Relying on Family for Long Term Care

Approximately two-thirds of Americans believe that they can ultimately rely on their families to help provide long term care when the need arises. Unfortunately, many family members are not aware of the financial, emotional and physical toll that it takes to provide care for a family member. With November being Long Term Care Awareness month, it is important that we continue to raise awareness within the senior population as to their need for ongoing care with daily living activities. This could be the result of a physical or cognitive disorder or just the mere fact that they should not be left alone. While many people acknowledge they will need long term care, almost 75% of people over the age of 65 have not planned ahead. It is anticipated that the average cost for one year of care in a Michigan nursing home is more than $87,000. Many families have not taken the time to sit down and address whether a parent can be cared for in their own home. Whether that parent or grandparent can live with a family member and be cared for within that family member’s home or whether a nursing home or assisted living facility is needed. Regardless of what is needed, each one of these has an expense and cost associated with it and these expenses need to be addressed early on and not when a crisis occurs.