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Managing The Stress ~ Making The Decisions ~ Discovering The Meaning |
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Caregiving |
Solutions To Your Caregiving Situations Throughout Your Caregiving Years |
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(Each month, we take a closer look at an aspect of your caregiving experience. In July, we're taking a closer look at financing the care.) Managing the finances Your toughest responsibility may be over the purse strings When I was an admissions director for nursing homes, the worst discussion I had with family members upon admission was the “Medicare doesn’t pay for long-term care” discussion. Often, residents were admitted from the hospital and the hurried discharge planner would tell the family that “Medicare would pay for the nursing home stay.” True, Medicare does have benefits for nursing home care, but the benefits are very short-term and only for skilled care. Breaking the news to families that Medicare wasn’t the long-term care financial vehicle they envisioned was almost heart-breaking. Planning to pay for care, and then financing the care, is a critical component in your role of family caregiver. But, as with all your roles, you need a team to help you make the best financial decisions. In this issue, we’ll offer ideas to consider, provide brief summaries of Medicare and Medicaid, and share the concerns of other family caregivers. And, we’ll help you build your financial care team. We hope this section helps you find solutions to your financial planning. And, we hope the rest of summer is sunny for you! (Editor's Note: Learn about the difference between Medicare, the federal insurance program, typically for older adults, and Medicaid, a state-managed benefits program for low-income individuals.) Index of Articles Estate planning protects present and future assets How you relate to money can help you create your financial wealth Estate jewelry option for care bills |
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