How to Provide for the Financial Well Being of Your Elderly Parents and Be Paid for it Too

When you were a child, they made sure you had enough to eat. They provided shelter, clothes, and all the other basic needs of life. They taught you the difference between right and wrong. Now that they are older, they may need to depend on you. They may need to make financial, legal, or medical decisions, but they may not have the ability to make them yourselves. How can you help provide for the financial and medical well being of your elderly parents? This article will tell you how. In some cases there are even programs that will pay you to do so, or provide financial help.

A study by AARP found many elderly people are concerned about these things themselves. One problem is they aren't discussing them with their children. In fact, 70% of those 65 and older think about whether they are able to live on their own, but more than one-third of them never discuss this with their children. Thirty percent of adult children never discuss such matters with their parents, while 75% of the same children are concerned about their parents' ability to live on their own.

Members of the Consumer Credit Counseling Service say children should discuss what their parents want out of live in their senior years with them. They should actually prepare a financial profile for their elderly parents, taking into account their assets and liabilities. They should also prepare a legal profile for their parents. Children should find out the names of the banks, investment companies, and insurance companies their parents use. Short of these steps, they should at the very least encourage their parents to collect information containing Social Security information, financial files, and medical information, and place them someplace for safekeeping.

Advisors for the credit counseling service say once you understand what the financial situation is for your parents; you can help them make informed decisions. They say it is not snooping to try to care for the ones you love.

The advisors say there are some questions children should ask of their elderly parents to help provide for their financial well being. You might want to know if they are on a fixed income and need a strict budget. If you don't know enough yourself to help them prepare a budget, there are online sources and financial experts, such as financial planners, who can help you. You might want to know what they feel about living in an assisted care facility, if they can't adequately care for themselves. You might want to know if they will have enough money in the future to cover medical expenses for years to come, and if they don't what their options are. You might want to find out if there are any medical directives or preferences they would like prepared. You might want to know if they have a will and where they keep it. You need to know what kinds of financial assistance are available.

Suppose you are concerned your parents might not want to talk about these things. You might tell of a friend who could have cared so much better for his parents, if he knew about their financial matters. Another way to approach the subject would be discussing making preparations for your own long range financial welfare, and then relating it to them. Assure them you want them to be comfortable and well cared for.

You should make a list of your questions before you talk with your elderly parents about financial matters. Together you can then decide whether staying in their home is best for your parents, or whether an assisted care facility or apartment would be better. A financial planner can help you and them be better prepared. You will also be able to learn whether they have adequate insurance.

An article on aarp.org says that as American society ages, millions of Americans may soon be faced with caring for the financial well being of their aging parents. The author of the article, Michelle Singletary, mentioned her own family having to care for her husband's father. Her father-in-law, an ex military man, cannot provide for his own daily needs: cooking, bathing, walking, and cleaning his house. When the story was published, May 16, 2010, he was living with his son, daughter-in-law, and their children.

The article mentions medicare.gov as a resource, and an article on the site, Long-Term Care Planning Tool. The article asks up to 20 questions that helps children determine how to meet the long term care needs of their parents. Community and non-profit organizations also offer resources that help children to be prepared.

If your parents were veterans, there are programs to help provide financial assistance for their care. A veteran with a dependent may receive up to $23,000 a year to pay for long-term care, if no other reimbursement is available. VA pension benefits can pay for a portion of nursing home care if either the veteran or his surviving spouse is paying for such care out of pocket. There are also benefits for veterans who have Alzheimer's disease or dementia. You may fill out an enrollment application form online or call 1-800-222-VETS. For more information, the official VA website is www.va.gov

If your parents find it difficult paying for their medications, there are prescription assistance programs that can help, either directly or by providing information of places that can help. Some of them can be found at: needymeds.com, pparx.org, rxassist.com, and simplefill.com.

It is also possible to get paid by various government programs as you care for your elderly programs. The types of programs vary with each individual circumstance and from state to state. For more information you can go to the Administration on Aging website at http://www.aoa.gov, or by calling the National Association of Agencies on Aging at 202-872-0888 to find out the address of the local Agency on Aging in your county or city.

Providing for the financial well being of your elderly parents can see daunting, but there is help available.
Citation:

Caring for the Financial Health of Aging Parents by CCCS Atlanta, by Crown.org
Prepare Now for a Future that May Include Caring for Your Elderly Family, From the

Washington Post by Michelle Singletary, AARP.org

Paying for Care, no author listed, Agingcare.com