Medicare Doesn’t Pay for Everything: Planning for the Cost of Care for Elderly Parents – Caregiver Program Module 7
Medicare doesn’t pay for everything. Learn the importance of investigating and planning for the cost of care for elderly parents. Module 7 in this eight-module program for family caregivers focuses on education about the rising costs of a variety of care resources.
No matter how much money you have, the emotional aspects of caring for loved ones bring up the realization that you can’t put a price on life.
Families are shocked to learn that Medicare doesn’t pay for everything when aging parents need care.
Care costs rise on average 6% per year whether the service is in-home care or care homes. The pandemic of 2019 significantly affected elder care service providers who had to substantially raise rates due to concerns about infection control and employee safety.
So as you watch the webinars in Module 7, keep in mind that the rates you hear may have already increased by 6 to 20% depending on where in the United States you live. This is one reason why becoming aware of care costs and planning well ahead of the time care is needed is essential to make sure that you and your loved ones will have access to the best care possible.
Research articles supporting this module are linked below in the text to make it easy for you to gain the knowledge you need to discuss safety risks and advocate for the care of elderly parents.
Why There’s Never Enough Money
Module 7 brings the realities of care costs to mind. Many families are shocked to hear that care home costs range from $5,000 to 15,000 per month or that the hourly rate for an in-home caregiver may be as high as $50. These costs are unaffordable for many families.
Rising costs of care are why adult children, spouses, and other family members become 24/7 caregivers. However, caring for loved ones in your home or giving up a career to be a full-time caregiver ceases to be the solution when the severity of health concerns makes it impractical to provide care in the home.
Learn More About the Other Seven Modules of Pamela’s Online Caregiver Education Program
Module Seven: Medicare Doesn’t Pay for Everything
Each section below links to the caregiver webinar videos about the costs of care services for the elderly on Pamela’s YouTube Channel.
By working through this online caregiver education program about the costs of care for elderly parents, spouses, and others, caregivers will:
- Relate the hard costs of care to chronic disease
- Recognize how healthy spouses and adult children provide an assisted living or greater level of care in the home which reduces or delays costs of care
- Think about the possibility of money running out so that you can discuss a financial plan for costs of care
Click on the links below in PINK to watch the webinar videos and to view the slides that correspond to each part of the program.
Section 1: Why There’s Never Enough Money (40:16)
Many families assume that Medicare pays for all care related to aging and health and are shocked to learn differently. Medicare generally pays for hospitalization and doctor care after the age of 65.
But, what if you haven’t worked enough quarters to qualify for Medicare or if you are a public or government employee? In all cases, learning about Medicare and medical care costs after age 65 is best investigated early in life so that you can plan appropriately for retirement years.
Section 2: Care Services and Communities (45:47)
What resources are available to caregivers, what resources do caregivers need most, resources for family caregivers, resources for caregiver burnout, resources for caregivers of elderly parents, emotional support for caregivers
Caregiver resources include a wide range of support services for family caregivers who wonder how they will continue to care for elderly parents. Learn about options ranging from care at home to community and end-of-life care in this program from Pamela D Wilson.
Section 3: Financial Planning for Elderly Parents (16:26)
Financial planning for elderly parents includes having heart-to-heart discussions about the costs of care and available money and investments. Learn the steps family caregivers must take to plan for care options and experts who provide support specific to financial and estate planning in this program for caregivers.
Interested in more tips to care for elderly loved ones? Keep moving forward and check out all of the other modules in this caregiving program.
If You Found This Module Helpful, Learn More About the Other 7 Modules
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