How to Prepare for Senior Care Cost

Is your family prepared to face the financial challenges of caring for your senior parents? Before making an actual care plan, including hiring a home care agency in Victoria, BC, you must first have a complete picture of the family's financial health.

According to the Financial Post interview with the Diamond Geriatrics' care manager, Peter Silin, you will spend about $20 to $30 when hiring a caregiver. However, cheaper rates are possible with more hours. On the other hand, you will have to allocate between $1,900 and $3,500 every month if you will need the help of a full-time, in-home caregiver. This amount, however, does not include the cost of room and board and does not reflect 24-hour care, which necessitates two or three full-time care providers.

Now that you have an idea of how much the senior care cost, it's time to prepare yourselves financially:

 

Know how much you all have.

Talking about money is a tough start for discussing with family members, including seniors. First, you have to know your parents' financial sources—from their savings to their real estate properties, Social Security, retirement, etc. Then, included in the conversation are bank names, where they keep cash and other finance-related documents (stock certificates, deeds, list of bank accounts, and others). 

Aside from your parents, each of you in the family must discuss your finances and financial capabilities. For example, who has an existing loan? How much can each share when hiring a home care agency in Victoria, BC and with the monthly budget set aside? You also have to consider some aspects to ensure that your resources are sufficient to care for your senior loved ones.

 

Choose the appropriate type of senior care service.

When you say appropriate, it means the type of senior care service best for your parents. When you mention best, you should evaluate all kinds of senior care services available in your area. These include independent living, assisted living, care homes, nursing homes, memory care, palliative care, and in-home care. From here on, you will know which best fits the requirements of your parents. Also, consider where they can live in comfort and with happiness.  

Whether or not you consider hiring a home care agency in Victoria, BC, it is always best to plan. Senior care entails cost; thus, you, your parents, and the rest of the family members must be financially ready when the time comes.