A USA Today and ABC News 2007 poll found that more than 40 percent of baby boomers who have living parents are providing them with financial care, personal care or both.  Although a more recent poll has not been done, we can assume a growing number of baby boomers are finding themselves in the same predicament. For the adult child now caring for a parent, this can be a difficult situation.

As we age, it often becomes inevitable that our needs will change in the areas of medication management, personal safety, socialization and personal care.  Many seniors resort to denial behaviors rather than acknowledging that they may need to consider an option other than independent living. But denial is not limited to the aging parent. Too frequently, the adult child caregiver may not accept the fact that Mom or Dad is slipping and falling far too often, or that poor medication management is effecting them cognitively. In some cases, denial is accompanied by guilt at suggesting that parents should consider options other than living independently or with their children. 

In today’s economic climate, seniors and caregivers alike are concerned about the costs of senior living communities. In some instances, the caregiver children or grandchildren decide to move the senior into their homes to balance the need for care with costs. They end up using parents’ social security or pension funds to defray their living costs.

At some point, the care-cost ratio may change, with seniors requiring more care than their caregivers can provide. That’s when they begin exploring senior living options to identify the best possible arrangements for a happy and healthy life.

Surprisingly, there are a number of viable options for affording quality senior living, though few caregivers and seniors may be aware of them.  These include:

• For veterans and their spouses or surviving spouses, the Veterans Administration’s Aid & Attendance Program can be of great assistance. As a brief summary, wartime veterans and surviving spouses may qualify for up to $1,644 monthly or $1,056 monthly respectively to assist with rent at an assisted living facility. For a couple (married veteran and spouse), the benefit is $1,949. There are also benefits available for the spouse of a veteran, even if the veteran is still alive but will not be living in the assisted living facility.  
• Long-term-care insurance may pay for the costs of assisted living.
• Reverse mortgages are loans for senior homeowners that use a portion of the home’s equity as collateral.  The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.
• Viatical agreements are agreements between the owner of an insurance policy and a third party, in which the third party agrees to purchase the life insurance policy from the owner for less than its face value.  The third party continues to pay policy premiums and receives the value of the policy upon the death of the insured.  These are most frequently used in the case of people who are terminally ill.
• Nursing Home Transition Programs may provide financial assistance for assisted living for Medicaid-eligible seniors leaving a nursing home after a 60-day or longer stay.

In all the above cases, it is important to consult a lawyer, accountant or other professional adviser for details and advice. However, there are other options, as well. Some assisted living communities offer Day Programs, in which seniors can participate in programming and meals during the day, paying on a per-day basis or a flat monthly fee. This is often a good option for families in which the caregivers are working during the day but still wish to care for the senior at night.

Senior communities may also offer a Dusk till Dawn program, which provides overnight accommodations for seniors. This may be ideal for seniors with sleep disturbances, confusion, Alzheimer’s or wandering habits, and affords respite for caregivers who are then able to run errands, rest or socialize in the evenings without worrying about their parents. 

The most important consideration is the quality of care. Many adult children choose to assist their aging parents with the cost of assisted living to ensure their quality of life remains at the proper level. In all cases, the best first step is to ask for information. Most assisted living communities can provide information about a range of options to help with these important decisions and ensure that aging parents and their caregivers will make a well informed decision.

To find adult day care programs, dusk till dawn programs, nursing homes and assisted living facilities, visit Florida Health Finder.