Cutting Costs

Retirement savings are being decimated. Medical costs are skyrocketing. The generation caring for their parents and also for their own children is being overwhelmed with no immediate help in site. According to a 2007 survey by the National Alliance for Caregiving and Evercare, the average cost for day to day expenses like food and doctor's visits for an elderly parent is $5,500 per year. Here are five tips from SmartMoney on how to manage the costs of caring for an elderly loved one.

1. Negotiate - It never hurts to ask, especially when dealing with a nursing or assited living facility that is not filled to capacity.

2. Offer to share a room - Some nursing facilities set aside a number of "shared" rooms that are designed for lower income seniors.

3. Hire a geriatric care manager - They can help with everything from asssessing your parent's long term care needs to mediating family conflicts over care decisions.

4. Adult Day Care - This is often more affordable than private, in-home caregiver fees and allows you to still be active at work and valuable to your employer.

5. Hire a part-time caretaker - For someone who does not require full time care, ask a neighbor, church acquaitance or trusted friend to check on your parent a couple of times a day. This also promotes independence if the senior is able.