• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

10 Tips for Managing Long-Term Care for Elderly Parents

By Mikey Rox

long term careWe all dread the day when we may be faced with making important life decisions on behalf of our aging parents. It’s never an easy road deciding how to best care for the people who used to care for us, and there are plenty of variables that should be considered to ensure that were providing the most comfortable, professional, and healthy environment so they can live out their final years in relative peace. With that in mind, here are some important tips on managing long-term care for elderly patients, including educated insight from a few experts.

Start with a Family Meeting. Schedule a family meeting so that every adult who has a stake in this decision is involved. If possible, this meeting also should include the parent(s) as well; it’s their future the family is discussing, so it’s ideal to have all hands on deck well before a tragedy leaves the parent incapacitated and the rest of family scrambling for a solution. According to Jack Halpern, CEO and founder of My Elder Advocate, “When your parent is in their 60s or early 70s, it’s time to discuss their plans for their elder years,” he says. “Many parents can be reluctant to have this discussion, but I’ve found that bringing in a professional helps seniors open up more, and discuss issues that they might be uncomfortable talking about with their kids.”

Access Your Parents’ Medical History. “Elderly parents’ health can take a turn for the worse at any moment, and it’s your responsibility to be as prepared as possible so they can receive the best care possible. Part of that preparation is to have Mom and Dad’s medical records handy,” says Halpern. “This should include diagnosis, medication and allergies, hospitalizations, names of doctors and other health care professionals, lab work, and surgeries. And be sure to keep this information on a USB drive, so that it’s easily accessible to doctors in an emergency situation.”

Get Legal Documents in Order. It’s important to discuss with your parent(s) in advance if they’ll allow a responsible family member to have a healthcare power of attorney, so that those important decisions can be made when they arise. Halpern, who has seen his fair share of devastation to families who didn’t have documents in order, suggests you “start by consulting a trust and estates attorney to help you and your parents with the legal documents. You should also create a living will, which details such things as the circumstances in which you wouldn’t want a feeding tube to keep you alive.”

Consider Your Options. Many people decide to care for their elderly parent in their own home. But it’s important to recognize that this is often an emotional, physical, mental, and financial burden that’s better suited for professionals. Relationship expert April Masini warns against acting impulsively: “While you may think that it’s a great idea, your spouse may not be on board. As a result, your own marriage may be on the line if you create a relationship obstacle by taking in or taking on an elderly parent, when your spouse is against it.”

Tour Facilities. If you decide to go the route of a dedicated long-term care facility for your parent, keep two important questions in the back of your head:

  1. Will my parent receive the best possible care here?
  2. Does this facility provide peace of mind that my parent is being well-cared for?

Steve Moran, publisher and blogger at the Senior Housing Forum, says it’s important to understand what good and bad looks like. He also suggests visiting facilities in the morning, late afternoons, and weekends when there is lots of activity, and talking to family members about what they like and don’t like.

Be Realistic. Long-term care facilities aren’t cheap, and covering the cost could be a financial burden on you and/or your siblings. Do your parents have long-term care insurance? Do they have ready cash? If not, how will you pay for this? How will the cost affect your finances? There are under-the-radar fees that could drive up costs, so prepare for those as well. For example, Rick Lauber, author of the Caregivers Guide for Canadians notes that, “Private rooms and provided extras such as additional meals, laundry, and haircare can cost a family much more.”

Use Bargaining Chips. According to Moran, if your funds for long-term care are relatively limited, you can leverage other assets as negotiating tools. “If your parents have just a little in the way of assets, use that as a bargaining chip to get into a better-skilled nursing facility that will continue to care for your parents when the money runs out and their care is covered by Medicaid,” he says.

Assign a Main Point of Contact. Healthcare consultant Melissa Kahn, principal at Kahn HealthCare Consulting, recommends “designating a family spokesperson to handle health care matters, as well as the financial and legal side of things. By getting more family members involved you can avoid caregiver burnout, mistakes and miscommunication.”

Keep Parents Socially Active. It’s important that your parent(s) stay socially active and otherwise mentally stimulated to ensure the best quality of life, which is why the social aspect of long-term care should be considered when choosing the facility. Important questions you should consider include:

  • Will your parent get along with the other residents?
  • Are there events in which they can participate?
  • Is the staff friendly and engaged?
  • Is there technology available that allows them to keep in touch with you and other family members?

Recognize Elder Care Abuse. Elder care abuse is an unfortunate reality, which is why attorney Jonathan Rosenfeld says, “Adult children need to educate themselves and their parents about their rights, common long-term care scams, and how to avoid them.” Rosenfeld also offers a few telltale signs of elder care abuse or neglect:

  • Tension or frequent complaints by parents about the caregivers/staff
  • Changes in personality, depression, and withdrawal from normal activities
  • Weight loss, dehydration, and shortening of muscles due to inactivity
  • Physical injuries ranging from bruises and burns to bed sores, falls, and broken bones, with unlikely or unclear explanations

“Knowing the signs and understanding your rights for you and your elderly parents is key to preventing elderly neglect and abuse,” Rosenfeld says.

Photo Credit: simaje

8 Comments August 20, 2019

Comments

  1. 1

    Jon @ Money Smart Guides says

    Talking finances and health care with parents can be tough one. I grew up in a family that really doesn’t talk openly about money and as such, now that my parents are older, it is tough opening that door. Its important for everyone to be on the same page and have all the information so that the best choices can be made.

    Reply
  2. 2

    Kathy says

    Thank God, my mother had the good sense to purchase long term care insurance. She had the wherewithal to pay for it and now that she is in assisted living, it pays for her care for six years. While she is receiving those benefits, her assets are invested for when LTC runs out and if she is still alive after her assets are depleted, then I guess we will have to turn to Medicaid. She was always very open with me about her finances and she has all of the wills, durable POA and medical POA and medical directives in place with me as the control point. I know many elderly are reluctant to share these detail with their kids which is a shame. I was very fortunate that my mom planned ahead.

    Reply
    • 3

      Len Penzo says

      Yes, you are very lucky, Kathy. Most people are not so fortunate!

      Reply
  3. 4

    Barb says

    Be aware that LTC insurance may not cover the entire per-day cost of the facility. And when applying for Medicaid coverage, you will need several years of financial and bank statements for your parent’s accounts (in NY it’s 5 years) and have to account for all large expenditures/withdrawals.

    Reply
    • 5

      Len Penzo says

      Wow. I didn’t know that, Barb. Good to know.

      Reply
  4. 6

    mich gavor says

    Communication with family is key before parents go into Long Term Care facility. Our mother developed Alzheimer’s and my dad was sharp enough to get LTC insurance while she slowly showing signs of confusion. (They wouldn’t provide it if she was in late stages). He and I reviewed and visited numerous facilities before finding one that seemed to fit her needs. One area which should have been addressed is that one son was left as sole POA for all her matters (dad didn’t clearly tell the other two which were more involved with their own lives). Now legal issues have to be addressed as both parents are now dead and other two sons fill slighted by youngest son given sole POA. In summary elderly parent needing LTC needs is an -incredible amount of work – Not just medical and financial, but emotional work as well.

    Reply
  5. 7

    Scott Johnson says

    I really like the suggestions to tour the facilities before deciding on a retirement home for your parents. If possible, it is also a great idea to let your parents tour the home with you so they can see first hand what it has to offer instead of relying on word of mouth. When my sister moved our parents to a nursing home, my dad was very reluctant until he got a chance to really look around and find out what they had to offer. It made the move a lot easier for him.

    Reply
  6. 8

    karanjoshi says

    Great post, you have written this post above about caring for elderly parents and it mentions a lot of essential ways to care for the long term and it is very important. Thanks for given information.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Polls

What do you think is the smartest career decision for young people today?

View Results

Loading ... Loading ...

Recent Posts

  • 18 Fun Facts About Money That You Probably Didn’t Know
  • Black Coffee: More Pie In the Sky
  • How to Get Fast Approval on Installment Loans
  • Should You Consider A Pre-Settlement Loan In a Personal Injury Case?
  • What Barfing Out of a Bus Window Teaches Us About Managing Money
  • 7 High-Paying Tech Jobs That Desperately Need Women
  • 9 Important Strategies to Help You Manage Financial Risks
  • Black Coffee: Parasites and Leeches
  • Responsible Casino and Gambling Tips: How to Stay Within Your Budget
  • Starting a Side Hustle? Ask Yourself These Questions

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 30,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. 25 Examples of Shrinkflation That No Longer Fool Consumers
  2. 2. The 10 Worst Things I Ever Bought
  3. 3. 7 Perplexing Money Questions Without a Good Answer
  4. 4. My Cola Taste Test: Is Coke Really Better Than Pepsi?
  5. 5. The Real Secret to Becoming Rich as a King
  6. 6. Planning a Wedding? Here Are 9 Ways to Ensure You’ll Pay Too Much
  7. 7. Economic Collapse 101: How to Prepare for Water Supply Disruptions
  8. 8. A Simple Test to Know If It’s Better to Rent or Buy a Home
  9. 9. The Big Secret the Banking Industry Doesn’t Want You to Know
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2021 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2021