How to take care of your elderly parent – financial advice

mm Paul Verbiton February 20, 2019
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It’s your parents who helped you become the person you are today. In case they’re reaching the age when they can’t fully take care of themselves, it’s time for you to return the favor. However, you need to understand that taking care of aging parents can get expensive. With that said, here’s some advice on how to plan financially to take care of your elderly parents.

Start with a plan

Taking care of your aging parent is going to be costly. To reduce your expenses as much as possible, you need to start planning on time. This includes talking to your parent and taking a closer look at how much money they’ve managed to save. Based on that, you can figure out how much money you’ll need to take care of them. In case there’s a property they’re willing to sell, it’s also a good idea to talk to a realtor and see how much they can get for it.

Take care of documentation

Another important thing you need to do in order to be able to take care of your aging parent is to make sure you have control over their documentation. That way, you’ll be able to sell their property or vehicle quickly in case they need expensive medication or extra care. Therefore, what you need to do is create a power of attorney form which will allow you to make decisions in your parent’s name. This is a step you definitely don’t want to skip as it can save you a lot of time.

Find the right specialized facility

If you have a job and children, taking care of your aging parent 24/7 is impossible. That being said, it’s a much safer option to have them stay in a specialized facility. That way, they’ll be provided with all the care and security they need while you can focus on other things. This is especially important if they need dementia care and you want them to stay in a high-quality environment surrounded by professionals. Check out the prices and see how it fits into your financial plan for taking care of your parent.

Help them save money

Right now, there are so many ways to save money and if you want to help your parents, doing so is a smart move. To get started, you can try to reduce their expenses. Cancel any magazine subscriptions they no longer need and provide them with coupons they can use to reduce their expenses. All the money they manage to save can be put into a savings account and used once they need extra care. You can even identify some old stuff they don’t wish to keep and sell it online.

Communicate with them

This is an extremely important part of taking care of your elderly parents. In case there are any unpaid bills or old debts, it’s best if you know about it as soon as possible. That way, you can make sure the debt stops growing. However, it’s common for elderly people to get a bit stubborn, which means you might need to be patient when talking to them. You can even ask them to make a list of any financial concerns they might have.

It’s absolutely necessary that you come up with a strategy to deal with any potential scenario involving your parents. Start planning on time and taking care of them will be a lot cheaper than it may seem.

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Paul Verbiton

I enjoy spotting opportunities and doing my best to grab them if I can. I am eager to see the world, I love taking photos and writing, coming up with topics that are pleasant to read, funny, and interesting at the same time.

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