As your parents age, it can be difficult to navigate the fine line between overstepping your bounds and giving them the necessary help and support. As adults, your parents want to maintain their autonomy.
However, there are times when it is important to step in. At the very least, you should have some critical discussions with them to ensure that you are all on the same page.
Long-Term Care Costs
No one wants long-term care to become a necessity. However, it’s important for you to know your parents’ wishes concerning long-term care if it becomes necessary. Find out what types of care they are willing to undergo, which facilities they favor, and how they plan on paying for them.
In general, only the most impoverished seniors can rely on Medicaid to cover long-term care costs. Otherwise, your parents need to prepare by saving a significant amount of money, purchasing a long-term care insurance policy, or adding a long-term care rider to their life insurance policy.
Their Estate Plan
Many people fail to adequately prepare their estate, leaving a mess for their children to deal with. This is to be avoided at all costs! If your parents are struggling to create a functional estate plan, see if they will accept your help. Otherwise, it will be much more difficult to sort everything out after your parents pass.
To avoid probate, encourage your parents to create a trust along with a will. Additionally, ask your parents to verbally share their wishes with you about items that don’t necessarily belong in the trust or will, such as advance planning directives. They should also name their executor and make sure that person is willing and able to undergo the required duties.
Medical Costs
Medical costs could be substantial for your parents as they age and it is vital that they are prepared to cover them. They need to understand that basic Medicare may not be enough to cover everything. Many private companies sell Medicare supplement insurance, which will help cover out-of-pocket costs that would otherwise be overwhelming. If your parents don’t want to add supplemental insurance, they need to have a large enough savings account to pay for rather hefty deductibles and copayments.
These difficult conversations with your parents are important, but you should always tread lightly. No one wants to abdicate their autonomy, and your parents deserve to maintain their dignity and sense of pride. Find a way to help them without reversing the parent-child relationship.
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