Those of us who are members of the “Sandwich Generation” may not have expected to find ourselves in the position of helping to provide for our elderly parents, nor may our parents have anticipated needing our support at this stage of their lives. Whether the recession, lack of financial planning – or a combination of factors – had something to do with it; sometimes difficult decisions have to be made when it comes to ensuring proper care for aging parents.
Sometimes financial safeguards thought to be in place, such as government programs, don’t always end up providing the security that was expected. For example, those receiving Veterans’ Benefits in some states may not be eligible for Medicaid government assistance, even though Veterans’ Benefits may not be sufficient to fund necessary assisted living and/or home care. Some veterans and their surviving spouses are eligible for a supplemental VA pension, which could provide extra benefits for veterans and survivors who require some forms of long-term care. If your parent receives Veteran’s Benefits, you may want to see if they may qualify for the supplemental pension, as well.
Sandwich generation caregivers sometimes have it most difficult as they can feel the financial burden from both their kids and parents. If you find your parent slips through all the cracks of long-term care funding options, you may need to get creative to find ways to pay for care.
Funds can sometimes be especially tight for sandwich generation caregivers. Here are some senior care funding options your family may consider if you’ve exhausted other, more traditional, financing options:
Sadly, there’s no magic solution to the money issues we and our aging parents face, whether or not they are eligible for Veteran’s Benefits. That being said, if you’re not facing these types of struggles yet but may someday, work with your parents now — immediately — to look into long-term care insurance. The right policy could save a lot of money in the long run.
Has your family come up with any creative ways to save money or help fund either long term care or college graduation? Sandwich generation caregivers often need to be creative when it comes to balancing budgets. Please share in the comments section below.
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