How Creative Planning Can Help Beat Costs of Elder Care

Handle the financial pinch with diligence, understanding

One way to save a lot of money on care is to encourage seniors to stay in the home they’ve paid for or an affordable apartment where they are comfortable. It’s a choice that’s more palatable and cheaper. “I think among African-Americans, the sentiment is that, ‘We take care of our own,’” says Karyn Jones, the head of the National Caucus and Center on Black Aged, a Washington, D.C. lobbying group.  “The simple fact is that for people, black or white, who have paid for their homes or can afford rentals on their social security or pensions, staying at home and perhaps having some services provided can actually save between $1,200 to $1,700 month on living in a nursing home or in an assisted living community.  We know it’s psychologically and socially better for an aging person to stay in a familiar environment. But it also works out better financially over the long term.”

Check out Part 2:  Making Long-Term Care Plans for Elderly tomorrow.

RESOURCES:

The National Caucus and Center on Black Aged
National Resource Center for Safe Aging
The National Institute on Aging
H.E.L.P.
National Academy of Elder Care Law Attorneys

WEALTH FOR LIFE PRINCIPLES

1. I Will Live Within My Means
2. I Will Maximize My Income Potential Through Education and Training
3. I Will Effectively Manage My Budget, Credit, Debt, and Tax Obligations
4. I Will Save At Least 10% of My Income
5. I Will Use Homeownership as a Foundation For Building Wealth
6. I Will Devise An Investment Plan For My Retirement Needs And Childrens’ Education
7. I Will Ensure That My Entire Family Adheres To Sensible Money Management Principles
8. I Will Support the Creation and Growth of Minority-Owned Businesses
9. I Will Guarantee My Wealth Is Passed On To Future Generations Through Proper Insurance And Estate Planning

10. I Will Strengthen My Community Through Philanthropy

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