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Part Three in Our Four-Part Series on Elder Care
Long term care options for the elderly can become an expensive proposition – and the more extensive the care needed, the more money it will cost. For those who are already on a tight budget it’s important to understand your options and know what to expect. In part three of our four-part series on elder care, we’ll take a look at how to meet the needs of your aging loved one as well as the needs of your budget.
In order to avoid paying more than is necessary, it’s important to evaluate all the possible sources of funding available for the care that is needed. The first step in the process is to evaluate the financial situation of your family member or friend. In some cases, this will determine what programs or assistance they are eligible for, what they are capable of paying for with their own resources, and what you may end up being responsible for.
There are several federal government programs that may help pay for long-term care and other health related needs for the elderly if your loved one meets certain eligibility rules:
In addition to these federal initiatives to assist in paying for the health care of elderly Americans, there are also state and local assistance programs in place. You can locate resources in your area by looking in the blue pages of your local phone book. The following are links to help locate those resources in your state.
If your elderly loved one requires long-term care or assistance, hopefully they have at least some retirement savings, private health insurance, or long-term care fund to help pay for it. However, if they do not, the resources outlined in this article may help make their golden years more comfortable. Even if they have some financial resources set aside, be sure to investigate all of the opportunities they may be eligible for to make sure that they have access to the best care possible – and that your financial situation is not put in jeopardy as you attempt to care for them.
Part four of our series will introduce you to additional resources available for those who are responsible for providing elder care to a loved one or friend.
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