Growing age brings several psychological and physical challenges for elderly people. As a result, even day-to-day mundane tasks may also seem like a big burden, causing stress and discomfort. Therefore, an elder care plan can assure physical and emotional well-being by providing necessary resources for a better quality of life. 

However, elder care planning can be an overwhelming process as it requires considering several financial and emotional aspects. Therefore, seeking help from professionals, like accountants in Savannah, GA, can be a good idea. They can help you navigate through different options and pick the one best suited for your needs.

Exploring different types of elder care

People in later stages of life experience different mental and physical challenges that can affect their activities of daily living. In such cases, the elderly may require assistance to overcome these challenges. Elderly people can get these services at specialized facilities where skilled and trained professionals provide care services.

  • Custodial care: Custodial care or personal care means non-medical care, which involves personal caretakers assisting elderly people with various activities of daily living. These can include bathing, eating, toileting, getting in or out of bed or chair, walking, dressing, etc. They also include instrumental activities of daily living, like shopping, business tasks, household chores, etc.
  • Memory care and assisted living: Many elderly people suffer from memory conditions due to Alzheimer’s, Huntington’s, Parkinson’s, etc. These people seek extra special care that involves providing social activities, medication monitoring, meals, laundry, housekeeping, on-site nursing, etc. These services are made available at specialized memory care and assisted living facilities. 
  • Adult day care: Many elderly people reside with family members who have to go to work on weekdays and perform other necessary tasks. Adult daycare services are offered to such elderly people so that they can spend time in a structured service setting constantly under supervision.
  • Virtual companion care: Virtual companion care services use the internet to provide home care to elderly people. Older adults use a computer or tablet to interact with others while care providers monitor their safety and mood and remind them of their medications. It is a much more affordable alternative for those who live alone but do not need hands-on care.
  • Palliative and hospice care: Palliative and hospice care is meant for terminally ill individuals. The purpose of palliative care is to offer relief from pain and suffering. 

Understanding when elder care is the right choice

Not every older individual may need elder care. However, it is essential to understand the signs that may indicate the need for elder care for your beloved elders. Following are some of the signs that you should look for.

  • If you notice the signs of cognitive decline, like language problems, memory loss, dementia, difficulty paying attention, confusion, etc., in older family members, they may need elder care services.
  • Suppose you notice signs of physical changes or decline, such as chronic health conditions (arthritis, diabetes, heart disease, etc.), physical limitations, difficulty walking, or sensory loss in an older family member. In that case, you may consider elder care services for them.
  • Apart from the above, emotional changes or declines, like changes in personality/ mood, depression, loneliness, loss of interest, suicidal thoughts, etc., are also signs that they may need elder care services. 

Top elder care strategies to consider

The average cost of elder care in the US is more than $285 daily and more than $8,600 monthly, which highlights the need for a good elder care strategy. The following are some of the most useful elder care strategies that can help elderly people lead comfortable and dignified lives while managing financial burdens effectively.

  • Long-term care insurance: Long-term care insurance covers home care, personal care, home health care, and much more. However, it can be an expensive option. The average annual long-term care insurance premium for a 55-year-old couple can be more than $5,000.
  • Medicaid: Medicaid is a federal and state-sponsored program that is mainly intended for low-income individuals. A Medicaid program can offer nursing home services. However, you must meet specific prerequisites of the program.
  • Gifting assets: Gifting assets are also an option in which the elderly individual can give the money to a responsible relative or child.
  • Annuity: Monthly annuity payments, paired with an elderly individual’s social security and other incomes, can also provide coverage for nursing home bills.
  • Personal care agreements: An elderly individual can also sign a personal care agreement with a caregiver by transferring a lump-sum amount for the same.

An elder care plan is an essential tool for elderly individuals who require specialized care for their day-to-day tasks and cannot afford to live on their own. Therefore, it is crucial to develop a plan that is capable of addressing their physical, emotional, and medical requirements during the later stage of life.