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Your Parents, Their Money
- 5 Comments
- Posted on Aug. 31st, 2010
by Joy Loverde
We’ve all been raised to be polite, and never discuss the subject of money with our parents. Instead, we wonder, worry and wait. How will they pay for in-home care? How much of my own money am I expected to spend if they need help?
Sticker Shock
While parent-care expenses vary significantly by region, few people are prepared to pay the steep prices associated with living a long life:
- In-home care averages $150 a day.
- Assisted-living can run $6,000 a month.
- Home remodeling can run thousands of dollars for outdoor ramps and adjusting counter heights and door widths.
- Transportation vans when driving is no longer an option can run up a hefty tab
- And what about special diets, hearing aids, and dental care?
Importantly, Medicare, the federal health insurance plan for people over 65 years of age does not cover the care and assistance many people require as they age. The possibility of shelling out thousands of dollars to cover parents’ expenses may be closer to reality than we’d like to admit.
Broach the “Big Talk”
Talking to parents about remaining fiscally fit starts now – before a financial crisis comes raining down on everybody. Ask them leading questions to alert you of potential problems:
Do you have a plan in place to pay for long-term care?
Have you given any thought to seeking professional financial advice?
I found a helpful article on paying for long-term care. May I send you a copy?
Seize the moment. Any conversation they initiate regarding money is an opportunity to ask more questions. For example, you might say, “Yes, the cost of groceries sure has me on a pretty tight budget. How about you?” Or, “How can anyone afford a new roof these days?” Speaking in terms of questions, rather than statements creates a non-threatening communication environment.
Resist the temptation to “take over.” If Mom and Dad refuse to engage in a conversation with you about finances, change the subject and bring it up again in a week or two. Keep in mind they have probably given this subject more thought than you realize.
- 5 Comments... Add your opinion!
Dealing with parents or anyone older than you with money advice or any advice in general can be tough. They have different mentalities from the times and can be tough to talk, but I think if you are honest and straight forward it will pay off.
reply to this commentThis is such a difficult subject but absolutely critical to address well in advance of when emergencies arise. I was fortunate that my parents actually approached me about it, and put me on their checking account years before it mattered. When my father died unexpectedly…and my mother who had Alzheimers was not able to handle the finances….it was a blessing to know that I could step in and deal with it, knowing what their financial situation truly was.
reply to this commentPeople deserve good life and home loans or just financial loan would make it much better. Just because freedom is grounded on money state.
reply to this commentIt’s also a good idea to look at creating a trust for your parents assets to prevent long term care from using up all the assets your parents have built over their lifetimes. They usually need to be setup 5-6 years before they would normally be needed to pay medical bills. If you do it early enough Medicare & the nursing homes won’t be able to touch it.
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