According to the recently released OASDI Trustees Report, the Medicare Trust Fund will run dry in 2024, five years sooner than the prognosis only a year ago. To add to the gloom, the Social Security trust fund will be exhausted in 2036 and the Social Security Disability Insurance program will run out of funds before 2018.
“Americans are living longer, and health care costs are continuing to rise,” said Treasury Secretary Timothy Geithner. “And if we do not do more to contain health care costs, our commitments will become unsustainable.” The thinly veiled message behind the Trustee’s report is that Medicare and Social Security systems must be overhauled or face extinction.
This prospect begs this question:
Who will care for your parents?
What would we do if government programs can no longer care for our nation’s elderly? This is a tough, and extremely heart wrenching issue that is not easily resolved. However, with the Medicare trust fund headed for empty in only 13 years, it is an issue we need to confront. Consider some or all of the following:
Have a family conference.
My own family would probably earn a C+ for our family conferences. With seven siblings scattered from Phoenix to Southern Illinois, we seldom get together to discuss anything. However, we have communicated fairly well (phone calls when needed) concerning our Mother’s care. I am fortunate to have two saintly sisters who live in the same city as our 91 year old Mom (who still manages to live in her own home) and check in on her daily. If and when she needs additional care, I am confident that my six siblings and I will come to an agreement that honors her.
Make sure they have long term care insurance.
Medicare nursing home care, available only for those who have few assets, is not known for its perks. If your parents have good long term care insurance (LTCI), they will have financial options that will ensure them a quality of care that you (and they) will be happy about. In-home nursing care, for example, is one such benefit.
Keep your parent in your own home.
Historically, in most cultures, children have been expected to care for aging parents. We seldom do so in America today, but, because Medicare in America began fairly recently (in 1966), many of our grandparents and great grandparents were cared for in their children’s homes. I remember my own grandmother living with us near the end of her life. I realize that this care giving was a huge sacrifice for my own mom, but I don’t recall ever hearing her complain; she simply stepped up to do what was needed.
Get out of debt.
Getting out of debt, of course, is always good advice. But we are stating an obvious truth:
You can’t help others from a position of weakness.
I said earlier that my family will figure out a way to support Mom should she need additional care. Why do I say this with confidence? Well, it is nice that we can share the cost seven ways, but it is also assuring that most of us live debt free lives.
Caring for the elderly is a tough, tough challenge … one that can split families and generate huge guilt issues. But, like it or not, the government is not going to be able to do so indefinitely. It is time for us to think of our responsibilities, plan for our options and take back the care giving that will honor our senior citizens in their twilight years.
Readers: What provisions are you (or your parents) making for their twilight years?
{ 6 comments… read them below or add one }
We have already decided that my mother will live with us. I mean, so many kids are so quick to send their parents to a home with strangers instead of caring for them themselves because it inconveniences their lives. That breaks my heart.
We haven’t figured out the insurance aspect of it yet, but just plan to save money in the meantime.
Caring for elderly family members is likely to become more common as the cost of nursing care is increasing. Fortunately, my parents are old enough that Medicare should still help. For me, I am not counting on Medicare or Social Security. That is why I will need to save quite a bundle. It is good that we have 6 kids since that will help ease their individual burdens.
Thanks for this post. While my parents are only 55 and in good health, it’s something that has been on my mind lately. It is a wake up call to know that those services provided by the gov’t will no longer be there when the time comes. Thanks again
@Melyssa,
I love your plan. There is no doubt in my mind you will make it work, despite the inconveniences.
@cash,
Six kids! You are right: having more kids will share the burden if and when needed. We have four kids (all grown). Our goal is to not burden them, but we know they will step up if needed.
@Lacey,
Wake up call…I am glad you “get” the purpose of this post!
Our nation’s finances have been hijacked by those just looking to further their personal pocketbooks or political careers. It’s past time for believers to take action in both public life and our personal life. Not everyone has time to make a public difference, but as you pointed out in this article, we can make lifestyle changes to protect our families. Shoving older loved ones into nursing homes has always seemed to me to be a selfish choice that should be avoided by believers. Obviously some loved ones require more care than an individual can muster. However, those who are healthy, but no longer wish to live alone can enrich our lives in many ways, not just financially.
@Kevin,
Thanks for making the challenge to believers. I agree that believers need to step up and follow biblical principles (mandates?) rather than sit back and allow government to do it for us. It seems, with the pending demise of Medicare, that we will be forced to do what we should be doing in the first place.
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