Millions of people in America struggle with the question of whether their older parents are able to afford long-term care. Monetary matters can be a sensitive subject, and when it is time to begin planning for long-term care needs, having an honest and open discussion about how your parents will cover elderly care costs is essential.
To that end, our Roseville home care team has compiled the following questions to help you get started:
- What are your parents’ assets? A good place to start is to figure out approximately how much funding your parents have available in cash, investments, and Social Security. This provides a basis for paying for long-term care expenses.
- Do your parents anticipate a need for financial support? People are living longer than in the past, which means more people are outliving the resources they’ve set aside for their retirement years. Ask your parents if they have adequate funds to support their needs for the balance of their lives. If not, how much support will be necessary?
- Do your parents have insurance? Find out if your parents possess a long-term care insurance policy in addition to life insurance, and make sure you have a good understanding of their policies.
- Do you have access to their passwords and account numbers? Ask for account and password details, and retain a copy of this information, along with contact information for your parents’ financial adviser and attorney. This will make it a smoother process to work through affairs when the need arises.
- Do your parents have a power of attorney? Suggest to your parents that they select and finalize paperwork for a power of attorney so that they are assured that there is a dependable, trusted person to make decisions for them in the case of a medical emergency.
Preparing ahead of time for long-term care and elderly care costs is essential, and best accomplished while your parents are independent and thriving. Gaining an understanding of their finances now will help you be more prepared for their future care.
At Live Well at Home, we know that conversations about elderly care costs and finances can be difficult, and we’re always here to help. Contact our home care experts at 916-459-3220 to learn more about our professional home care in Roseville and the other surrounding areas. Visit our Service Area page to find out more about all of the areas we serve in California.