When people picture long-term care, they usually picture a nursing home. But much of it happens at home, with family.
It's a daughter driving her dad to appointments every week. It's a husband learning to manage his wife's medications. It's a son stopping by after work to check on his mom and fix whatever needs fixing.
Nobody sends a bill for that kind of care. But it still costs something.
Where the money goes
Some costs are easy to see. Groceries, prescriptions, gas for appointments, a shower chair or grab bars.
Others are harder to spot. Hours cut back at work. Retirement contributions you paused "just for now." Your own doctor's appointments you keep pushing off.
Caring for someone is worth it. But it shouldn't cost you your own future.
How to protect yourself while you care for someone else
Track what you spend. Even a rough list for a month or two gives you real numbers to work with.
Talk to the rest of the family. Relatives who can't help with time may be able to help with money. It's easier to bring up early.
Find out what your loved one already has. Their savings, insurance, or benefits may cover more than you think.
Check your benefits at work. Ask HR about family leave or flexible schedules.
Keep saving for retirement if you can. Even a smaller contribution is easier to keep going than to restart later.
Think about your own plan, too
Caring for someone has a way of making you wonder who will care for you someday, and how you'll pay for it. Our earlier post on long-term care planning walks through your options.
You don't have to figure this out alone
Whether you're caring for someone now or trying to get ahead of it, a Wealth Advisor can help you protect your savings and plan for what's next.
Schedule a complimentary consultation with our Wealth Advisors.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Commonwealth Federal Credit Union and First Commonwealth Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using First Commonwealth Investment Services and are employees of LPL. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, First Commonwealth Federal Credit Union or First Commonwealth Investment Services. Securities and insurance offered through LPL or its affiliates are:
Your Credit Union ("Financial Institution") provides referrals to financial professionals of LPL Financial LLC ("LPL") pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
6126 Hamilton Blvd., Suite 100 | Allentown, PA 18106
LPL Financial Form CRS