There are many important decisions that need to be made and questions that need to be answered when it comes to your parents’ future care. Does my parent only need in-home care or is moving to a senior living community a serious option? Do I need to quit my job to spend more time with my parent or get another job to pay for the care? But each of these decisions are not only emotional and deeply personal—they are also financial. As parents were all told to start saving early for their children’s future. Unfortunately, many times we forget that we need to be preparing financially for the elder care of our aging parents. So here are some ways to get started.
Don’t wait—start saving now
Although we may not like to think of it, planning ahead is the best words of advice any caregiving consultant could give. We tend to think that our parents are in great health because no serious disease or physical limitation is threatening their health. Though that may be true, that doesn’t mean we shouldn’t plan ahead. No matter how healthy your parents are, getting a head start on saving for in-home care or assisted living is an absolute must. Those who don’t prepare ahead by starting to save early will end up unable to give their parents the care they deserve.
Research your options and make a budget
Start getting educated on the many different options available for elder care. Do an in-depth investigation of Medicaid and Medicare—the differences between the two and the kinds of coverage that they offer. It’s incredibly important to know what our parents’ income will look like down the road. With the economy the way it is, you never know what bumps in the road may show up—so make your estimates conservatively and come up with a realistic-looking budget.
When you come to decisions such as what kind of assisted living community you want to move your parents into, having a budget ahead of time will help you make wise and financially sustainable decisions. As our parents get older, the more and more they will depend on us for their financial security—so remember, the earlier you plan ahead and are privy to the different options that are out there, the better off your parents will be in their later years.
Get professional help
When it comes to making decisions like quitting that extra job or finding the right in-home care, getting in contact with a professional care consultant can be a really good idea. If you have no idea where to start, they can help you get your finances together and give you their opinion on what you can realistically afford. Again, the earlier you see a professional on this matter, the more ready you will be when the time comes.
Do you have any tips for getting ready for elder care for your parents? What have you done in your own life to prepare for your own retirement? Share your thoughts in the comment section below.