While creeping wrath of age is nothing to fear, it does trigger certain physical and mental changes that must be accounted for. Even if you or your loved ones have managed to stay in relatively good health, time can take a considerable toll and impact everything from your mobility levels to the capacity to execute concise decisions.
A new study conducted by Wayne State University has corroborated this assertion, as it found that vulnerable older adults are significantly more likely to experience financial abuse. Canvassing the opinions of more than 4,000 respondents, its offered an insight into the issues facing citizens once they become vulnerable to the dual threat of age and isolation.
Financing Supported Elder Living: 3 Key Considerations
With the results of this study in mind, you may have a difficult decision to make when it comes to protecting your elderly relatives. If they remain vulnerable when left on their own or require regular medical care, for example, you may wish to consider investing in a package of supportive elder living. This is a significant financial commitment, however, and you must take several factors into account before you make a final decision. Consider the following: -
The Average Cost of Care in the U.S.: When it comes to assisted living, you cannot make an informed decision without first evaluating the average cost of care. Based on the premise of renting a one bedroom apartment in a typical residential facility, you would be faced with an average monthly cost of $3,000. While this can give you a fundamental understanding of the financial responsibilities involved, it should only be used a reference point as the precise figure will change according to variable factors such as accommodation type and region. It should form the starting point of your research, however, and provide a guideline from which to work from.
The Type of Care Required: Not all care packages are created equal, and another key consideration is the type of assistance that your relative or loved one requires. Given the cost and enormity of assisted living, it is not suitable for every case and should therefore not be entered into lightly. Should your relative only require sporadic medical treatment and remain capable of living independently, for example, full time residential care is not required and represents an unnecessary expense. Assisted living is designed to care for those who cannot function independently due to medical and physical impairments, so it is wise to appraise your loved ones health and seek out professional advice before making a commitment.
Your Personal Finance Circumstances: Above all other considerations, it is important to accept that funding a program of assisted living is likely to be a long term commitment. If your relative is hampered by serious mobility issues or an inability to take care of themselves adequately, they are unlikely to improve with the ravages of time and age. This means that you must create a detailed financial plan, which will enable you to fund a package of care for as long as it is necessary. Taking into account your existing capital base and capacity to earn in the future, assisted living relies on a carefully crafted and realistic budget that can truly stand the test of time
The Last Word
With these considerations in mind, you should be able to determine whether or not assisted living is suitable for your relative. In addition to this, you will also be able to work out whether or not it is even a viable financial option given the costs involved. Given the magnitude of the final decision, such a considered approach can give you peace of mind as you strive to guarantee a good quality of live for your loved ones.