One of the most difficult things for adult children to do is have “the talk” with an older parent about his or her finances. Parents teach their children about finances, and when the tables are turned, it can be uncomfortable for both parties. However, as with any conversation about your aging loved one’s future needs, it’s better to have the discussion before you need to take action. It’s not easy to think about your loved one getting older and having your roles begin to reverse. However, by talking about your parent’s finances now, you’ll be aware of your loved one’s wishes and be ready to help him or her when the time comes. When you talk about finances with your parent, here are some things to focus on.
Adult children need to know which financial institutions hold their parents’ assets, especially since many people have investments with more than one company. Make sure to find out if there’s a financial advisor who manages your loved one’s investments. If your loved one is meeting with the advisor in the near future, you may want to ask if you can join them. Verifying how your loved one pays the bills, either by mail or online, can be helpful, and you should ask your parent if he or she needs your help reviewing statements. Make it clear that you’re not interested in taking over but you want to be ready to help if and when your parent needs your assistance.
Managing investments wisely isn’t the only way older adults can enjoy a high quality of life. To successfully age in place, some seniors require the help of professional caregivers. Many older adults are choosing to age in place, and some need a helping hand to continue living at home safely and comfortably. Luckily, there is professional at-home care seniors can trust and rely on.
Ask your parent if he or she will review his or her insurance policies with you. This is particularly important for life insurance and long-term care coverage, which may cover services associated with assisted living facilities, retirement communities, or home care. Also, make sure you know where the policies are and how to access benefits on behalf of your parent.
A home is usually a person’s single largest investment. Find out if the mortgage has been paid and if there are any unpaid home equity lines of credit on the property. Don’t be afraid to ask what your loved one’s thoughts are about the future. Is your parent looking to downsize, move to a senior community that offers continuity of care, or stay at home as long as possible? Knowing this now can help you make decisions later.
Aging in place can be much easier and safer for your loved one with the help of a professional caregiver. Every senior has different needs when aging in place. Some simply need occasional assistance with household chores, while others may be managing serious illnesses and require more extensive live-in care. Waterloo seniors can count on Home Care Assistance to provide the in-home care they need and deserve.
The connection between a senior’s health and finances is strong, since health care can be costly. For this reason, your loved one should strive to take care of his or her health to avoid expensive hospital stays and having to take costly prescription medications. It’s also important to compare insurance rates to make sure your loved one has the right plan, and your loved one should also explore options for long-term home care before it’s needed so he or she can plan effectively.
It may be necessary to include home care services in your financial planning discussion if your parent requires assistance to be able to age in place safely and comfortably. If your aging loved one needs help managing everyday tasks or encouragement to adopt healthier lifestyle choices, turn to Home Care Assistance, a leading provider of senior home care. Waterloo Home Care Assistance provides professional in-home caregivers around the clock to help seniors live longer, happier, and healthier lives. For reliable in-home care services, contact us at 519-954-2110 today.