Life Events: Caring for Elderly Parents
At some point in life, you may find yourself in a challenging place—caring for your growing children and your aging parents. If this describes your life, you are part of a growing section in our society. It is one of the most difficult responsibilities to manage two very different age groups and seldom at two different locations. While, the end responsibility lies with you, there are steps that you could take to make is easier on you, your partner and your family.
Here are some of the things that you can do to meet these challenges:
 Manage Responsibly : This is easier said than done. You need to learn to manage your own financial affairs at the same time you have set aside to manage your parents’ affairs. If you have a spouse who is good with managing financial and budget, get them involved. You want to mae sure everyone feels that their opinions are valued and they are part of the overall plan. Make sure you keep your parents involved all the times. The worst thing that you could do is to lose their faith and confidence in you while they have no one else to turn to.
Create a family budget: If your parents are living with you or live in the same tow as you do, make a family budget that you can follow. Make sure you incorporates your own income and expenses and your parents’ finances, and stick to it. Once you have your budget finalize, share it with your spouse and parents to get every one on the same page. If your parents don't have enough income to take care of their own expenses, consider alternate funding sources such as reverse mortgages. If you feel, reverse mortgage is a good option, bring it to your parents' attention and seek their opinion. they may not be aware of all the details about reverse mortgage, so make sure you get them comfortable with the process and more details about reverse mortgage is.
Don’t neglect your own needs and goals: It is important that you take care of your needs and goals while helping out your parents. If you have other siblings, get them involved so that everyone can share the responsibilities and not overload one person or family. If siblings are involved, make them aware of any financial decision that you may make on behalf of your parents and seek their opinions.
Stay on track with your retirement and financial goals: Remember, you will get old one day and you don't want to be financially broke at that time. You don't want to put too much burden on your children so make sure you stay focus on your retirement goals. In order to have someone manage your money, you need to have money so keep the end goal in mind and don't lose track of your own retirement.
Don't take expensive Loans: If you're not sure where to turn for money, ask friends and family members before you show up at your local "check 'n' go" place. Don't take loans from your employer’s retirement plan or against your home. Loans, grants and scholarships may be available for your children’s college education, and your parents may qualify for aid programs. If nothing works and your parents own a home, you may talk to them about reverse mortgage.
Consider care alternatives and costs: Assisted living or nursing home living could be very expensive. Make sure you clearly understand the ramification and monthly cost of such an arrangement. If your parents don't have medical insurance, consider purchasing Medicare part B as well as supplement insurance. If your parents are in good health, may be they can work someplace part time to get medical coverage as well as other benefits.
Evaluate long-term care insurance: Long term care is one of the popular insurance coverage that can help with the cost of nursing home living. however, this has to be purchased well in advance. Long term care insurance is more like life insurance. The younger you're lower is the premium. Encourage your parents to consider purchasing long term care coverage when they are nearing retirement and also discuss the nature of this potential coverage.
Keep in mind that caring for aging parents doesn’t necessitate a total role reversal. Although their capacity to live and function as they used to may be changing, they still can make important contributions to the family through their wisdom and life’s lessons.
Get the support you need
Remember, you don’t have to do it alone. A growing number of Americans make up the sandwich generation, and you may want to seek them out for guidance and support. Also, consider turning to health care, financial and estate planning professionals. Some of the employer offer health coverage for parents as well as other services through Employee Assistance Programs(EAP), so contact them if you have such an option available. |
