Are You Overpaying for Your Parents’ Care?

When an aging parent needs care, it can often too time consuming to determine if you are getting the most for your money, especially if you are still working and have children of your own that you are still caring for. At Advocare, we provide GCM-led home care from our exclusive South Florida Provider Network to ensure that you are getting the best and most appropriate care that meets your financial parameters. Check out our home care provider network HERE. Thanks for visiting Advocare of South Florida.

A child’s work is never done—especially when it comes to caring for an elderly parent.

Time isn’t the only cost. Families often spend a small fortune even before their loved ones check into a long-term-care facility.

Making matters worse, adult children juggling jobs, caregiving and their own kids often miss ways to mitigate costs, from tax breaks to hiring home caregivers on their own. All told, needless expenditures can add up to thousands of dollars a year.

In 2011 alone, the most recent data available, so-called informal caregivers provided at least 11.2 billion hours of unpaid care to family members and friends, according to a Congressional Budget Office report released in June. That commitment is expected to escalate: In 2010, about 4% of adults under age 65 were providing unpaid care to relatives or friends who were 65 and older. By 2050, demand for informal caregivers could double to 8% as the younger population shrinks relative to the elderly population.

Elderly people and their families also spent at least $3 billion on their own in 2011 on long-term care in the community, mainly at home, in addition to $36 billion on nursing homes and other long-term-care facilities, according to the CBO.

And those figures don’t necessarily include drugs not covered by Medicare and other unreimbursed expenses, such as food for special diets, increased utility costs, home renovations and special supplies.

One-third of adults 65 or older—and two-thirds of those who have reached their mid-80s—have functional limitations, ranging from needing help with eating and bathing to preparing meals or paying bills. Four out of five older adults who fit that description still are living in the community, rather than a nursing home, including many with three or more such needs, according to the CBO report.

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