Planning for Elderly Care
In spending time with elderly parents, grandparents or other loved ones, you may notice that they’ve slowed down considerably over the past few months, seem to be having memory or balance issues or appear unengaged.
As difficult as it may be, these changes may signal that it is time to consider moving them into a residential facility or hiring a caregiver. While the conversation with your loved ones and with other family members can be difficult, even more difficult may be the conversations about paying for elderly care.
At Notre Dame Health System, our team of financial planners can help guide you through the process of planning for long-term care, whether at one of our facilities or in the home.
These expenses can use up a significant part of monthly incomes, even for families with ample resources or who thought they had saved enough for the future. According to the American Council on Aging, the average cost for shared rooms in skilled care homes in the New Orleans area is $183 per day.
“Whether it’s making plans to retire or transition into a senior community, we often find that we should have started planning and saving earlier,” says Wayne Plaisance, president and chief executive officer of Notre Dame Health System.
Plaisance advises families to start conversations early, before an illness or accident creates an imminent situation. Paying for care can come from personal funds; assistance from Medicare, Medicaid, Social Security, the Department of Veterans Affairs or other government programs; or private financing options such as long-term care insurance policies, reverse mortgages, annuities or trusts.
If your loved ones are hesitant to discuss their personal finances with you, Plaisance suggests having a trusted third party such as their parish priest, a financial planner or the family attorney participate in the conversation. The goal is to know about available finances and what plans have been made when the time comes to consider care options.
You can request a consultation with a member of our staff by going to our website, https://notredamehealth.org/schedule-a-consultation/ or calling 888-673-9003.Back to News / Blog