The article linked below discusses the financial, emotional and physical strain that can happen as a result of becoming a caregiver to a parent or elderly loved one, and just how close we, as a country, may be to another financial crisis. “Considering the exorbitant national average costs of in-home care ($4,004 per month), assisted living ($4,000 per month) and a semi-private room in a nursing home ($7,441 per month), the stakes are high for American families,” the article warns, but that is clear from the numbers. At anywhere from $36,000 to over $84,000 a year in long term health care, caregiving can lead you directly into a financial crisis, and this is not the only toll it can take. “The AgingCare.com survey found that 43 percent of caregivers have had to take time off work due to their caregiving responsibilities and 48 percent report that they are earning less money as a result of their new role. A staggering 25 percent have been fired or had to quit working because of caregiving,” which highlights that not only can caregiving cost you financially, but it can also cost you professionally, which may leave you worse off entirely. Additionally, a survey conducted by AgingCare.com shows that:
-37 percent of caregivers provide more than 80 hours of care per week.
-21 percent say they never get a break from caregiving.
-36 percent say their breaks total 5 hours or less each week
This is a significant responsibility and sacrifice that must be made in order to take care of your elderly loved ones. But succumbing to these prices isn’t the only way to be an effective caretaker. Americans who cannot afford this type of healthcare may be eligible for Medicaid, which is the alternative to paying out of pocket for long term healthcare.
Danna & Associates, PC is a law firm that has specialized in Estate Planning & Elder Law since 1994. With over 25 years of experience, our office has prepared countless Medicaid applications for people from all different walks of life, in varying situations. Let us help you. Call 718.273.0300 for your free consultation today!
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