Millions of people in the U.S. struggle with the decision of whether their senior parents are able to cover the cost for long-term care. Monetary issues can be a delicate subject, and when it is time to begin thinking about long-term care needs, having an open and honest discussion about how your parents will be able to pay for aging care services is essential.
To that end, our San Diego Home Caregivers team has gathered together the following questions to help you get started:
- What are your parents’ assets? A good place to begin is to determine approximately how much funding your parents have available in cash, investments, and Social Security. This provides a foundation for covering long-term care expenditures.
- Do your parents anticipate needing financial assistance? People are living longer than ever before, meaning more people are outliving the resources they have designated for retirement. Ask your parents if they have enough funds to sustain 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 have a long-term care insurance policy, as well as life insurance. Review to gain a solid understanding of their policies.
- Can you access their passwords and account numbers? Ask for account and password details, and maintain a copy of this information, along with contact information for your parents’ attorney and financial advisor. This will make it an easier 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 they are assured that there is a dependable, trusted person to make decisions for them in the instance of a medical emergency.
Planning in advance for long-term care is essential, and easier to accomplish 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 San Diego Home Caregivers, we realize that discussions about senior care and finances can be difficult, and our professionals are always available to offer help. Contact our Oceanside home care experts at (619) 487-9000 to learn more, and see our full service area.