Following are some hints published in the Seniorresource E-zine published April 3, 2009:
With retirement saving taking a beating in the current economy, it's time to sharpen our pencils about the cost of elder care. Here are a few approaches to easing the cost for such care.
1. Consider adult day care. Based on a 2008 MetLife study, it is a more affordable option than private, in-home care. The national average rate for adult day-care services is $64 a day in comparison with an eight-hour rate of $160 for home-health aides.
2. Negotiate with candidate senior communities. With many assisted-living and nursing communities not filled to capacity, it is worth the effort to see if you can negotiate lower fees. This approach may be helpful even for those already in such a community.
3. Share a room. Many assisted-living communities have provisions for lower-income individuals to share a room.
4. Hire a geriatric-care manager. Such managers can assess the situation, identify potential solutions, and negotiate favorable terms at assisted living facilities. The savings in your time and efforts to negotiate may mitigate their fees (especially if you're not experienced in negotiation).
5. Part-time caretaker. If full time attention is not required, then someone to look in periodically may be all that is required. This person might be a neighbor, a local college student, or someone from a local service organization. He or she might help with such activities as cleaning, shopping, and meal preparation.
We are seeing many "adjustments" taking place during the current economic downturn, and the above are excellent tactics.
Have a great day
Tom Binder
Seniors Real Estate Specialist
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