Skip to content

4 Ways To Pay for Your Parents’ Long-Term Care

December 19, 2019

From the Motley Fool website

You thought you’d conquered life’s biggest financial milestones, including paying your kids’ college tuition, financing your eldest daughter’s wedding, and building up a nest egg for yourself. But now another challenge looms ahead: figuring out how to pay for your parents’ long-term care.  

A quick look at the numbers shows how big this challenge really is. A 2019 Genworth study pegs the national median cost of an in-home health aide at $52,624 per year. And if one of your parents needs more advanced care in a nursing home, that could set you back in excess of $102,000 per year. Perhaps even more troubling is how quickly these costs are rising. A private room in a nursing home today costs 57% more than it did in 2004. If that trend continues, it’s tough to know how much you’ll ultimately spend to get your parents the care they need.   

Once you’ve exhausted the conventional options of Medicaid and Veteran Aid, it’s time to get creative. Try peeking under these four rocks to raise cash to pay for your parents’ long-term care.  

From → Finance

Comments are closed.