Key Considerations…
It is said that love is the greatest gift of all. As
many families gather together during the holiday seasons, they may provide a
good opportunity to express how much we care through a frank and open
discussion with older relatives about their well-being. As we age and live
longer, financial, legal, health care and long term care issues affect
families, not just individuals. The Eldercare Locator, a nationwide service
funded by the U.S. Administration on Aging that links older consumers and
their families to local aging services, produced this guide to help families
"face the facts" about these important topics. The overview below addresses
some key areas of concern, suggested questions to ask, and ways in which
families might initiate conversations about these often difficult to discuss
topics with their aging parents.
Key Considerations
-
Find out what financial benefits are provided by
your parents' Social Security and pension. Determine if they are
eligible for other financial programs.
-
Be certain each family member has a living will.
Know where all your parents' insurance policies, wills, trust documents,
tax returns, investment and banking records are located.
-
Understand that Medicare generally does not cover
long term care (e.g. nursing home or extended home care), and Medicaid
pays only for low-income individuals.
-
Investigate what type of long term care insurance
coverage may be best for your parents or for yourself! Generally,
premiums are lower when policies are purchased at younger ages.
-
Identify what community services are available
that can help your parents maintain independence in the home for as long
as possible-such as home modification programs that can install
assistive devices (i.e., bathroom rails and entry ramps), and home
health and chore assistance. Learn whether housing options are available
to meet their changing needs.
Family members may not understand how their parents'
estate planning could impact their own financial status as well as that of
their children.
Continue article on next page
|
|
