How to help your parents financially to plan for their cared

How to Help Your Elder Parents Plan Financially for Their Care

You might be worried the day your parents start showing signs of memory loss and their bodies become really frail. And when that day comes, you and your parents have to welcome a more challenging phase of care giving and experience some level of financial difficulty when needs become intense. What should be discussed when dealing with long term care? There are lots of things to discuss with your parents when planning their care, particularly the financial matter. Both parties should decide clearly the exact type of care, how it is paid, and who will manage the estate.

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Edit Steps

1. 1
   Determine how the financial resources can be appropriated in case the care is extended or the condition becomes worse. For some reasons, long term care insurance plays a big role in protecting one’s assets and finance against the tumultuous costs of care.

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2. 2
   Research the care options. This refers to the kind of care your parents wish to receive and where they want it performed, either at home or in an institution.
3. 3
   Consider selling your assets. If you have properties like house or car, you may consider to sell them to finance your parent's care. But if you want to protect your assets considerably, then buying long term care insurance will make that possible
4. 4
   Get insurance. If you have millions of savings then you can self insure, but if you are average earner then you need insurance.
5. 5
   Ask help from Medicaid? .If you are poor then you may ask assistance from Medicaid. But if you are average earner, it is not a wise decision to depend on Medicaid because you'll be asked to deplete your assets prior to receiving benefits.

   
   

   
   

   
   

Tips

• If you are aware already on the effects of long term care, then you probably know how life changing this care is and how it can affect your family. This is the right time to discuss the problem and start financial planning with your elder parents.

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