Avoid these Top Mistakes for Financing Elder Care

By August 19, 2015Aging in Place

It’s easy to become leery of the inevitable costs of aging. Government figures show that 7 in 10 Americans will require some type of long-term care, whether it’s assisted living, help from a relative, or an in-home aide. An Associated Press poll has shown that 54 percent of those 40 and older have done little or no planning to face these eventualities.

It’s important to keep certain facts in mind when planning for future elder care. Institutions that we once could depend on may no longer be the best recourse. Saving money under the mattress isn’t recommended. Scammers and identity thieves can swoop in and steal untold amounts of money from unaware seniors.

Here are a few tips that can help guide planning for elder care:

  • Medicare does not pay for long-term care.
  • Social Security doesn’t solve everything, and may not cover all expenses.
  • Inflation can devalue personal savings. Consider a savings account or government bond to defend your finances against inflation.
  • Keep your will and other important documents up-to-date.
  • As banking is increasingly conducted online, it’s important to be aware of fraud. Online scammers cost American seniors approximately $2.6 billion annually. Scams are not always easily detected, but common sense is usually the best prevention. Any offer that seems too good to be true usually is.

    The old saying, “Hope for the best but plan for the worst” is especially appropriate in this situation. As middle aged people find themselves sandwiched between caring for children, maintaining their careers, and assisting older loved ones, saving for the future can get lost in the crowd.

    Think ahead, be informed, and be smart. The future isn’t bought and paid for, but it can be saved for.

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    Author LivHOME

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