Caring for Aging Relatives

The New York Times published a story in their Patient Money column about the costs of providing care for aging relatives. Read an excerpt of the the column below, then check out what people said about it in the Times' Well blog.

About 30 percent of adult children in the United States contribute financially to their parents’ care, according to the Pew Research Center. On average these children pay $2,400 a year on everything from uncovered medical expenses to making sure the refrigerator is stocked each week. The money often goes to parents who diligently saved all their lives, but in the face of longer life spans and chronic illness, the savings just isn’t enough.

With all of the overwhelming emotional and medical aspects of caring for elderly parents, it’s natural to ignore the consequences of spending large amounts of money on them. But so often adult children end up ignoring their own savings and retirement accounts or, worse, go into debt, because they’re taking care of their parents, says Tim Casserly, a lawyer in Albany who specializes in issues of elderly care.

And if you jeopardize your own finances now, you risk putting your children in the same tough spot down the line.

In another report in the Times, John Leland looked at a program in Philadelphia designed to move elderly patients out of nursing homes and back into their own homes or a relative's home. Similar programs are being tried in 29 states through Medicaid.

A growing number of states are reaching out to people like Mr. Brown, who have been in nursing homes for more than six months, aiming to disprove the notion that once people have settled into a nursing home, they will be there forever. Since 2007, Medicaid has teamed up with 29 states to finance such programs, enabling the low-income elderly and people with disabilities to receive many services in their own homes.

The program in Pennsylvania provides up to $4,000 in moving expenses, including a furniture allowance and modifications to the apartment, and Mr. Brown has a home health aide every morning and a care manager to arrange for services like physical therapy. The new programs, financed largely by $1.75 billion from Medicaid, are a sharp departure from past practices, where Medicaid practically steered people into nursing homes.