Did you know that the number of seniors in the United States is expected to double by the year 2050? Some of these seniors’ healthcare costs will be covered by insurance, but the financial burden of care may fall in large part on families. A recent survey revealed that 42% of Americans that are currently living with their aging parents have not yet discussed the need for additional senior care. Of those Americans, 28% are currently or expect to financially support their senior parents.
It is best that you do not wait until your senior loved one needs to move into an assisted living facility to start talking about financial responsibilities. Educate yourself and your family about costs and options before the time comes by easing the transition with the following steps:
- Have a family discussion. – First, take the time to have an open discussion with your family about your parents’ finances to begin planning for long-term care options. This should include sharing information about bank accounts, legal documents, investment and savings information, and any other pertinent information that will help the seniors’ affairs in order.
- Talk to a senior living advisor. – An advisor can help you understand the options and types of living choices that are available for your parents when they are ready to make the move. As a proactive measure, this can help you save a lot of time in the future.
- Speak with a financial advisor. – Just as financial strategies change after retirement, they must also change when it is time for assisted living. Financial advisors are wonderful resources during this time as they can help you fully understand the investment methods for generating retirement income and will help you figure out feasible methods for paying for senior care. A financial advisor can also ensure that you avoid any scams targeting seniors and will allow you to feel confident in your financial choices.
- Create a budget. – After you fully understand what kind of assistance your parents need/will need, you can create a budget and find the methods of income that will help pay for their requirements. Be sure to consider all options, including veterans’ benefits, Medicare and Medicaid, and long-term care insurance.
Intergenerational Centers can help keeping Mom or Dad home longer……