Millions of Americans are struggling with the question of whether their elderly parents are able to cover the cost for long-term care. Monetary issues can be a sensitive topic, and when it’s time to begin considering long-term care needs, having an honest and open conversation about how your parents will be able to pay for home care assistance is crucial.
To that end, our professional home care team has compiled the questions below to help you get started:
- What are your parents’ assets? A good place to start is to figure out approximately how much money your parents have available in cash, investments, and Social Security. This sets a basis for paying for long-term care expenses.
- Do your parents anticipate a need for financial help? People are living longer than in the past, meaning more people are outliving the resources they’ve set aside for their retirement years. Ask your parents if they have enough funds to support their needs for the balance of their lives. If not, how much support will be necessary?
- Do your parents have insurance? Determine if your parents possess a long-term care insurance policy as well as life insurance, and be sure you have a good understanding of their policies.
- Can you access their passwords and account numbers? Ask for account and password details, and preserve a copy of this information, along with contact information for your parents’ attorney and financial advisor. This will make it an easier process to sort out affairs when the need occurs.
- Do your parents have a power of attorney? Recommend to your parents that they select and finalize paperwork for a power of attorney so that they know there is a dependable, trustworthy person to make decisions on their behalf in the event of a medical emergency.
Preparing in advance for long-term care is vital, and best done while your parents are independent and thriving. Understanding their finances now will help you be better prepared for their care in the future.
At Stay Home Care, the leading Brentwood home care agency (also serving surrounding communities), we realize that conversations about aging care and finances can be challenging, and we are always available to assist. Contact our home care experts at 615-964-7726 to learn more, and visit our Locations Served page to see all of the areas we serve.