Taking care of elderly parents is perhaps the highest calling of your life that you will ever receive. The phase is very challenging financially, physically and emotionally. When you take time to care for an elderly parent, you need to sacrifice your time, money and several experiences. Again, in rare cases, these small little sacrifices you make for the sake of an older adult might cause a lot of frustration and bitterness towards your loved one.
How does elderly parent care affect your financial future?
When it comes to taking care of elderly parents, you need to think very carefully about the financial future. It is true that you wish to be with your loved one in this current phase. However, just quitting your job is not the solution. Here, you might be quitting your job to stay at home to look after an elderly parent but have you realized that quitting your job will only lead to loss of income and a hole in your retirement planning savings?
Factors to consider before you quit your job
Moreover, the moment you quit your job, you must consider whether you will be able to find potential employers in the future or not. Will your job skills be attractive to them in the future? These are just some of the questions you need to consider.
What about the other benefits related to your job?
In the USA, there are several senior and assisted living facilities to help you take care of elderly parents however if you quit your job, will you be able to take care of them with confidence? Besides the medical expenses, you also need to keep in mind the food, clothing, healthcare and other expenses as well. Most companies give healthcare insurance and policies that are quite expensive to replace. You should check and read employer policies that pertain to long-term care for your elderly parents. Some companies give you flexible work from home options. You can keep your job and look after your parents especially those who need Alzheimer’s & Dementia Care.
Create a fixed budget for caregiving
When you are looking after your elderly parents, you need to create a caregiving budget. You must ensure that you have health insurance as this gives you a lot of benefits when it comes to medical expenses while taking care of a loved one.
When you are caring for an elderly parent, check the amount of care you actually need. Check and see what your elderly parent needs. Make a list. When you do a task for your parent quickly note it down. This helps you to get an overall picture of what your elderly parent actually needs during the caregiving process. Last and not least, you need to be realistic about the care you must provide to your own parent without harming your own health. There are days when you will feel burned out. So, take many breaks and remember to give your parent lots of time, patience and effort!