Options to Consider When Parents Require Different Levels of Long-Term Health Care
As your parents approach their golden years, planning for a transition to a nursing home may be inevitable. Often, one parent may require a higher level of care than the other, and the family needs to help plan for each parent's unique situation. Planning for these events in advance is beneficial, so you can find the ideal nursing home, know the costs, and prepare your loved ones for the change.
Finding Living Situations for Parents With Different Levels of Care
When considering living situations for both parents, determine if they will stay together. For example, many senior living communities now offer continuing care. The community offers different levels of housing to accommodate different levels of care. Neither parent needs to leave the campus even with different needs. As a result, both parents are in suitable care and housing environment and can enjoy their time together.
In your search for a good nursing home where you live, you can ask for referrals from friends, church members, doctors, or other professionals. In addition, you can read reviews and find additional information such as inspection records at the Medicare Nursing Home Compare site.
Greeting visitors as you approach a facility and asking their opinions is a firsthand method of learning about the home. Additionally, touring campuses with your parents and siblings will help everyone explore the options.
Downsizing to Help Pay for a Nursing Home
Medicare will only pay a limited number of days for skilled long-term health care. Depending on their income and assets, Medicaid may help pay for the cost of your parent's nursing home. However, selling your parent's house may be a good expense option. Sometimes, the sale can pay for up to 13 years of nursing home residency. In addition, your profit of up to $500,000 is tax-free for couples. One thing to consider is that when you still have a mortgage, the proceeds of the sale go to the mortgage company first. In these cases, it may be more viable for the independent parent to refinance the house instead of selling it to get a lower payment.
Planning and Transitioning with Compassion
You can avoid the inevitable pain of telling your parents you'll never place them in a nursing home by including them and your siblings in a realistic discussion about the future. Including your whole family in decisions will alleviate fears and give your parents control over decisions. In addition, seek the outside help of physicians, social workers, and other professionals to help determine current and future care needs.
To build a predictable routine, family and friends must schedule specific times to visit each parent for family activities such as movies or board games. Teach your parent how to use technologies for video chats between visits. Finally, talk to your parents about how they like their new routines away from each other to see how you should adjust activities and improve morale. Keep all family members current on any changes to the plans.
Stay Educated on Issues of Aging, Caregiving, and Long-Term Health Care
Having family members all on the same page makes the transition to a nursing home easier for everyone. Rely on LTC NEWS for long-term care resources and news to help make wise choices.
LTC NEWS has several guides that can be very helpful if you are looking for long-term care services for a loved one:
Have you considered how your family would address your future declining health and the consequences of long-term health care? Are you aware that several states are considering taxing individuals who do not own a Long-Term Care Insurance policy?
Long-Term Care Insurance offers guaranteed tax-free benefits that give you access to your choice of quality care services, including care at home. When you own a policy, you own a solution. You can protect your savings and reduce the stress and anxiety otherwise placed on those you love.
Most people obtain coverage in their 50s, but because of the upcoming tax in many states, younger people are getting coverage to avoid the tax and protect their 401(k). An LTC Insurance specialist can help you navigate the many options and find affordable coverage no matter your situation. Be careful, however, since premiums can vary over 100% between insurance companies. LTC NEWS has reviewed all the companies for you - just click here.
Be sure your policy follows federal guidelines under Section 7702(b) of U.S. Code. Not only will you have the consumer protections, regulated benefit triggers, and tax advantages, but the states considering the tax will require you to have a tax-qualified Long-Term Care Insurance policy that meets these guidelines to avoid the tax.