Sally realized that her mother needed help to live at home. She didn’t know much about the process, but quickly learned about the different options that were available. Her mother had a stroke and Sally knew that some level of home health care services was needed and she was concerned that she wouldn’t be able to afford it.
She decided on an in home care provider and figured that she could help out as well, so she wouldn’t need a live in caregiver. However, she was a pragmatist and realized that she had to budget for this new expense.
Before her mother’s stroke, Sally had asked her mother to give her power of attorney so that she would be able to manage her mother’s finances, if something were to happen. Her mother procrastinated and now it was in the courts. In the meantime, Sally had to budget for this expense and fortunately, she was good with money.
Sally sat down with home care services and determined just how much the in home service would cost. They worked through the particulars and, based on her mother’s Medicare benefits, figured that Sally would have to cover a few hundred dollars a month after Medicare kicked in.
She was on a tight on her own finances, but this wasn’t an option she could delay. She could certainly provide some care for her mother, but she was a busy person with her career and two kids of her own. She didn’t want to make that kind of commitment, so she cut out a few minor expenses of her own, until she could access her mother’s financial accounts.
She figured that they would be able to comfortably afford the home care services for about five years, based on her mother’s savings. At that point, she could take out a reverse mortgage on her mother’s home, if she so chose, which would fund another ten years.
Budgeting for home care services is going to be different for each family and each individual’s needs. What works for one person isn’t going to be the same for someone else. Also, insurance or Medicare or Medicaid may cover a significant portion of the expense for in home health care services.
If you are trying to determine how to budget for this expense, make sure that you consult with home care services first to determine the appropriate level of care required and the cost. This will help you budget for it for the short term as well as long term.
If you or someone you know needs help with home care services in East Grand Rapids, MI contact the caregivers at Gauthier Family Home Care. We provide quality and affordable home care for many disabled and elderly loved ones in our community. Call us at (616) 658-2300 for more information.
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