This post is brought to you by Genworth Financial. All thoughts 100% my own.
I’m thankful to have never been in a caregiver position. But I know this won’t last forever, while my family is young, my parents are getting older and there will come a time when a caregiver decision will need to be made.
Ideally, I can imagine that my sister and I will step up together to help take care of my parents when they are in old age. Thankfully, I have a sibling to help make those decisions.
Life can change in an instant and we all worry about what life will bring us. A stroke could happen tomorrow, a car accident could leave you paralyzed, there are so many things that could instantly put us into a caregiver position.
I recently came across an article that talked about the cost of being a caregiver. Coming from a survey taken by Genworth in 2012, the median annual cost of a private room in a nursing facility is $81,000.
Click on the map above to compare the cost of care in your area.
The cost of living in a nursing home is well out of the reach of many people, specially if proper savings hasn’t been established to help pay for it.
Here are 3 other options that you could consider when making the decision of who will take care of your parents:
- Let your parents move in with you
- Hire an in home caregiver to help monitor your parents when you can’t be there
- Daycare for adults
There are many things to consider when deciding who will be a caregiver, many questions to ask and many elements that can affect every decision. I’m not ready to think about becoming a caregiver for my parents, though it’s something that we all need to keep in the back of our minds. Thankfully, Genworth Financial has some very helpful tools about becoming a caregiver and options for financial resources.