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Elder Care

Many times finding elder care for your loved one can be an emotional ordeal for the entire family. However, sometimes it is a necessity. This is why budgeting for elder care is so important. No matter what your family living arrangements are, rather they live with you or in an extended care facility, having your finances in order is essential.

The first step in budgeting elder care is to help your parents protect their assets. True, some parents do believe that their business is their business, and do not care to disclose this personal information with anyone. However, ensure them that you are trying to protect them. Help them sort out their savings and investments, and if you have to, get a power of attorney. If you get a power of attorney, then this will guarantee that their money will be there for them and protect them in the case they are unable to care for themselves, and must go into elder care.

When discussing elder care, talk about long-term plans with your parents, and other close family members. Having a Living Will is very important also. In this case, if they are unable to communicate, their wishes can still be followed through. Also, make sure that your parents elder care costs will be covered. Extra health insurances may be needed for them, or you make need to take care of the costs of the existing plan. Having a good health care plan means that your parents will be able to get a better, faster care when it is mostly needed.

If your parents live on their own, help them set up a budget for them to live independently on. List their current expenses, and anticipated expenses they may need for elder care. It may be difficult for elderly to live on a fixed income, especially if they are used to a certain amount of money coming in per month. Having emotional support and financial support will definitely help out your loved one greatly.

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