Elder
Care: Things to Consider When Caring for an Elderly Relative
Today in the United
States, there are 40.3 million Americans who are 65 years of age or older. That
number is expected to reach 89 million by 2050. As Americans are living longer,
many will require long term care and services. Plus, the assistance of children or other
relatives.
There are legal and
financial aspects of elder care that caregivers should consider as to not be
overwhelmed with the task of care for a loved one.
Type
of Care Required
Initially, the type of
care must be determined. This determination is made by considering the needs of
elderly relative:
·
Is he/she able to be taken care of at home
using a skilled nurse or aide service?
·
Would assisted living be appropriate?
·
Would he/she be a candidate for a nursing
facility?
Answering these questions
will be vital to deciding what is best for your loved one.
Medical
Coverage – Medicare vs. Medicaid
As a caregiver, you will need to understand the difference
between Medicare and Medicaid. Medicaid is a federal program for low-income
individuals which is administered according to state regulations. Medicare was
created to assist the elderly with medical costs. It is not need based. While
your elderly loved one may apply for both Medicare and Medicaid, the
eligibility for each differs.
Medicare
Eligibility:
Must
be 65 or older; certain people on Social Security disability; and certain
people with permanent kidney failure.
Coverage
:
Part
A
– Hospital Insurance/ Provides basic coverage for hospital stays, posthospital nursing facility, and home
health care.
Part B: Medical Insurance/Pays most basic doctor and laboratory costs, and
some outpatient medical services, including medical equipment and supplies,
home health care, and physical therapy.
Part D: Prescription Drug Coverage/Pays for some of the costs of medical
prescriptions.
Medicaid
Eligibility:
Covers
low-income, including those over 65 who are also on Medicare.
Coverage:
·
Comprehensive inpatient and outpatient health care coverage,
including many services and costs Medicare does not cover, most notably,
prescription drugs, diagnostic and preventive care, and eyeglasses. The amount
of coverage, however, varies from state to state.
·
Medicaid can pay Medicare deductibles and 20% portion of charges
not paid by Medicare. Medicaid can also pay the Medicare premium.
Financial
and Health Care Decisions
As you seek care for your
loved one, you may need to have certain documents to make financial and health care
decisions for your loved one. For financial decisions, you will need a power of attorney. For health care decisions, your loved
one will need to create a livingwill/advanced health care directive.
If your loved one is
unable to create these documents due to incapacity, you will need to obtain a
conservatorship/adult guardianship.
Estate
Planning
As a caregiver, you may
want to review with your elderly loved one the need to have a will.
It is also important to make sure your loved one has shared with you information on where to find important
documents and passwords regarding bank accounts, retirement accounts, safe
deposit boxes, stocks, life insurance policies, and wills and trusts.
Caring for an elderly relative is not easy, but having a manageable
process will assist with the task so that you can enjoy creating lasting
memories.
