Family members may help older relatives manage finances or make financial decisions. Some may provide financial support.
Early discussions can help family members understand likely costs and make financial plans.
Local programs may be able to help older adults cover costs for:
Utilities, groceries, cellphone service or other household needs
Fuel, car maintenance or other transportation costs
Medications, hearing aids or other devices not covered by insurance
Grab bars, shower chairs, stair lifts or other equipment to make the home safer
Aging and Disability Resource Centers, Aging Units, Area Agencies on Aging, Senior Centers and departments of health or human services can share information about local programs. The websites BenefitsCheckup.Org and Benefits.Gov have information on national and state programs.
Family members who have older adults move in with them may face costs from:
Moving or storage companies
Higher water, electric or heating bills
Special foods or household supplies
Remodeling to add living space
Modifications like ramps to make the home more accessible
Taking unpaid leave from work
Hiring paid help
Older adults who need more help may also need to pay for:
Personal care assistants, for help with cooking, cleaning and grooming
Adult day care or respite care, to see others and give family members a break
Home health aides, for therapy or nursing care
Long-term residential care, such as assisted living or nursing home care
The costs of hiring in-home help may be covered or reduced by:
Medicare, Medicaid or private insurance, if it's skilled care ordered by a healthcare professional
Medicaid, depending on state programs and eligibility rules
Long-term care insurance, depending on policy
Veterans' benefits
Local programs through Area Agencies on Aging, Aging and Disability Resource Centers or community organizations
The costs of long-term residential care may be covered or reduced by:
Long-term care or life insurance, depending on policy
Medicaid, depending on state programs and eligibility rules
Program of All-Inclusive Care for the Elderly, a Medicare program in some areas
Veterans' benefits