Paying for caregiving expenses

This post will likely be of interest only to those very new to caregiving.

This is a short blog post by a certified financial planner about paying for caregiving costs.  Though addressed to adult children who need to understand their parents’ finances, I don’t think anything in this post is specific to adult children and their parents.

The first step is accessing your family member’s financial information.  The second step is making decisions about what assets can be used to pay for care.

There is a summary of assets that may be available, including:
* Social Security
* Medicare
* Medicaid  (called Medi-Cal in California, by the way)
* Retirement Plans
* Reverse Mortgage

I would add:
* Medigap insurance
* Long-term care insurance
* Veterans benefits

The author says the following about Medicare: “[Someone is] eligible for Skilled Nursing Facility Care only after a hospital stay and only up to 100 days.”

This isn’t quite right.  The patient must have been in the hospital for a minimum of three days in order to qualify.  The first 20 days are totally paid by Medicare.  Assuming there is still a skilled need, then up to 100 days total is paid by Medicare but there’s a daily deductible.

Here’s a link to the full article:

thecaregiverspace.org/understanding-your-elderly-parents-finances/

Understanding Your Elderly Parents Finances
The Caregiver Space
Posted by Shane P. Larson
Jan 12, 2017

Robin