If you’re not familiar with the term, “Sandwich Generation,” now is a good time to learn because you’re probably in it.
The Sandwich Generation is the group of people that need to take care of their seniors and their kids. With over 75 million baby boomers coming into retirement and adults having children later in life, many face the financial burden of taking care of their parents’ health and their children’s futures (specifically school). This can be an economic maelstrom, especially when you consider the growing divorce rates and how many people do not have two seniors, but four to six (with step-parents and in-laws) to look after.
Of course, the first thing most people consider is at-home or in-home care. This way, you don’t need to spend money on room & board and your senior can live comfortably and happily at home… However, 24-hour in-home senior care costs upwards of $300/day. Even if you managed to give the caregiver weekends off, that would still amount to $6,000/month.
An alternative would be to nix the caregiver and take care of your loved one yourself. This is undoubtedly the least expensive option, but undeniably the most taxing. Studies have shown that adult children, who commit to providing senior care, are burdened with exorbitant amounts of caregiver stress. This can lead to their own health problems (including depression) and puts the adult child at a heightened risk of heart disease. When caring for a parent, many experience a loss of sleep, gaining or losing a lot of weight, change in diet, a shift in moods, and feeling agitated and overwhelmed.
This kind of stress is detrimental to your health and is all the more reason to seek the third option: senior care facilities.
Elder Care, in general, has a wide spectrum of options:
- For healthy and active seniors, there’s the standard retirement homes or independent living communities.
- For seniors that have weakening conditions or illnesses, but do not require 24-hour care, there are assisted living facilities and adult family homes that can provide minor to moderate help.
- For seniors with more severe problems that require constant care, there are nursing homes.
Most of these senior care options range between $2,500 – 8,000 a month. This is wholly dependent on what type of care your loved one needs and where they’re located. Certainly there are some that are less expensive and some that exceed that cost.
At Concierge Care Advisors, our goal is not to make the most profit, but to connect you with the communities that actually uphold (if not surpass) the State senior care standards. The best communities are not synonymous with “most expensive.” We network with the best facilities and inspect them more regularly than the Department of Social Health Services.
We are aware of the tragedies of many assisted living residences and have actively engaged in State Legislature to put a stop to them. We can provide you with the advice and details you need to not only feel confident in your senior living decision, but also be secured financially.
We have a number of tips to make sure the financial burden does not cut into your children’s futures or your own retirement fund.
Basic Senior Care Cost Tips
Many people underestimate the value of their Veteran’s Benefits, we’ll help you through the process of receiving Veteran’s Aid for your loved one.
Selling your senior’s assets, but not all at once. First of all, this doesn’t mean sell everything, especially when many communities allow seniors to bring possessions from home, but rather any investments that they may have, stocks, or unwanted furniture can be sold. With investments, it’s actually better to sell this gradually – that way, you can avoid incurring a significant tax on the profits.
Although not always the case, sometimes you can list your parent as a dependent on your tax form, but this is definitely something to check with the IRS on.
In short, if you’re looking for help, Concierge Care Advisors are here for you. We’ll guide you through the process and make sure your loved one is cared for; just fill out the form or call 1-855-444-7364 today.