In the downward spiraling global economy like the one that we’re in now, many generations are feeling the burden of increased expenses and ever-increasing bills. Our elderly parents and grand parents are facing these challenges as well. Retirement savings and health care costs are unbalanced and many are feeling the pinch and are unable to seek help. With that in mind, here are the top 3 costs for aging seniors and easy ways to cut expenses so they can enjoy a stress-free retirement.
1. Assisted Living
Busy jobs and long-distance locations restrict access to elderly family members. In such cases many families opt to set up seniors in assisted living facilities. This is a great solution for many but the costs can be astronomical. If this is the best option, try negotiating the price of the program. This could work in your favor if the facility isn’t filled to capacity and they are looking for clients. Also ask about sharing a room. Some assisted programs offer shared rooms for lower income families. This could be up to 50% in savings.
2. Seniors Living at Home
Many families have their aging seniors live with them in their homes. This can be a financial burden when forced to take time off work to care for them or hire an expensive caretaker. However, there are some inexpensive options for families in this situation. Enroll parents and grandparents in an adult dare care or hire a part-time caretaker so families can get back to work. These options are cheaper than hiring a full-time private caretaker.
3. Expensive Health Care
Hospital stays and doctor’s visits are a regular part of the elderly lifestyle. Many seniors are robbed with ever-increasing costs and are forced to live in an assisted living facility or with family member after a costly hospital stay. Continued illness prevents many seniors from staying out of the hospital and doctors’ offices, so they are forced deeper and deeper into debt. To the dismay of many, countless seniors’ claims are turned down from their primary health care provider. To keep these costs down, families have turned to continued care programs. These programs help people reclaim care costs that are wrongfully turned down. This may be the best option so that families are not forced to sell their homes or assets.
This is a very sad prospect for many seniors that are facing staggering health care costs. Hopefully with these simple tips, many families will not have to face this burden alone and enjoy their time spent together.