Is privately funded care affordable? How does an adult child know if his/her parents can afford their possible need for long-term care? Understanding how your parents will fund their long-term care is a vital aspect in the planning process. Below are some questions designed to help adult children get a handle on their parents’ finances:
What are their assets? It’s important to establish roughly how much money your parents have in cash, investments, and Social Security.
Do they anticipate needing financial support? We’re living longer than ever, which means more people are outliving their retirement savings. Ask your parents whether they have enough to sustain themselves for the rest of their lives. If not, how much support will they need?
What types of insurance do they have? Do they have adequate health insurance? Long-term care insurance? Life insurance? Understanding their policies can save you time and money in the long run.
Who are their beneficiaries? If they have life insurance or 401(k) plans, make a note of the heirs listed on the policies.
Do they have an up-to-date will? If not, urge your parents to draft one, regardless of how small their estate is. This will minimize the chances of petty squabbles erupting over their possessions.
Finances can be a touchy subject, but the expert staff at Partners in Healthcare can help your family get the conversation started, and help get your parents on their way to a long-term care plan that works for their needs. Contact Partners in Healthcare in Orlando, FL to learn more about ways to pay for in-home care.