How Can Baby Boomers Manage Senior Care Costs During Coronavirus?

August 13, 2020

COVID-19 and the resulting recession have impacted baby boomers financially, raising concerns about how to care for aging parents and themselves. It can be frustrating to try to understand the options available and what they’ll cost. A In fact, a fifth of baby boomers pay for some type of elder care. Often it’s for a parent in assisted living or receiving home health care

Paying for senior care was daunting to many before the coronavirus arrived. However, COVID-19 brought additional challenges, such as record unemployment, pay cuts, and stock market free-falls. Now boomers find themselves facing financial challenges in the current economy. 

If you find yourself in this position, now is a great time to learn as much as you can about options for senior care and how to pay for them. 

Many senior care facilities hide their true costs, but at Marquis we’re proud to offer transparency. As a family-owned company we understand the challenges you face and we want to help.

How Much Does Senior Care Cost?

The price of senior care can be confusing, so don’t get discouraged if you feel uncertain or overwhelmed as you look into the costs. Our goal is to provide clarity. We want to empower you to build a secure future for yourself and your loved ones.

You’ll want to first determine which services you’ll need. Some people might require only occasional home visits, while others would benefit more from an assisted living or memory care facility. A person recovering from a serious injury or illness will generally require post hospital care followed by rehabilitation services.

At Marquis, we’re happy to explain the different levels of person-centered care we offer, either within our communities or at home. We also clearly list all fees in our rate sheets. We invite you to connect with us anytime you have questions or want more information.

How Will I Pay for My Parents’ Long Term Care?

COVID-19 created financial setbacks, but also increased awareness about the need to care for seniors. Programs to help pay for elder care have existed for some time, but now they’re more crucial than ever.

Available programs include loans, insurance policies, veterans’ assistance, and Medicare/Medicaid. Your state and local community might also provide financial support. To understand your options, it can be helpful to meet with someone who offers financial advice regarding senior care.

Don’t make the mistake of assuming these programs only benefit those living in senior care facilities, because they may help cover home health care costs, too. Many resources support part-time or full-time caregivers at home. Often older people appreciate the opportunity to stay in the house they’ve known and loved for many years.

If you’re a younger baby boomer with a good job, for increased financial security you might consider postponing retirement. Those who work past the age of 65 receive a higher Social Security income, which can help create a more comfortable life in later years.  

Senior Health Care Services Amid the COVID-19 Outbreak

Understanding senior health care and its financial implications can be daunting. Through this time and beyond you can expect Marquis to continue offering clinical expertise and person-centered care for you and your loved ones. Connect with us today to learn more.

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