Plan Long-Term Care for Your Parents Well in Advance
When your parents begin approaching retirement age, start planning for their long-term care. More than 70% of older people find themselves in long-term care facilities or needing help around the house. It is expensive, and few retirees and their children have enough money in their savings accounts to fund this care.
Comprehensive insurance makes this possible. Therefore, plan well in advance to have the necessary coverage for when it is time for your parents to move into a long-term care home. Here are some reasons why planning is crucial:
Seniors become eligible for Medicare at 65. However, Medicare membership does not mean that their medical expenses are fully covered. Russell Noga from MediSupps says that with an Accendo Medicare supplement, more parts of the program are covered, and there are additional coverage benefits. However, Medicare does not pay for long-term care in a nursing home or other facility.
With the money they save on medical expenses with a Medicare supplement plan, your parents can invest in long-term care insurance that will cover these costs should the need arise. As their children, you could also opt to contribute some money toward this cover. Higher premiums result in a higher payout on expenses, allowing you to ensure your parents have the best possible care when they need it. Paying contributions now will prevent a massive financial burden on your shoulders in the future. Long-term care insurance includes home care, nursing care, assisted living, and confinement to a care facility.
Unexpected health complications
None of us know what the future holds. While your parents might be the picture of good health right now, that can change in a matter of months. Without financial plans in place, what will happen if they are diagnosed suddenly with a serious health condition that makes it impossible for them to live out their retirement as first envisioned.
Delaying financial planning for long-term care is not the wisest approach. Leaving it for a year or two after your parents retire could be a costly decision. What if a parent were to be diagnosed with Alzheimer’s within months after retiring? What would happen if one of your parents were to have a stroke out of the blue that leaves them paralyzed? Without plans in place, you will face untold financial hardships to get the care they need.
While no one likes talking about scenarios like those mentioned above, they are a reality that needs to be addressed. It is wiser to start having such conversations with your parents before they retire to immediately put plans in place.
No parent wants to be a financial drain on their children, but speaking about the future in such negative terms might not be easy for them. Be proactive, and discuss such matters opening, stressing that it is important for you to honor your parents’ wishes, which you can only do if you know what they are.
As tough as the topic is to broach, it will make things easier if you know such things before it becomes necessary to have that information.
Respecting your parents’ wishes
In addition to planning for long-term care, ensure that your parents have wills in place stipulating their final wishes. This includes documents that indicate their care preferences, such as a do not resuscitate) order (DNR). When the time of their passing draws near, you might not manage to determine what they want you to do. This is an emotional time that takes its toll on everyone. Family members may disagree about what needs to happen, which causes unnecessary unpleasantness.