Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Older adults in the U.S. are sounding the alarm on their concerns about the healthcare system. The John A. Hartford Foundation reports that 56% of older adults say it is difficult and stressful to navigate the health care system, and 62% believe health insurance plans come with too many confusing choices (1). Moreover, misinformation about health care coverage abounds.
Consider this scenario: You've witnessed the start of a decline in your mother's cognitive health and ability to care for her own needs, but neither you nor your family are able to care for her around the clock.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
JPMorgan still sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Learn more with a free guide from Priority Gold
The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes
Your first inclination might be that Medicare will help cover the costs, and you wouldn't be alone. The Kaiser Family Foundation found that 55% of U.S. adults believe Medicare will cover a long-term stay in a nursing home, which is not the case (2).
Despite this lack of coverage, most older adults will require this kind of care. A 2019 study from the government Office of the Assistant Secretary for Planning and Evaluation found that 70% of adults who live to age 65 will need some Long-Term Services and Supports (LTSS) before they die (3). Older adults with fewer financial resources are more likely to need this kind of care.
More recent, non-government research backs this up, too. Northwestern Mutual's most recent Planning and Progress Study found that 61% of American adults expect to need long-term care (4). What's more, 74% would prefer to receive that care at home, not a nursing facility.
In your situation, there isn't a choice: It's time to move mom into an assisted living facility, but she has no retirement savings that you know of, and currently gets by on a small Social Security check.
How can you best keep your mom comfortable for the final years of her life?
While her finances may ultimately dictate what kind of facility she moves into, it's worth making an effort to respect her wishes by seeing whether she can afford a nicer place.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
