Medicaid planning for an elderly loved one includes first determining eligibility status for the many services they may need. The planning process will help pave the way for a tailored plan that meets the healthcare needs of the individual. The process may include gathering important documents, submitting required paperwork and financial information of the potential Medicaid recipient.
As parents age, the family dynamic changes.
The facts can be quite sobering. It’s estimated that 70 percent of Americans will require long-term care of some kind in their lives. If you become part of that group, your long-term care cost could be roughly $138,000 over your lifetime. And if you’re like most people, you haven’t done any long-term care planning.
Children rarely anticipate that they will one day need to care for their elderly parents. Still, this is inevitable for many families--especially for adult children whose parents have Alzheimer's, Parkinson's or another disease that induces dementia. If your parent has one of these illnesses, it may soon be time to step in as their caretaker.
It’s a sad story that plays out far too often these days. Someone takes advantage of a senior, draining bank accounts, spending the very money they offered to manage. Often, these cases of financial exploitation involve family members or caregivers.