There comes a time in every individual or couple’s life wherein the tables are turned, and it becomes a time to take care of your parents. Whether your parents are within an assisted living center, a full time nursing home or if you are personally caring for them within your own home, the task can become financially draining. This is why so many home and nursing care solutions have led to the children of parents filing for medical bankruptcy.
If you have been, or are currently in this situation you know exactly what we are talking about. Medical care is not cheap, and as your parents age the costs seem to increase with each passing year. If one or both of your parents are a Veteran, it still may be the case that health costs are overwhelming. Health insurance or health coverages can’t cover everything. And it is most often the case that the children of parents enduring these costs will be paying the price with respects to their financial futures.
Just to give some idea to of what different types of medical costs may be with respects to care for the elderly:
* A couple (after retirement) should expect to pay approximately $250,000, on overage, in out-of-pocket medical costs through the remainder of their lifetime
* Over sixty percent of all Americans will need long-term nursing home or assisted care after retirement. This number is said to rise to seventy-five percent within the next five years
* On average, the cost to have a parent in a nursing care facility is seven thousand dollars per month
* On average, the cost to have one parent in an assisted living facility is approximately four thousand dollars per month
* After the diagnosis of Alzheimer’s, an individual can expect to pay, on average, over $400,000 in medical costs throughout the remainder of their lifetime
Caring for your parents is not an easy task nor an inexpensive one. There are a great many individuals that are in the same situation you are, and end up having to file for bankruptcy because of it. Don’t be ashamed of filing for medical bankruptcy. If you have done all you can to pay your bills completely and on time for the well-being of your parents, there is often no more that you can do.
Contact a San Antonio bankruptcy lawyer to see where you stand as far as your financial situation prior to filing for bankruptcy. Allow experienced professionals to guide you through the process, helping you understand the steps along the way. It is a respected and loving thing, to care for a parent after they are unable. Allow someone to assist you in the same way, reorganizing or wiping clean, your financial slate. A positive financial future for both you and your parents is only a phone call away.
Jeff Davis is the Owner of the Davis law firm and a highly experienced San Antonio bankruptcy attorney. To find out more information about a San Antonio bankruptcy lawyer, please visit www.jeffdavislawfirm.com.