Crisis looming…

We're sure many of you have read articles upon articles about the rising costs of caregiving—whether it's your parent, spouse, child, relative, or friend. But, have you been paying them any attention? Have you really taken a good look at your long term finances or planned for your healthcare when you retire?

If so, great!

Now… have you looked into the long term care expenses for your caregiving charge? You may have enough saved up to cover your long term care needs--- but what will happen if you have to use these savings to take care of your parent, or your spouse, or your other loved ones?

Let's face it…if your mom or dad needs something--- whether it's groceries or home aides—you'll go get it, even if it means borrowing from your 401(k), selling your home, or depleting your savings… or all three, as in the story of one caregiver in The New York Times article “Elder-Care Costs Deplete Savings of a Generation.”

So what do you do? What help is there?

As many of you know by now (or will know after reading this), Medicare DOES NOT cover long term care costs. Yes, President Bush signed into law a bill authorizing $300M in grants to help primary caregivers hire temporary support. However, this is only applicable to spouses. Unfortunately, many of the adult children are the caregivers. It is THEY who also need the support.

At the moment, the best thing is planning. Get long term care insurance for you, your spouse, your parents, even your children (you never know if they will have a horrible accident where they may need care). Also, check with your local governments. Some states (like New York) do provide some home care assistance.

Next month, CareTALK.com will relaunch and we will help you find answers to these problems and more.

PS. A special note to Ms. Marilyn de Leo, a friend of CareTALK—we hope your mom makes a quick and full recovery. Our prayers are with you and your mom.