You want to help your aging parents support themselves and remain independent while they ready for retirement in Indiana. Have you talked to them about their plans for long-term care?
See what Money Crashers says about talking to your parents about advance care plans. Learn how to help your loved ones (and yourself) to peace of mind.
Long-term care insurance
Ask your parents if they have long-term care insurance to cover the price of home care, assisted living and nursing home care, none of which Medicare currently covers. One caveat with long-term care insurance is that it becomes expensive for older adults, so the option may not make financial sense for everyone.
Desires for care
Ask your parents their thoughts on living in a nursing home, retirement village or similar environment. Your mother and father may prefer to age in their home rather than move into a traditional long-term care facility for older adults. Understand that in the coming years, your parents may change their minds about where they wish to age or spend their final days.
Health insurance coverage expenses
No matter if your parents have standard health insurance, Medicare or a blend of the two, they must understand their coverage limits. Help your parents know what they should and should not expect in terms of coverage as they age. Whomever they name as their medical and financial power of attorney, that person should also know the coverage your parents’ policies provide.
Covering unforeseen costs
Do your parents have a strategy to handle unexpected healthcare and long-term care costs not covered by insurance or their retirement savings? It may fall to you to help with healthcare bills and prescriptions.
You must learn to have difficult conversations with your aging parents. Pushing through discomfort helps everyone.