Why You Need to Make a Plan for Your Elderly Parents

There are about 60 million people in the U.S. who’re 65 years or older.

This tells you that a significant part of the American population is aging. If you’re lucky enough to have your parents around, it’s likely that they’re in this population.

With age comes declining health. In addition to increased risk for cardiovascular conditions, aging people are prone to falls that can cause serious injuries or even death.

This raises a pertinent question: do you have a plan for taking care of your elderly parents? If you don’t, don’t waste any more time.

This article fleshes out why it’s crucial to make plans for your aging parents.

Address Their Senior Care Wishes

As your parents grow older, they’ll become less independent. As such, they’ll need closer care. Since you won’t always be there to care for them every day, you have to figure out a suitable care plan.

Thankfully, there are several options to choose from. They include:

• Independent living communities
• Assisted living communities
• Nursing homes
• Memory support
• Respite care
• Residential care
• Home care
• Hospice care.

The best option for your parents will depend on a few factors.

Their own wishes would be the first thing to consider, but ultimately you have to make a caregiving plan that’s best for their health and wellbeing.

If they’re in fairly good health and would like to age in place, a home care plan will suit them. But, if their health wanes and they need ongoing medical attention, a nursing home or assisted living facility may be the best option for them.

End-of-Life Medical Wishes

Death is a sentence we will all face. The timing is uncertain, but when you have elderly parents, you can’t help but feel that their days are nearing the end.

Although conversations on death are taboo in many communities, you don’t want to leave it until it’s too late to start talking about your parents’ end-of-life medical wishes. What kind of treatment would they like to receive if their faculties failed, for example?

If possible, get them to make their advance medical directives in a lasting power of attorney. Read this LPA guide to learn more.

Financial Planning and Estate Succession

Caring for elderly parents comes with big financial implications.

Hopefully, your parents have a retirement fund and other income-producing assets. Doing proper financial planning early enough will help ensure their funds are spent wisely. Create a budget around their living and healthcare needs.

This is also the best time to talk about succession if you haven’t already. Your parents’ estate will need to be passed down after they’re gone. Writing a last will and testament takes care of the succession.

You’ve probably heard of deathbed wills. You don’t want to wait until your elderly parent is too ill to will.

Elderly Parents Need the Best Care

Your parents gave you the best care when you were growing up. Now it’s your turn to return the favor. Planning ahead of time gives you the opportunity to figure out your elderly parents living arrangements and ensure their affairs are in order.

All the best and keep an eye on our blog for more helpful life advice.