In the new age of coronavirus, health is at the forefront of everyone’s minds.
So, let’s talk about it.
It’s not something any of us want to think about but, one day, our parents will get older, and will require more care than a weekly phone call check-in.
For millennials, we have to step up and start thinking about the things they’ll need in order to be comfortable in old age.
The best time to have these conversations is before your parents are sick or in need of care.
However, if your parents are already in a place where they require some assistance, that’s okay. It’s never too late to have the talk.
Below are 3 tips that millennials should take into consideration when caring for aging parents.
Know what options are available
It’s important to know what options are available when it comes to where your parents can go if additional care is required.
If your parents are still in good health and able to participate in all of the activities of daily living then living independently is always a great option.
A few other options include:
- Living with family
- Independent retirement community
- Assisted living
- Retirement home
There is a whole spectrum of care levels available depending on the services that your parents may need.
Ask them what they want, before making arrangements when the time comes.
Review their finances/ health coverage
After reviewing living options, you want to take the next step in reviewing their finances and health coverage.
Do they have investments? Do they have healthy pensions? Are they on social assistance? How much money do they have coming in?
These are all questions that your parents should answer truthfully. If not, it may come back to impact you negatively in the future.
When accessing health coverage similar questions are to be asked.
Unfortunately, your health insurance doesn’t cover all of the medical expenses that your parents might need as they age.
So it’s important to start planning for this in the beginning stages.
Preparing yourself for change
Not only is it important to prepare yourself mentally for what is to come but you also need to prepare yourself financially.
According to a survey by Genworth.com, the estimated cost of annual adult day health care in 2020 is around $20,000, while the estimated annual cost for a semi-private room in a nursing home is nearly $93,000, and a private room is over $105,000.
Caring for an aging parent is not cheap. If this year hasn’t taught us anything else, its to prepare for the worse case scenario.
Many millennials are still in the midst of paying off student loan debt and trying to afford childcare with little to nothing left over.
All of us want our parents to have the very best as they enter into the final chapter of their lives, and with the high cost of care it’s important to start planning for it as soon as possible.