Deciding on moving one of your parents to a nursing home is tough. It is a big change for them, their spouse, and everyone in the family. Additionally, there are various costs involved in nursing home care which requires sound financial planning.

As per a report, 72% of men and 48% of women who are 65 years old or above live with a spouse or partner. When one parent is healthier than the other, they assume the role of the caregiver. This can put significant responsibility on their shoulders, as they are required to cater to the needs of their partner. While manageable at first, these needs only increase with time. Often, children will need to get involved.

It is common to feel guilt when moving a parent to a nursing home, thinking: “Couldn’t I have taken care of them myself?” However, it is important to understand that, at a nursing home, they will be receiving the proper care they need and improving their quality of life. In addition, the healthier parent will be relieved of caregiving duties, giving them the freedom to focus on their own health.

Factors for Choosing the Right Nursing Home

The first step is to have an honest conversation with your parents. Naturally, there will be resistance at first. But it is important for the parent with needs to understand the level of care they require and then make an informed decision. Additionally, visiting the facility can help ease any reservations regarding the quality of care one will receive.

The second factor to consider is the cost of care, which varies based on location. According to a survey, in states such as Texas, Arkansas, and Louisiana, monthly nursing home costs range between $5,000 and $7,000, while in Pennsylvania, Missouri, West Virginia, and a few other states, the cost can be above $10,000/month.

Paying thousands of dollars each month is not easy, especially after retirement. Affording nursing home care often requires pooling funds from various avenues which include:

• Savings – This includes funds from your private bank account
• Pensions – A monthly sum you receive from your employer after retirement
• Long-term Care Insurance – Having insurance can significantly reduce your out-of-pocket expenses as most costs will be covered by the insurance provider

If nursing home care is proving to be too expensive, assisted living can be a good alternative. Assisted living communities provide facilities such as housekeeping, personal round-the-clock care, social activities, meals, and medical assistance. Additionally, the cost of assisted living is comparably less than nursing homes, averaging at $3,000 to $4,000 per month.

With one parent moving out of the home, it is important to decide if the other wants to downsize. Living in a big house alone can become difficult to manage and upkeep. Additionally, if possible, your healthier parent should move into an accessible home to make it easier for them to manage life on their own.

Selling Your Home to Cover Medical Costs

Downsizing can help generate funds to pay for nursing homes or assisted living. Selling your home at a high price and downsizing to a less costly home will provide a significant pool of money that can directly be used to pay medical bills and care. Additionally, this will also reduce the burden of using funds from your savings.

To ensure that you get a good price for your home, it is important to keep these points in mind:

• Do a home evaluation through a real estate agent to know the actual worth of your house
• Research about the market prices of homes in your area and set your price accordingly
• Make necessary repairs such as broken windows, scratches on walls, leakages, etc.
• Landscape your lawn or garden to increase curb appeal

The decision to move a parent to a nursing home is often made out of necessity, rather than choice. It’s important for the parent with needs to receive adequate care, especially if they require round-the-clock assistance. Moreover, adjusting to living alone for their spouse can understandably be difficult and involve financial and personal changes. Hence, it is important to support both your parents in making these tough but important transitions in their life.