Budgeting for Elder Care: Surviving the Strain of Elder Care on the Home Budget

Having Mom or Dad move in with you seemed like a good idea. You worried less about them when they were under your roof, and they got to enjoy your family home and watch their grandchildren grow.


Or you may have decided that you could quit your job and stay home to look after a parent with a disability. Instead of paying someone else, you could provide the best love and attention, and save the expense of travel, lunches and a professional wardrobe.

At the time, you probably didn't foresee just how expensive these decisions turned out to be. While your previous home budget may have allowed you to buy clothing, food and a few extras, without your job — even a part-time job — everyone feels the strain of having less money and watching the savings account slowly dwindle.

Okay, so you thought the insurance plan would cover the medications and other elder care supplies. But even that $10 deductible can be a burden when Grandma needs six or seven prescriptions filled month after month. You had to buy a bathtub mat, a toilet seat booster, new flooring for the hallway, the guard rails by the bed, and other items that didn't fit in with the established home budget.

Meanwhile, elder health care costs have skyrocketed because of more frequent doctor's visits and even hospitalization. You had to travel to the hospital every day, paying for gas and parking, and more deductibles for the hospital room and new medications.

Then when your elderly Dad came home and you hadn't been outside in two weeks, you found out that adult day care costs around $100 per day for ambulatory adults.

Even if you're able to go back to work part-time, you find out that you're no longer eligible for benefits, and you don't get any paid vacation. The costs are adding up, the home budget is being strained, and the bills are becoming overwhelming.

You're not alone in struggling under the burden of burgeoning costs of elder care. According to the Alzheimer's Association:

If placing your loved one in a nursing home is not an option for you — for financial or emotional reasons — adult day care may be your best option. This service may be offered by local nursing homes, in private homes, and in local institutions. With such provisions for the welfare of your elderly parent, you can continue working and receiving benefits, and not impact the home budget as much. Adult day care programs also provide needed time away from the dependent adult.

Many employers realize that loss of productivity can be minimized if they help the employee cope with the burdens of caregiving. Many offer the option of flexible spending accounts that allows the employee to designate pretax funds for medical and respite care, thereby saving some tax dollars. Some employers also offer an elder care resource and referral to assist employees in finding quality care for their parent or other disabled family member.