As parents and grandparents get older, they may need more help than before with their daily lives. This could be help getting their groceries, refilling prescriptions, or going to doctor’s appointments. And if you already have kids of your own, the idea of caring for your aging parents may seem daunting. Juggling time between your parents and your kids is something the Sandwich Generation knows all too well. We encourage you to talk with your parents about their future care goals while they are healthy.
- Where do they want to live? If their goal is to stay in their home, are there any adjustments that need to be made to the house so it is aging-friendly? If they want to move into a retirement community, is there a wait-list to get into the community? Having a plan around where they want to live will help you to identify timing to make a potential housing change.
- Who will provide their care? Are they hoping their kids will assist with majority of their care? Does the retirement community they plan to move into provide assisted living care or memory care when needed? Your parents may feel more comfortable receiving assistance from a family member or a professional. But understanding their goals and wishes will allow you and the family to be better prepared when the time comes.
- How do they plan to pay for the care? If they want to bring a nurse into their home, what are the general costs where they live for this type of service? What is the cost difference at the assisted living facility if you add on levels of care? Do they have a long-term care insurance policy, or do they plan to use their savings?
Once you understand your parents’ long-term care goals, you can better advocate for them and determine if any additional planning is needed to make the transition easier for them and the family. Lastly, this can also be a good time to learn more about your parents’ estate documents and the key people they’ve named to make health-related decisions or financial decisions on their behalf should they be incapacitated (Power of Attorney & Health Care Directive documents).
Here is a checklist that you could provide to your parents, which allows them to summarize where key information is stored and identify their professionals. Please reach out to your JNBA Advisory Team if you have questions regarding the various options for your parents’ future care.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.
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