If a senior expresses concern about affording care, what is an important piece of advice?

Evaluating all possible benefits and assets is crucial for seniors who express concerns about affording care. This step helps to gain a comprehensive view of the financial resources available to them, possibly uncovering benefits they may not be aware of, such as Medicare, Medicaid, or Veteran’s benefits. It also allows seniors to identify their current assets, such as savings, property, and investments, which can be used strategically to offset the costs of care.

Understanding the full scope of their financial situation empowers seniors to make informed decisions regarding their care options. It can also open up pathways for financial assistance programs that can relieve some of the burden of care costs. This holistic evaluation is essential in planning for present and future healthcare needs, ensuring that seniors can maintain their quality of life without undue financial stress.

Considering the other options, investing in insurance may not be immediately feasible depending on a senior's current financial situation or health status, while encouraging cohabitation with family does not address the immediate financial concerns directly. Focusing solely on private pay options could limit access to potentially beneficial programs and resources that can help manage care costs.