Are your parents in debt?
Many of us spend a lot of time thinking about retirement. How much do I need to save? How
much will I need to live? You may be thinking about your parents as well. How are they possibly going to make it on a fixed income? Worse yet, what if they are still in debt?
Don’t assume that your parents have enough saved for retirement. Most people don’t. It can be a real shock to find out just how much money our parents need. Is there a plan in place for debts plus living costs? You can plan for reducing debt, but what can you do to prepare for increased costs that come with aging and care requirements?
It may not be the most comfortable conversation but having that discussion sooner rather than later will help everyone involved. Waiting until your parent needs care to find out that their finances need attention makes it much more complicated. Don’t hesitate to talk about long term care insurance either. There are policies available which cover homecare costs associated with needing help with activities of daily living (i.e. bathing, dressing, toileting, etc.) OR needing supervision due to cognitive decline.
Insurance can be confusing. Many families don’t realize that their parents even have long term care insurance; let alone understand how to access the benefit. Find out now about your parent’s insurance coverage… before they need care. It’s so much easier now than it will be later. Insurance may be something that you think you will never use. Getting older is inevitable and needing a little help is quite probable.
We are here to make Aging in Place possible!