Helping You to Meet the Financial Needs of Caring for an Elderly

Whether you are taking care of your aging parents or looking after an elderly person who needs extra support, coping with the finances and the stress of caring for an elderly can be very difficult.

The average annual cost of a one bedroom apartment in an assisted living community can be up to $42,000 per year and a private room in a nursing home costs more than $87,600 per year in the U.S, according to the Genworth 2014 Cost of Care Survey.

Luckily, there are several government assistance programs that help the families in the United States to take care of their aging parents and elderly people by providing financial support. Funding is available at various federal, state, and local level government agencies, so you can get the necessary assistance by determining the kind of help the elders need and contacting the right government agency.

Assistance is easily available, but you must know where and how to access them. To help you out, here are the top five programs that you must know about:

  1. Medicare

If you parents are 65 or older, then they can benefit immensely from the Medicare program. By opting to this program, the aging people can lower their medical insurance premiums and can get funding for prescription drugs. This means considerable cost savings for elderly people.

  1. Social Security

Your aging parents might be eligible to get larger monthly benefits by availing the Supplemental Security Income (SSI) program, if they are drawing the Social Security benefits, which they earned, based on their lower-paying jobs. This program may be operated federally or in conjunction with the state government.

  1. Administration on Aging (AoA)

Several national programs and services for elders are administered by the AoA that include legal assistance, health insurance counselling, protection from elder abuse and help with long-term care. Get the details quickly to take advantage of this program.

  1. HIPAA

Health Insurance Portability and Accountability Act (HIPAA), works towards restoring the privacy of the medical records of the elderly. It is specifically a regulation and restriction program for the health care providers. So in order to ensure the best possible care for your parents, get the details from the HIPAA website and involve all the health care professionals responsible to take care of your ageing parents.

  1. Area Agency on Aging

Every county or city has a federally-mandated Area Agency on Aging that is staffed by professionals who can provide the necessary information about financial sources in your specific area. The staffs can also help the elderly regarding programs and qualifications and offer the necessary assistance with the necessary applications and documentations.

By educating yourself about the various government assistance programs for the elderly, you can ensure better care for your ageing parents and other elderly people. The programs offer all kinds of information that helps to reduce the stress of the caregivers. So start gathering information about the appropriate program that your ageing parents qualify for and apply immediately to help your parents get the advantage.

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