None of us want to think about that, but we have to be honest. Our parents are getting older and one day they will need different levels of care. It’s time for us as millennials to think about what they need to be comfortable in old age.
These conversations are never easy.
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It’s hard to say which is more uncomfortable – talking to your parents about the birds and bees as a teenager, or as an adult discussing what will happen if their health deteriorates.
No, it is not easy, but it is necessary and important. Especially now in the new one Age of the coronavirus. Health is a priority for us and in many of our conversations. So let’s talk about it.
Let’s discuss what a millennial you can do to make sure your parents are looked after. What steps should you take and what conversations should you have with loved ones to prepare for the future?
Assess your parents’ needs
The best time to have these conversations is before your parents are sick or in need of care. However, if your parents are already in a place that they need help, that’s fine. It’s never to late.
As a family, discuss what your parents need. Do you need to move to an assisted living facility? Could they live at home with regular house calls? If one of your parents is in a wheelchair, does their current home fit the needs? Did one of them have a fall? Can you still move around alone? Is It Safe For You To Drive? Can they still feed and dress independently? Do you notice some memory lapses? Are you still able to manage your finances and take your medication? The answer to all of these questions will determine the level of care and resources required.
And what do your parents want? Do you want to stay in your house as long as possible? Do you want to stay close to the family? Do you want to move into one of your houses? Make sure you are open to listening to what they want and what makes them feel comfortable and happy.
Know what options are available
It is important to know what options are available when your parents can go if additional assistance is needed. A whole spectrum of care levels is available, depending on the services they need and want.
Stay at home
If your parents are still in good health and able to participate in all activities of daily living (dressing, bathing, eating, going to the bathroom), living independently is still a good option. If assistance is needed, you and your siblings can choose to manage it or hire a professional caregiver.
Live with family
After talking to your parents and siblings, you may agree that your home or that of your brother or sister is a safer option for your parents. Again, you can choose to take on the role of a supporter or caregiver, or you can hire a doctor to meet the requirements for the necessary care.
Independent age community
In an independent age community, your parents remain responsible for all aspects of their lives. They are still able to carry out all activities of daily living and to take care of themselves. What this choice offers is a sense of community. An opportunity to live with other people of similar ages who share similar interests. Many age groups also offer useful services such as their own police and fire protection, while others also coordinate social and recreational events.
This is an option for seniors who need help with some activities of daily living but do not need 24/7 supervision. Seniors in assisted living facilities still live alone in their own homes but have access to assistance when needed. These facilities usually include common areas such as entertainment rooms, dining rooms, or washrooms.
A nursing home offers senior citizens who can no longer live independently but do not need a hospital, around the clock care. Nurses and other health professionals are there to provide specialized care to seniors. Seniors are supported in daily activities and provide all the services needed to support residents.
Check your finances
You also want to understand where your parents are financially. Do you have investments? Do they have healthy pensions? Do you have welfare? Did they stuff money into their mattress or bury it in the back yard? How much money do you have?
On the other hand, how much money do they spend each month? What are your regular monthly expenses? How long can they feed themselves based on their combined wealth? Do you have enough money to live in a nursing home? Do you have any debts?
Can your parents still take care of their finances or do you or one of your siblings have to help and take over them? Who will take the power of attorney role (this is the person who makes your parents’ financial decisions when they are no longer able to do so)?
Finally, ask your parents if they have a will. If so, make sure you know where to find it. If not, emphasize the importance of having one. When someone dies without their will, the government decides how that person’s wealth will be distributed. Thanks to the internet, making a will has never been easier.
One location that simplifies estate planning is Trust & Will. Your parent can prepare an entire will in just ten minutes, with the cost of the will starting at $ 89. Trust & Will also helps with creating trusts. If your parents are unsure whether they need a trust or a will, there is a quick quiz on the Trust & Will website where they will answer that question for you so you are sure you are getting exactly what You need.
Check your health insurance
Do your parents have health insurance? Do you have long-term care insurance? Here are some of the options:
Medicare is a government program that provides health insurance to qualified Americans 65 and older. Medicare is divided into four parts.
- Part A deals with inpatient care.
- Part B deals with outpatient care.
- Part C is Medicare Advantage and is provided by a private insurer. Part C bundles Part A and B and often D into one plan.
- Part D is the prescription drug plan.
For more information on Medicare, visit the government website Here.
Medicaid is jointly operated by states and the federal government. Medicaid offers low-income health insurance to those who meet the qualification criteria – and these criteria differ between states.
For those who qualify, Medicaid offers health insurance for little to no cost. While many people qualify for Medicaid based on their income, others may qualify if they are disabled, pregnant, or older.
Visit the government website for more information Here.
Also known as Medicare Supplemental Insurance, Medigap refers to private health insurance plans bought to fill the Medicare gaps.
For more information on Medigap, please visit the government website Here.
You can also look at private health insurance. Private health insurance can be purchased by an individual or is often offered by employers. However, employers’ health insurance plans often end when the employee retires, so this may not be an option for your parents. You can also consider a combination of private health insurance and medical coverage to make sure your parents are adequately covered.
The purpose of long-term care insurance is to help your parents cover some of the cost of attending a nursing home or assisted living facility.
Unfortunately, your health insurance does not cover all the medical expenses your parents may need in old age. L.Long-term care insurance covers the cost of things like treating a chronic illness or the cost of nursing homes for people who are no longer able to live independently. Long-term care insurance also covers things like home care and relief care.
However, long-term care insurance does not cover the cost of prescription drugs, surgery, or visits to the doctor. You must have health insurance or Medicare for these services.
How to find the right insurance for your parents
If you need help finding insurance, be it private health insurance, life insurance, or long-term care insurance, and if you want to find the right solution for your parents, have a look at this Policy genius.
Policygenius is an independent insurance broker who can offer insurance products from a wide variety of companies. They offer a wide range of insurance products, from life and health insurance to disability insurance and long-term care insurance. No matter what stage you are at in life, Policy genius likely has an insurance policy that is right for you.
Policygenius gives you access to licensed insurance brokers who can offer advice and information about the benefits of certain insurance policies and help you get an insurance policy. And you can just rest as Policygenius only connects you with insurance companies that have solid reputations and solid financial ratings.
Not only is it important to prepare mentally for what’s to come, but you also need to prepare financially. Caring for an aging parent doesn’t come cheap. And many millennials are still busy paying off student loan debt and buying childcare with little left.
According to Genworth’s Cost of Care Survey, The estimated cost of annual adult daily health care in 2020 is around $ 20,000, while the estimated annual cost of a semi-private room in a nursing home is nearly $ 93,000 and a private room is over $ 105,000. Pooh.
We all want our parents to have the best as they move into the final chapter of their lives. Given the high cost of care, it’s important to start planning as soon as possible.
Schedule a family meeting
When is the right time to talk to your aging parents about their health and what they want for the future? When is the right time to talk about health and life insurance options?
The answer is today. As quickly as possible. Don’t postpone it.
You don’t want to wait until you and your family are facing a health crisis to start the conversation about what your parents want for their future.
I understand this isn’t an easy, fun lunchtime conversation to share over a wine spritzer. It’s intense and emotional. It’s a topic you don’t want to think about, let alone verbalize. I know it makes me sad too.
But you’re a full adult now, and being an adult is not all fun and games. Being an adult is tough and requires you to pull up your girls’ or boy’s tall pants, make difficult decisions, and have awkward conversations. However, as a compromise, you can also have breakfast whenever you want because hey, you are an adult!
If you have siblings, now is the time to prohibit together and talk to your parents as a family. Show them that you are all together and that you are there to support them. Show them you’ve got your back. After they’ve taken care of you for 18, 25, or 30 years, let them know that you are there for them. Make sure you are all on the same page and approach the subject with love and empathy.
Now is the time to plan and implement a family conversation. No more waiting. This can be personal, but it doesn’t have to be. If getting everyone in the same room is difficult, don’t use this as an excuse to move it. Have dinner and talk about it at Zoom. If the topic is too uncomfortable to discuss aloud, write it down in an email. You can even send a written letter if you feel you need to communicate. Whatever, as long as you do.
What to discuss and how to start the conversation
This conversation is about discussing your parents’ future wishes. If any of them get sick and can no longer live independently, where will they go? Do you still live happily in your current home or is it too big and unmanageable? Have you thought about downsizing? If so, where do you want to move?
Do you see yourself in a retirement home? If one day they have to move to an assisted living facility, how are they going to pay for it? Did you put money aside?
You can also help calm their minds by discussing how you and your siblings can help. What can you do when you encounter a health problem? Will you have her with you Can you help them with their health bills? What can you offer? What are you ready to offer?
Ready or not, it’s time to speak to your parents. So, gather your family together and meet for an important conversation about your parents’ future. None of us want to think about loved ones getting older or having a health problem, but unfortunately these things can happen. Instead of burying our heads in the sand and crossing our fingers, it’s time to be proactive.
Your parents took great care of you for the first few decades of your life. Now is your opportunity to show them the same love, support, and care.