Combine the good news of people living longer and the bad news of the increasing cost of caring for the elderly and you have an economic burden that has a disproportionate impact on mid-career women, according to “Elder caregiving a growing burden to women in mid-career,” an article in The University of Buffalo’s UBNow news website.
Women are statistically more likely to become caregivers and this study found women caregivers were about 8% less likely to work. After providing care, they were 4% less likely to work. The study was presented at the Women Working Longer Conference hosted by the National Bureau of Economic Research. The research also found that with caregiving increasing, more current generations of women are more likely to provide care than women previously, since millions of individuals are providing care for parents or in-laws.Read More
Making decisions for how you want to be cared for while you are still able to choose is a gift to yourself and your loved ones. If you’re unable to convey how much intervention you want, or if you want no care at all, your children and medical professionals will have to make the decision for you. According to Barron’s in “Three End-of-Life Estate Plan Lessons,” not planning for incapacity creates a heartbreaking situation for your heirs and could also undo a great deal of your estate plan.
Let’s look at some important lessons about incapacity planning:
Inform those with a role in your estate plan about your wishes immediately. You should also explain your thought process to them so they have complete information to carry out your wishes if necessary. Often, in cases with little communication, it looks like this: Dad has a fall or an illness that puts him in rehab. The family reacts by shifting into crisis mode, and they make important decisions relying on the information readily available instead of the complete picture.Read More
We take on many roles when we need to take care of aging family members, from driving them to appointments, managing their schedules, reviewing health insurance coverage, and making sure the bills get paid to helping them navigate health challenges. By necessity, we also must be prepared to advocate on their behalf during a time when they are vulnerable, as reported by AARP in “How to Be an Effective Advocate for Aging Parents.”
That means knowing what they want for care and quality of life, and making sure those wishes are followed. It also includes helping loved ones manage finances and legal matters, and making certain they receive appropriate and high-quality services and treatments when needed.Read More
A report from The Consumer Financial Protection Bureau, detailed in a CFPB press release, “Consumer Financial Protection Bureau Report Finds Hundreds Of Counties Nationwide Fighting Elder Financial Abuse With Community Efforts,” finds that hundreds of counties around the nation are creating community-based protection partnerships between social service agencies, financial institutions that serve seniors and law enforcement. When their efforts are coordinated, these partnerships can be effective in preventing, detecting and responding to elder financial abuse.Read More
It usually starts when one spouse dies and an aging parent suddenly seems alone and vulnerable. The parent may bring it up first, referencing a long ago conversation when the adult children said they’d never put their parent into a nursing home or similar facility. As described in Forbes’ “Aging Parents and The Rise of the Multi-Generation Household,” this promise is usually made when the parents are well and the natural response—“Of course not!”—is an easy answer. But situations change and the answer isn’t always so simple.
The idea of “being put in a home” is based on the largely outdated and Dickensian ideas of poorhouses and debtors’ prisons. While perhaps a bit overly dramatic, it may not be that far off for Depression-era kids who saw the treatment of seniors before Medicare and Medicaid provided some ongoing care. While some nursing homes are still found to violate government regulations, most are decent, well-managed and comfortable places to care for seniors who need a lot of attention for a multitude of medical needs. Licensed board and care homes may be another option for long-term care, usually at a lower cost than nursing homes. They don’t offer skilled nursing, but they do have a more intimate environment with a less institutional atmosphere.Read More