‘Mom’s going to run out of money’! Has this thought ever entered your mind? It has for me and for many caregivers.
‘Will long term care insurance pay for mom’s care?,” was what I wondered early on (fun fact – it didn’t).
Other caregivers have said that they want their mom cared for at a certain level and they know that her money will not sustain that level long term. I worry about this too.
Finally, like many caregivers, I treasure my lifestyle. And like others, if I needed to I would kick in the funds to sustain her level of care – but to be honest, I really don’t want to have to do that.
What to do?
First, give yourself grace. Just because you are worried about mom not having enough money to pay for her care does not mean that you are being selfish. Quite the contrary. You are being honest and forward thinking.
Speaking of honest and forward thinking – there are many ways to get a handle on our loved ones finances so that we, the caregivers, feel more secure.
I’m not a financial advisor (dear gawd far from it!) I am only the daughter of an 86 year old mother that wants the best care for her and to make sure that she has enough funds to sustain that level of care.
A few things that I’ve done to help me to feel more secure in managing mom’s funds:
- Know what your mom has to work with. Banking, stocks, investments, insurance.
- Ask questions.
- Reach out for assistance. AARP is a great resource. For me connecting with a senior care specialist was super helpful.
- Keep a budget for your loved one.
- Reach out to your loved one’s financial advisor, if they have one.
Money is the most stressful, un-fun part of being a caregiver. And the struggle with it is something we all have in common as caregivers.
Surrounding yourself with others that are also struggling with the frustrations of making sure there is enough money for their loved ones care also helps.
That’s one reason I created the Caregivers Collective Community. Join us as we support each other as caregivers – here’s the link http://www.facebook.com/groups/caregiverscollective/