toronto