What a Single Parent Should Renegotiate With Her Parent
What a Single Parent Should Renegotiate With Her Parent
An aging parent can present both a financial and physical challenge for single parents with personal child rearing responsibilities. Among everything else you have the responsibility of keeping yourself well, your children well, and then caring for a parent who is not well.
However, if you're not currently in such a situation, plan ahead not only for your parent, but for yourself also so that you will not be a burden on your children. Considering the financial realities of growing old and renegotiating with your parent then is a must.
An essential component in meeting such financial realities is long-term care insurance. Long-term care insurance is by definition an insurance policy that pays some or all of the cost of a nursing home, assisted living facility, or in home care for a qualified insured. It is the kind of care you need when you can no longer manage common activities such as climbing out of bed, walking to the bathroom, dressing, and eating.
It is necessary to plan for long-term care because of the misconception that Medicare pays for it. The truth is that Medicare pays very little for long-term care. What it does cover is the cost of skilled care when you are in a nursing facility for the first 100 days--paying fully for only the first 20 days--and paying for home healthcare only when skilled care is involved. When skilled care is no longer needed, Medicare payments end.
Other options such as Medicaid take away your choices to control where you will grow older. Most states will require you to spend down, and impoverish yourself, and therefore be forced into a nursing home. And for most of us, to self-insure is not an option. Assuming 100% of the risk is not affordable for the majority of us when the annual rate is $43,470 nationally. Long-term care insurance, therefore, becomes the logical solution.
Many adult children and seniors are unaware of home care and home health agencies. They don't know that agencies will send a quality caregiver to their home on an hourly or weekly basis to assist with medical and non-medical services. Or that assisted living facilities offer the privacy of an apartment and 24-hour a day care as well as activities that they can participate in daily.
Your parent can reasonably expect to be cared for if during aging they find that they can't meet their everyday needs. Therefore, how to handle your parent's long-term care then becomes the primary matter that needs to be renegotiated. The renegotiation need to be focused on is cooperation in meeting the expense of long-term care insurance premiums, the type of benefits that would be most appropriate including the benefit period, daily benefits, elimination, and inflation protection.
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