Splitting Caregiving Costs Between Family Members

Deciding that your parent, parents, or other senior loved one requires professional care can be a stressful realization for your family. Quality senior care is not cheap and for many families, one individual can’t take on the financial burden alone.

If you have siblings and you’re all planning to split your loved one’s care costs, there are a few things you should do to yield the best possible outcome.

Collect Pertinent Documents

The first step you and your siblings should take is to obtain all of your loved one’s financial records. All of the documents you collect can put one more puzzle piece into place when it comes to understanding your parents’ financial situation.

Having all of the documents you need can not only help the lot of you discover what money is available for caregiving services and which expenses can or can’t be eliminated. From there, you’ll be able to create a realistic budget and make sure that your loved one’s finances are being managed properly.

Seek Professional Advice

Determining what sort of care your parent or parents need, what’s available, and how you’re going to pay for it can be incredibly challenging. For this reason, you and your siblings should speak with an attorney who is experienced with senior care cases. These individuals can help discover whether your loved one qualifies for Medicaid, round up any additional documents you might need, and how to make the most out of the money you have available.

Understand Your Siblings’ Needs

You and each of your siblings are different people, and because of this, you have your own financial situations to deal with. Keep in mind that one of your siblings may not have as much money to invest in your parents’ care.

Try to avoid becoming defensive or judgmental if these situations arise. Even though your loved one needs care, it’s very important to remain civil and keep yourself from shaming siblings who are less well-off than others.

Track Everything & Review Regularly

Keep an organized paper trail. Document every decision the group of you make in regard to your loved one’s care. Store receipts, policy information, and anything else that might come up later on in terms of your parent’s needs.

Additionally, if you have assigned specific expenses to each of your siblings, check in every once in a while to make sure everything is proceeding as it should. You’ll also want to review your arrangements on a regular basis just in case one of your siblings needs to make a change.

Remember, try to remain patient with each other while you’re figuring out the financial aspects of your loved one’s specialty care needs. Making money changes can be difficult for everyone involved, so be sure to stay open and honest with your family about the situation at hand.