Admitting that your loved one is getting older is hard but not as hard as trying to figure out how your family will afford the overwhelming costs associated with aging. From hospice care, home care services and doctor’s visits, caring for an aging loved one adds up quickly. Here are three tips on how to financially prepare for these costs.
Learn More About Financial Planning – It is never too late to talk to a financial planner about how to budget and plan for loved one’s care costs. In fact, it may even end up saving your family thousands of dollars in the long run. Senior citizens are living longer these days, however, senior care and bills related to seniors are also rising too.
When meeting with a financial adviser, look for professionals who have experience working with senior citizens. They are more knowledgeable in regards to possible costs in the future, and they may also prove to be a great resource. The purpose of the financial advisor is to help your family set financial goals for both the short term and long term. They are there to make sure your loved one’s nest egg stays secure in the years to come and covers as much as possible.
A financial planner/advisor may also help your family and loved one with investment options that will make their money go even further.
Establish the Proper Legal Documents – It is essential to set up the proper legal documents, such as a living trust and will, that will allow a trusted member of the family act as “power of the attorney” in the case that the aging loved one is no longer able to make sound financial decision in regards to their care and health.
The proper documents will also help delegate the proper funds and power for the care of your loved one, as well as arrangements for after your loved one passes.
Research Available Insurances and Financial Options – The right insurance company can make life easier, while the wrong one can make life harder. Research several insurance companies that specialize in senior care and living assistance. Furthermore, you may be surprised at what financing is available for seniors.
While it may not be easy to watch your loved one suffer at the hand of aging, it is best to plan for their future at the first signs. Talk with many professionals and do your research to make the best financial choices for your family. Many of us take a “money is not limited” approach when our loved ones’ or parents’ health starts to go downhill. It is only natural for us to want the best for our family member. However, a strict budget that will spread out over a longer duration will be better for everyone, because you don’t know how long your loved one will live or have their health problem.
How have you prepared for the cost of your aging loved ones?