Are you worried about your aging parents?
Of older people who need long-term nursing or personal care rely fully on unpaid caregivers, usually their children or spouses. (source)
Did you know that the majority of those age 40 and older have done “little or no planning” (source) for their golden years. You may be wondering about your parents or loved one who is getting older. Do they have everything in order? Have they saved or purchased insurance? The truth is, the earlier you start thinking about these things, the better and more prepared you will be for the future. The following are all areas that need to be considered:
Healthcare & Health Related plan/wishes
Becoming a Caregiver & House modifications
Legal Planning, POA, wills and more
Diagnosis of Dementia or other illness
Choosing and paying for Long-term care facilities
Financial planning and budgeting
Just starting? Start here.
Already. a caregiver? Start here.
Ready for long-term care?
According to a recent Harvard Study, the following are things that you need to sit down and discuss now with your parents.
Talk about it
Nearly 60% of older people who need long-term nursing or personal care rely fully on unpaid caregivers, usually their children or spouses. Make sure you and the extended family are prepared and everyone is in agreement about what will happen when a loved one becomes uncapable of caring for themselves. The fact is, you may need to be become a caregiver at some point so make sure you are all in agreement.
Age-In Place Plan
Although the price can be higher than average rent, an age in place community will allow your parent or loved one to go from a relatively independent life to a more dependent life while staying in the same community.
Create a Living Will
Make sure everyone knows what the wishes are of your parent or loved one with a living will. A living will specifically help if the individual becomes disabled or needs profound medical care or treatment.
Long-Term Care Insurance
Fewer than 3% of American adults have purchased a long-term care insurance policy. If there is still time, insurance needs to be purchased before the age of 45-50. If purchased at or after 65 the chance of making a claim and receiving a payout is less than 45%
Save, Save, Save
If it is early enough, take the opportunity for everyone to build up their savings. Once you become a caregiver the financial strain can be high with 3 in 10 people saying have stopped saving (28 percent) and 1 in 4 have taken on more debt (23 percent)
Start Planning for Their Future
No matter the stage of planning you may be in, we would like to help. Download one of three resources and you will also receive bi-monthly caregiver and planning tips from Sundara Senior Living.
Caregiving at Home
Which type of care do we need?
Are you ready for Memory Care Now?
Start with a conversation with a Sundara owner.