Throughout history, family members have taken on the responsibility of caring for their elderly parents. Entering the 21st Century, shifts have occurred in our modern culture changing the likelihood of our being able to rely on our children to care for us as we age. You may be one of those fortunate enough to have grown children who still live in your area. Your adult children may have their own children to care for or time constraints imposed by their jobs. Or, they may simply be lacking in the skills necessary to provide the level of assistance you may require.
Few people can save the necessary amount to be free from significant financial risk.
At present, Medicare pays only about 12 percent of nursing home costs. Beyond that, it's your responsibility. Medicaid Pays only when you meet financial need requirements, established by your state of residence, and if you are receiving care in that state. In addition, Medicaid currently does not pay for care at alternate facilities. The unfortunate reality is that many people start out paying their own expenses, but still end up applying for Medicaid assistance when their own funds are depleted.