Adult children sometimes find themselves in the role their parents once held: They become their caregivers when they are ill, help them with shopping and meal prep, and take them to doctor’s appointments. But what happens when one of your parents needs nursing home care? How do you find which one is best suited to their needs? And what happens to the parent left behind? Denver AALR addresses these issues below.

Finding the Right Nursing Home

For seniors that cannot live independently anymore but who do not require 24-hour medical care, assisted living residences (ALFs) are a good option. With a setting similar to a retirement home, these facilities provide assistance with daily activities such as self-feeding, personal hygiene, and functional mobility. Typically, their services include 24-hour supervision, exercise and wellness programs, dining services, and transportation.

The AHCA estimates that there are approximately 28,900 assisted living communities serving about a million seniors in the United States. Skilled nursing facilities (SNFs) are designed for seniors who are in need of daily skilled care such as intravenous injections, speech or physical therapy, or other medical services. Respite care facilities cater to patients requiring 24-hour care for a short period of time, such as after an illness or surgery. This type of care can give a much-needed break to the patient’s full-time caregiver.

Funding Senior Living

In the U.S., Medicare and Medicaid provide health insurance for people over 65 years old but generally don’t cover long-term care. A good portion of nursing home residents pay all of their nursing home costs from their own funds, and since the average cost of nursing home care ranges from $19,500 to $102,200 per year, many seniors quickly run out of money.

For this reason, purchasing long-term care insurance could be an excellent investment. LTC insurance covers assistance with activities of daily living, a disability, or cognitive impairment like Alzheimer’s disease. And some LTC plans can be wrapped into a life insurance policy.

When one spouse can no longer be cared for at home, the couple may decide to sell their house to free up cash and help pay for nursing home expenses. If your parents have lived in their home for a long time, they will need to assess the current market value of their house and subtract their assets from that market value to learn their equity. The current home equity is calculated by subtracting the amount still owed on the mortgage from the current market value of the home.

For the parent not moving into an assisted living facility, selling their home might mean downsizing or moving to a smaller space, renting an apartment, or moving in with family. Be sure to give your senior parents plenty of time to prepare for their respective moves as they’re trying to declutter and sort through a lifetime of belongings and memories.

Helping Your Parents Move

At any stage of life, moving can be a stressful process, but it can be especially frightening for older people who are used to living independently. Telling them they need to move may give them a feeling of losing control of their own life. Listen to their concerns, and make a list of their “must-haves” and “absolutely-nots” for their new abode.

Today’s housing options for seniors include accessory dwelling units or “granny pods,” active adult communities, tiny home or RV retirement communities, senior villages, and co-housing. Take them on a tour of different facilities. Do they want to be close to family or church? Are they longing for a busier social life, or would they prefer a quieter pace? Once you’ve narrowed down the options, work together to find the solution best suited to your parents’ needs.

It can be a tough day when you find out that one of your parents needs long-term care. But with careful financial planning and by listening to your aging parents’ needs and wants, you can help them move into their next home, whether together or separately. And through it all, you can be the rock they need to sustain the best quality of life possible.

Would you like to read more helpful content or learn about our association? Visit daalr.com today!