Our moms planned for our futures -- college, wedding and baby showers -- and now the results of a new national survey show we're not returning the favor.
In some disturbing news just in time for Mother's Day, the national poll found 70 percent of respondents (seven out of 10) have not discussed, researched or saved for their aging mom's care -- and 72 percent say they don't plan to pay for her care out of their own pockets.
By a slightly smaller margin, 61 percent say they'll wait for a turning point in their mother's health before they start planning for her future instead of doing their homework now . Senior care experts say it may be too late by then. Plus, more than a third (32 percent) say the thought of talking with their mother about future care plans made them uncomfortable.
The survey was commissioned by Senior Helpers Navigator, a new service offered by Senior Helpers, a provider of in home senior care.
"We've talked to thousands of families who were emotionally and financially unprepared to care for aging parents and that's why we created Senior Helpers' Navigator," says Peter Ross, CEO and founder of Senior Helpers. "Adult children are often shell shocked when they realize Medicare covers some senior care services but the majority will be paid for by the senior or by the children out of their own pockets."
The survey also shows:
? Women are more likely to have talked with their mothers about future care plans than men
? 43 percent would rather hire professional, in-home care services as a future care option for their mother versus nursing home facilities (4 percent), assisted living communities (25 percent), and having her move in with them (28 percent)
? percent also indicated that they live more than 40 miles from their mother's current residence, meaning that they will not personally be available to care for their aging mother should the need arise.
The cost of caring for your elderly mother can vary, depending upon the type of care you choose:
? The average cost for a private room in a nursing home is $219 daily or $79,935/year.
? The average cost for an assisted living facility, which provides meals and nursing care is $37,572/year.
? Continuing care communities require a contract in advance for a lifetime commitment from the center to care for the senior. Entrance fees range from $20,000 to more than $400,000. In addition, seniors pay monthly maintenance fees from $400 - $2500 or more.
? Independent Living facilities provide seniors with an apartment, meals, but no medical care. Rent can cost more than $4,000 per month or $48,000 a year.
? In home care provides a low cost alternative, plus seniors can use the equity in their homes to pay for it. The average cost for in- home, non-medical care is $19/hr. If you calculate care for four hours per day, five days a week, that adds up to only $19,760 a year.
Keep in mind Medicare does not cover these costs until your parents' money is depleted and if you use Medicare to pay, your mother is put in whatever facility has space. You typically don't get to choose. Medicare does not cover in-home care.
The independent, online survey was conducted by Survey Sampling International and polled 500 people, ages 35-64. All participants are currently in contact with their living mother.
Copyright 2010 consumeraffairs.com
