Adult children throughout Arizona often face numerous challenges associated with caring for their aging parents. While having an elderly parent live in your home can be much less expensive than moving your parent into an assisted living or other facility, unexpected expenses can crop up, particularly if your elderly parent does not have a pension or other retirement funds to rely on. When thinking of the cost of caring for elderly parents, here are some of the most common.
Lost Hours of Work
If your parent has severe medical conditions, you may have to spend time organizing doctor’s appointments, going to weekly doctor visits or rehabilitation sessions and filling prescriptions. This typically requires time from your own workday which only multiplies the stress.
Caring for a loved one in your home may require an add-on for private living quarters. Adding just one bathroom, for example, can cost many thousands of dollars.
If your parent needs additional assistance with personal care, the typical hourly rate of a home health aid is approximately $21 an hour. If your loved one does not have long-term care insurance, the costs associated with just one major medical event like a stroke can skyrocket within a few days or weeks in a care facility. After your loved one recovers, you may still need help in the form of a nurse or other aide to help your loved one at home.
While a portion of medication may be covered by insurance, there are other items that might not be covered by Medicare. For example, the cost of over the counter medicines, supplements and vitamins can add up quickly. According to a high profile Oak Harbor Attorney, It is a hard thing for most people to talk about but speaking with your parents about their wishes when it comes to long term care and other issues like a DNR, it will save you many headaches in the future. Also, making sure that your parents get long term care coverage is a must because there are many different costs associated with caring for an elderly parent or other loved one. Meeting with a knowledgeable Arizona estate planning attorney can be critical to help you better understand the issues affecting your loved one.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding The Cost of Caring for Elderly Parents, or any other estate planning matters, please feel free to contact Stephen L. West at 480.461.5341, or Curtis M. Chipman at 480.461.5329. You can also log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.