| Unless you have spent considerable time with | | | | their lives in a nursing home. All the better reason |
| your parents and are aware of how they manage | | | | to make a long term care plan now. |
| their finances and resources, it is likely you will end | | | | We often see our parents as the authority, |
| up contributing financially to their retirement and | | | | however depending on their level of education and |
| healthcare needs. This will significantly affect your | | | | experience in the world, we may be the actual |
| retirement planning not to mention your time, | | | | authority. Children are often better educated than |
| family relationships and your career. | | | | their parents and more familiar or at least aware |
| While children are generally supportive of caring | | | | of financial planning and insurance products. I was |
| for aging parents and many would not change | | | | surprised when I learned after my mother's death |
| anything about the time, effort and financial | | | | that she never knew how to balance a |
| support provided, with proper planning this support | | | | checkbook. She was just good at making sure |
| does not have to be a personal or financial drain. | | | | there was always enough money in the account |
| Be prepared to open the discussion. This is difficult | | | | to pay the bills. |
| subject matter that many people put off or put | | | | Here are five steps you can take to avoid |
| aside to focus on other priorities like raising | | | | financially supporting aging parents. If you are |
| children and funding college. However not planning | | | | already at the point of crises, many of the |
| for long term care often results in crises and | | | | discussion points still apply, however you may |
| stress later in life. This type of planning is just not | | | | have to make other hard choices about finances |
| for our parents it is for us because accidents and | | | | because long term care insurance may no longer |
| health care issues occur throughout life. | | | | be an option due to health reasons. |
| Most of us feel psychologically young while our | | | | 1. Have a discussion with them about their |
| bodies chronologically age. It is this unexpected | | | | finances. Many parents feel this to be an invasion |
| chronological aging that catches us off guard. We | | | | of privacy but they might understand if you tell |
| approach our fifties and our body parts begin to | | | | them that you are making your own long term |
| fail due to overuse, especially in those who have | | | | plan and want to make sure that they are equally |
| been very active like distance runners or those | | | | prepared for retirement. |
| who ski. Or we are diagnosed with high blood | | | | 2. Take them with you to a financial planner and |
| pressure or diabetes and we may be destined to | | | | while you are there share information and make |
| take medications the rest of our lives. | | | | your own plan to stress the importance of proper |
| Our parents face the same chronological issues on | | | | planning with your parents. Set an example. |
| an accelerated level. Hip and knee replacements | | | | 3. Prepare budgets. Have a realistic discussion of |
| are common as are the increased number of | | | | available finances and the costs of long term care. |
| medications older adults often take. And how well | | | | Look at expected monthly retirement income |
| your parents cared for themselves when they | | | | versus available monies to pay for unplanned |
| were younger will have a direct effect on their | | | | hospitalization or skilled nursing facility co-pays. If |
| ability to age with or without significant health | | | | there will not be sufficient funds available for |
| issues. | | | | unexpected expenses, consider long term care |
| After age 65 a stay in a nursing home is common | | | | insurance which pays for home care, assisted |
| whether it be for short term rehabilitation or to | | | | living and skilled facility care. |
| recover from a medical emergency. Most older | | | | 4. Discuss life insurance if this has not already |
| adults have excessively negative memories of | | | | been purchased. It could mean the difference |
| nursing homes because their parents or older | | | | between having a paid off mortgage or not, in |
| family members may have been placed in the | | | | addition to paying for funeral arrangements and |
| "home". The skilled facilities of today have come a | | | | paying off other bills. |
| long way in dispelling this old impression, however | | | | 5. Follow through with finalizing a plan. If you wait |
| many people do not want to live the last years of | | | | too long some options may no longer be available. |