When your aging parent loses physical and/or mental functions, you may worry about what to do. One option is to become a full-time caregiver for your mom or dad. While this may save you some money, it may not be good for your parent or your health. You may look at nursing homes instead but not believe it possible to find an affordable facility.
What makes it harder is when your parents are just above the limit to qualify for Medicaid. On paper, it may look like they can support themselves, but you know that they would struggle to pay for long-term care in addition to all their regular expenses.
American views on the costs of long-term care
The Pew Research Center found that over half of all adults believe that the government should pay for long-term care. When you break the numbers down by demographic, the categories who had the highest percentage of adults who agreed with that statement were as follows:
- Black and Hispanic (67%)
- Democrat (66%)
- Age 50 to 64 (66%)
- Low income (66%)
Even so, those in other groups were not far behind. The lowest numbers were among those 65 and older (48%), those who made $75,000 or more (46%) and those who identified as Republican (40%).
The rest of overall adults believe the elderly (28%) or their family members (14%) should be responsible for the bill. Despite the general consensus that the government should pay, only 28% believe that will be a reality in 30 years. The majority believe seniors (36%) and loved ones (35%) will have to shoulder the cost.
There is hope
This may sound discouraging, but the truth is that you likely have more options than you think. You can work around New Jersey regulations to allow your parents to be eligible for Medicaid without having to lose their assets. Such planning can be complex, so it is best to utilize professional help to avoid making costly mistakes.