Innovative Building and Remodeling Solutions
for Independent Living

A recent USATODAY/ABC News/Gallup Poll indicated that 41 percent of baby boomers who have living parents are taking care of them through personal help, financial assistance, or both. The same poll also shows that of those boomers who are not providing care for their parents now, 37 percent think they will someday. Nearly 50 percent admit that they are concerned about their ability to do so.

About 34 million Americans serve as unpaid caregivers for other adults (mainly their parents). According to data from The National Alliance for Caregiving (NAC) and AARP, unpaid caregivers spend an average of $2,400 of their own money annually taking care of their parents or other loved ones. Those who put in over 40 hours a week spend even more:  an average of $3,888 of their own money each year (says AARP). The NAC estimates that $659,000 per person is lost in pensions, Social Security benefits, and wages as adult children take time off from work to care for their aging parents.

In addition to the cost factor, time is also a consideration. These caregivers are spending an average of 21 hours a week helping out. AARP estimates that the economic impact of this care was about $350 billion in 2006— exceeding the size of the federal budget deficit that same year.

Are you ready to take care of your loved ones? According to this article in USA Today, there are some steps you can take now that could lessen the emotional and financial burdens of becoming a caregiver:

Consider remodeling a home. Whether your parents move into your house or stay in their own, you may need to modify the living space. You could add everything from handrails in bathrooms and a ramp instead of stairs at the front door, to a bathroom and bedroom on the first floor. The National Association of Home Builders and AARP have teamed-up to create the Certified Aging-in-Place Specialist (CAPS) program, which trains specialists, like Home Evolutions, in home design and remodeling for seniors and people with disabilities.

Consider long-term care insurance. Long-term care refers to the many services beyond medical care and nursing care used by people who have disabilities or chronic (long-lasting) illnesses. Long-term care insurance helps you pay for these services, which can sometimes be very expensive. A long-term care insurance policy ensures that you can make your own choices about what long-term care services you receive and where you receive them.

Set up an emergency fund. Don't wait until it's too late to start preparing for an elderly parent's care. Plan now to have an emergency fund for incidental expenses for yourself—like paying for a last-minute flight, hotel, and rental car when you need to go home to visit an ill parent.

Do the paperwork. Finally, make sure your parents have given someone the authority to make financial and medical decisions on their behalf if they become incapacitated. They should have two documents that you can find in an emergency:  a durable power of attorney for finances and a power of attorney for health care. Obtaining a power of attorney is an important planning tool should they become incapacitated or suffer mental health problems that may affect their ability to manage financial or health-related affairs. While many couples grant power of attorney to each other, they should also name a backup agent in case the other spouse dies or becomes incapacitated.

For more information, visit www.homeevolutions.com.