Whether you seek these answers for yourself or an aging loved one, it is important to understand the options for long-term care.
Knowing how they help you and how they involve your family can be a huge help when planning an estate.
Unpaid caregiving
Many families opt to take care of their aging loved ones themselves. In fact, the AARP reports that one in five adults these days acts as unpaid family caregivers.
The major benefit of unpaid caregiving is that it does not involve paying a company for your loved one’s care. A downside to this is the cost in time. Providing care for a loved one frequently impacts your ability to hold down an office job.
Paid in-home caregiving
Your loved one may wish to remain in his or her house but still require help. There are companies available where you can hire someone to come out and help with chores or other needs. One disadvantage is the paperwork it all requires and the overall financial cost as you pay someone else to do it.
Nursing home care
A nursing home provides a living space, recreation and trained professionals to care for your loved one. Though one disadvantage to this is that it requires you to vet the location to determine whether it can provide the preferred quality of care your loved one needs.
These are the basics of three complex arrangements for a family. When discussing these during estate planning, it is important to have information, resources and proper documentation to convey the correct wishes for the chosen option.