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5. If you are working, get disability insurance. Don’t count on Social Security disability; it's restrictive and difficult to obtain, and it can take months to qualify and years to process claims.
6. Have life insurance to help pay for your parent’s care if you die. Consider working with a broker instead of an agent who works for only one company. You may want to consider long-term care insurance for yourself, but it is complicated and costly. It’s mostly used by those who want to protect assets.
7. If your aging parent is unable to make decisions for himself or her- self, you may have to assume guardianship. This must be decided in court, and is usually a last resort when your parent cannot make deci- sions on his or her own.
8. Consider working with an elder law attorney, who focuses only on the legal needs of the elderly. Hire a certified elder law attorney if you can, as they must meet eligibility requirements, pass a test and have peer references.
9. At tax time, look closely at medical expenses. If your parent can qualify as a dependent, you can claim a deduction if you spent 7.5% of your adjusted gross income on medical costs that were not reimbursed by insurance or Medicare.
The Various Stages of Elder Care
If you currently have an aging parent who can no longer live alone, or if you anticipate this becoming the case sometime down the road, finding appropriate care and housing within your parents’ or your own financial means can be a daunting and time-consuming experience. What’s more, costs for elder care can be mind boggling, and Medicare and private insurance may not cover most expenses. That’s why it’s important to review your options in order to provide the best care for your aging loved one without negatively impacting your financial well being. There are many options to consider, including in-home care,
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