Facing the reality that your aging parents will need to rely on you for their care can bring feelings of uncertainty and stress. Adequately planning for your parents’ needs can lessen the stress that accompanies unexpected circumstances.
Collaborate with your family and address your parents’ individual needs and which resources can alleviate the financial costs of caring for them.
Long-term care planning
The health care needs of your parents may shift over time. Factors including their age, lifestyle, former careers, disabilities and even personalities can influence their health and independence. According to Policy Genius, long-term care planning costs include living expenses for assisted living facilities, residential treatment centers and hospice. If you opt to have a home health aide or visiting nurse participate in caring for your aging parents, those costs also fall under long-term living expenses.
One of the best ways to financially plan for long-term care costs is to know what your parents want. Discuss their expectations for medical treatment and day-to-day assistance. Brainstorm options together to come up with a solid plan. Having their input can help you to effectively budget and feel more confident about the decisions you make on their behalf.
Caring for your parents will require financial stability. While your family may rely on you as the primary caretaker or coordinator of your parents’ well-being, you can ask for their help as well. Work together to find a fair way to share the costs of long-term care planning.
Encouraging your parents to coordinate their financial needs within their estate plan is another great way to budget for the future. With adequate planning on your parents’ part, you can draw upon their savings to help fund their end-of-life needs.