Long term care can be a touchy subject for some, but paying for long term care is even more difficult to discuss. That reason alone explains why many adult children aren’t aware of the details of their family’s finances.
Despite the emotional aspects of the discussion, it’s important to talk to your aging parents about their finances if you haven’t done so already. If and when they should ever need long term care, you need to be knowledgable about the details of what types of savings they have, if they have any insurance, and what their preferences are.
Doing this won’t only help you navigate the details more easily if you end up being involved, but it will help them get the quality care they deserve in a timely manner, without waiting for people to dig through their finances or figure out what they think the parents would want.
If you have siblings, you should include them in the discussion, too. Do your best to sit the whole family down and have a calm, rational discussion about the possibility that your parents might need care in the future. It might seem awkward or uncomfortable at first, but it will pay off down the road.
What to Cover
Find out where they keep their financial documents and papers and be sure you know the combination to any locks or safes that might contain such things. If they have a financial advisor, be sure you know the details and contact information of that individual so you have the ability to contact them later.
Do your best to understand their medical conditions and have copies of their medical records, if possible. Know which hospitals they have been to and which hospitals they would prefer to go to in the future. Discuss their will and health directive in detail, make sure you all agree on these conditions so no conflict arises between family members in the event of long term care.
Most importantly, get a good grasp of their actual finances, how much they have saved, and where those savings are being held. Do they have long term care insurance? If not, and they are still in relatively good health, you might want to consider looking into a policy.
Long term care can be extremely expensive and the costs continue to climb annually. If you want to learn more about that type of insurance for either your parents or yourself, fill out this simple form and we will send you a free comparison of the top policies for you and your family to review together and decide which option is best.
Talking about these kinds of things can be tough, but it’s best that the talk is had way in advance, so there is no confusion or disagreement when the time comes to make decisions. Read more about planning for your own future care and how long term care insurance can help you remain in your home and age in place.