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When an aging parent’s health begins to decline, it can be difficult to figure out where to turn for help. The senior care industry has so many options for support it might be overwhelming. It's common for seniors and their adult children to waffle between enlisting the services of a home care agency or deciding to relocate to an assisted living community.
For adult children and their senior loved ones, understanding the pricing structure and options for how to finance assisted living care can be confusing. Each senior living company structures their monthly fees a little differently. Some bundle expenses into one monthly fee. This charge covers everything from rent and utilities to personal care and meals.
The annual open enrollment period occurs every year from October 15 to December 7. It’s the one time of year most seniors can make changes to their existing plan. Even if you are satisfied with your current provider, you’ll still want to review your coverage.
When families begin the search for senior care, how to pay for it is a concern that can come up quickly for many. Private funds typically cover a large percentage of the costs, but there are many other financing options that can assist. The list includes a unique program known as the Aid and Attendance Benefit.
The idea of talking with an aging parent about their finances can create stress and anxiety for adult children. You don’t want a senior loved one to think you are questioning their money-management abilities or worrying about their health. It’s an unfortunate reality, however, that emergencies happen more frequently with age.
Misinformation and finance-related scams, especially those that target older adults, are nothing new. In fact, in recent years, identity theft and similar types of crimes have become much more sophisticated. The FBI warns that the false information and scams related to the COVID-19 pandemic are too numerous to count.
Once you’ve decided to look for a senior living community, the next step is to begin your research. You’ll want to make sure you learn everything you can in order to make an informed decision. Finding a community that will meet your needs now and in the future is vital. It is also important to find a place that feels comfortable to you and your lifestyle.
We are nearing the end of Medicare’s annual open enrollment period for 2021. Have you taken time to review your options? This 8-week period was established to allow Medicare recipients time to explore different health care options. Whether it’s sticking with traditional Medicare or signing up for a Medicare Advantage plan, the window for making changes closes on December 6th every year.