Millions of Americans struggle with the decision of whether their senior parents are able to afford long-term care. Monetary issues can be a sensitive subject matter, and when it is time to begin giving thought to long-term care needs, holding an open and honest dialogue about how to financially prepare for long-term care services is essential.
To that end, our home care team has put together the following questions to help you get started:
- What are your parents’ assets? A good starting point is to figure out approximately how much money your parents have available in cash, investments, and Social Security. This supplies a foundation for covering long-term care charges.
- Do your parents anticipate the need for financial assistance? People are living longer than ever, which means more people are outliving the finances they have set aside for retirement. Ask your parents if they have enough funds to sustain their needs for the rest of their lives. If not, how much additional support will be required?
- Do your parents have insurance? Determine if your parents possess a long-term care insurance policy as well as life insurance, and ensure you have a good understanding of their policies.
- Do you have access to their passwords and account numbers? Request account and password details, and keep a copy of these details, together with contact information for your parents’ attorney and financial advisor. This will make it a simpler process to deal with affairs when the need arises.
- Have your parents signed a power of attorney? Recommend to your parents that they choose and finalize paperwork for a power of attorney so that they are assured that there is a responsible, trustworthy person to make decisions on their behalf in the instance of a medical emergency.
Preparing ahead for long-term care is vital, and best accomplished while your parents are independent and thriving. Gaining an understanding of their finances now will help you be better prepared for their care in the future.
At Help at Home Senior Care, we understand that conversations about elder care and finances can be difficult, and we’re always available to help. Contact our home care experts at (530) 885-7444 to learn more about our home care in Grass Valley, CA and other nearby communities.