Your parents are getting older. Do you know how they will afford long-term care? Finances can be a touchy subject, but planning for long-term care also requires a conversation about how your parents will pay for services. Below are some questions designed to help adult children get a handle on their parents’ finances:
What are their assets? First off, establish roughly how much money your parents have in cash, investments, and Social Security. This will provide a basis for funding care.
Do they anticipate needing financial support? People are living longer than ever, which means more people are outliving their retirement savings. Ask your parents whether they have enough to sustain themselves for the rest of their lives. If not, how much support will they need?
What types of insurance do they have? Do your parents have a long-term care insurance policy? Life insurance? Understanding their policies can save you time and money in the long run.
Keep a record of all passwords and account numbers. Keep a copy of all important account numbers and passwords, along with contact information for financial advisers and lawyers. This will make it easier to sort out affairs if your parents become ill.
Have they signed a power of attorney? Encourage your parents to designate and finalize the paperwork for a power of attorney so that your parents know there is a responsible person they trust to make decisions on their behalf in the event of a medical emergency.
One day, your parents may require care at home. Having these important conversations now will help make financing care easier on the whole family when the need arises. Need some help with your long-term care planning? Contact the staff at Johns Creek home care provider Regency Home Care of Georgia. We can provide the information and resources you need today to ensure your loved ones are taken care of tomorrow.