After a chronic condition is discovered, it’s possible your parents are going to need help around the home. Medication reminders, assistance with transportation, and help with laundry and housework are all areas where seniors need help in order to age at home.
The cost of care services can drive families to worry about their parents’ budget. For some families, taking on all of the care services seems most affordable. Have you stopped to think about what it costs you if you quit your job?
What Happens With Your Dental and Medical Insurance?
If you are in a relationship where your significant other’s job provides your medical and dental insurance. If your work provides your policy, you could face hardship finding affordable insurance. Going without insurance, while possible, can be devastating if someone happens to you.
It Can Be Isolating
When you give up your job, you also lose daily contact with co-workers. Studies find that loneliness and isolation negatively impact your health. You need to find a way to remain social. A strong circle of friends will help, but you need to make sure you also have time to go out with them.
Your Retirement Income May Take a Hit
Quitting your job to care for a parent will impact your finances. You lose the money you were putting away for retirement. You also lack funds for going out, splurge purchases, and travel. There is the possibility of getting paid by your parents to provide their care, but the average rate is low.
Plus, you’ll have to pay your own employment taxes as a self-employed person. That means paying just about double the amount of taxes you would be paying if you were working for someone else.
Personal Time Declines if You Don’t Plan Ahead
Make sure you’re planning breaks for your own needs. You’ll still want to see your doctor and dentist once or twice a year. If you’re diagnosed with a health condition, those visits may increase. You need time to see friends, go to school functions for your children, or have time to relax.
How Easy Is it to Find a Job Later in Life?
If you’re stepping away from the working world while caring for a parent for 5-10 years, you may find it’s hard to get back into the working world. Some employers look at that gap in employment as a negative, even if you had a great reason for taking the break. You may find yourself going for entry-level jobs for little pay.
What Are Your Options?
When a parent needs a caregiver each day, there is another option. You could keep working and fill the gaps that you cannot be there with home care services. A caregiver can drive your parents to senior centers or adult day programs. A home care aide can take them shopping and to appointments. When you’re done work, you can take back over. Call a home care agency to arrange part-time coverage.