We don’t want to think about it, but at some point our parents are going to need our help. Just as they helped us to grow and become the people we are today, they’re going to need our help to ensure they enjoy their golden years. It’s important to start preparing financially for these extra expenses well before you’re going to need the extra money. Here are my top 3 simple ways to prepare financially for your parent’s care.
1. Have an Open Discussion
The first thing will be figuring out what types of care they’re most interested in. Some people prefer in house care, such as Seniors for Seniors, where as other people might prefer more comprehensive care in the form of a retirement home. This is such a personal decision and you wont know what your parents want until you ask them. Having a clear idea of what’s important to them well before emotions get involved is really important to ensure that no one is going to feel upset or like their wishes have been ignored when things become more difficult. It’s also a good idea to have a discussion with your siblings at this point, to talk frankly about how you plan to share the responsibilities, as well as the financial costs. At some point your parents might not be able to drive themselves around and may need help with basic tasks like this so it’s a good idea to discuss who is able to handle what.
2. Investigate Costs
Do you have any idea what kind of costs are involved with ageing care? The truth is, until you’re faced with the actual expenses it can be hard to estimate how much they’ll cost. But it’s a good idea to start researching now, once your parents have let you know what kind of care they want and what kind of preparations they’ve made for their own financial future, you can start to get an idea of how much investment will be needed to make up the difference. If you’re lucky, your parents would have set aside more than enough to cover their care, but if not it’s important to be aware of it so you can start focusing on how you’ll come up with the rest. I suggest starting by looking at the pricing of SpectrumHealthcare.com and checking out the tips on this website to get started.
3. Be Realistic
Please don’t overcommit to something you’ll later have to say you can’t afford. It’s important that you’re realistic about how far your finances can stretch, even when it comes to helping your parents. This is why I suggest starting now, before emotions are running high, to figure out how you can share the expenses and responsibilities with your siblings. If your parents don’t have good insurance coverage, now might be the time to look into what will work best for them as they age and have different needs. Planning ahead will prevent any nasty surprises down the line when you can’t really afford them to happen – emotionally or financially!
If you’re interested Durham Instruments have a variety of pressure sensors and transmitters available.