Key Points
Suddenly the financial planner from Ripon, California, was thrust into the role of caregiver for her beloved grandmother Neda who fell on a tile floor, broke her hip and faced mobility limitations...
For three years, Miura chipped in time, money and care, taking her grandmother to the emergency room so often that she got to know all the hospital security guards by name..
As a result, almost half of caregivers say they have suffered financially: withdrawing from their own savings, taking on debt, paying bills late, or cutting back on retirement contributions...
Caregiving takes not just money, but also a fair amount of time 24 hours a week on average, the TIAA Institute report shows..
Now you are dealing with issues like when to use the loved one's own assets to cover the cost of care; when and how to tap state or federal resources, which may be able to help with issues like assisted living; and how to choose the right insurance, for health coverage or additional policies like long-term care...
