While you may just be getting stated, your parents or grandparents are probably beginning to feel their age. Often, young people are put in the position of making a decision or helping to make a decision about where they’re be spending their senior years. There are a lot of options at varying price points, and Jason Hartman’s team is here to help break them down for you.
If you’re making your money from real estate, in-home care can be a great option for your parents. They can live with you or by themselves. Consider this option when parents are largely independent but need a bit of assistance.
In home care can consist of medical care, household help, caretaker services, meal delivery, transportation, and so on. The advantage of in home care is simple—parents remain in familiar surroundings and care can be less expensive.
However, in home care can be difficult to coordinate and can put your home at potential risk, as you’ll have many people in and out.
Assisted Living Facilities
Assisted living facilities are great for parents who are fairly independent. Usually, an elderly person will rent a room, house, or apartment in a larger complex. Meals, housekeeping, and social events are provided, along with transportation options. Some healthcare services are also provided.
Advantages to this setup include 24 hour access to help, a comfortable, homelike atmosphere, and the ability to easily socialize. On the downside, these places are difficult to get in to, lack privacy, are high in cost, and can be negligent—be sure to do your research.
A nursing home is an option for parents that absolutely must have regular nursing care. Here, they’ll have constant access to medical care, housekeeping, help eating/bathing/dressing, help with medications, and highly skilled nurses.
Nursing homes can be helpful because they offer socialization and specialize in specific kinds of care, like Alzheimer’s.
They’re expensive though, and typically have long wait lists.
When exploring your options, be sure to have an attorney look over possible contracts. You’ll want to research your options and read reviews. Tour facilities, get recommendations, and make sure that you’ll be able to afford whatever option you choose. Finding the right care for your family can be difficult, but the search is ultimately worth it.
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The Young Wealth Team