Coping With the Expense of Elderly Parents

Regardless of your age, you can never be certain when the time will come that your own parents' welfare and care may become your responsibility. You could be in your early twenties or you could be one of the many baby boomers facing exactly this problem. However old you are, what matters is how prepared you are. You have spend your life planning and preparing for your own retirement but what happens when the added expense of your mom or dad's care wipes out what you've been saving for?

Here are some ideas to consider when dealing with the care of elderly parents before it becomes a problem:

Consider Healthcare

If you parents are struck suddenly ill during their working years, you may find that their personal health insurance will help pay for the bulk of what is needed. However, if that illness forces either parent out of work permanently, you might find yourself quickly burdened with additional expenses your parent(s) can't handle. Before crisis strikes, speak with your parents about long-term happinesslifetime.com care insurance, which covers health care costs when a chronic illness that requires constant medical treatment occurs. Parents over retirement age will end up paying higher premiums so it is best to shop early for this type of insurance.

Consider Long Term Care

If a parent becomes no longer able to care completely for themselves, you may find yourself quickly worn down, traveling back and forth between your home and theirs to provide care. You will not only be always short on time, you will also be out gas money and just overall face stress like you have never known. In this situation, you may want to plan with your parents a plan for providing a nursing staff to help you deal with the work load for parents who are able to remain at home.

You may also consider selling your parents home in the event daily care is necessary. Plan to use the proceeds to move your parents into your own home to provide care.

If your parents are struck ill in a way that requires 24 hour care that you simply can not provide, you will end up facing the outrageous daily fees for a nursing facility. It might be wise now to contact your local government agency that deals with elderly programs to discuss your options in the event something happens. Early preparation can make this difficult transition easier to manage for all parties should something happen. Be aware of the resources available to you early; otherwise you will be too hurried and desperate to make the most informed decision.

Consider Your Own Needs

It is never easy for any child or parent to reverse roles as a caretaker but it is always smart to consider just such an occasion. By communicating openly and planning for the unexpected, a devastating time in everyone's life can be made more simplistic if the time ever comes. Being prepared can make your life less stressful.

In the event something major occurs before planning can be completed, you have to remember to take care of yourself. No one can do it all and no expects you to do it all alone. Don't hesitate to ask for help from family and friends. Use your local resources to get the assistance you need before you get burnt out. If you fail to take care of yourself, chances are good you will not be able to take care of anyone else. You literally can not afford to fall apart emotionally or financially.

Tisha Kulak Tolar is a writer for DebtFreeDestiny.com DebtFreeDestiny.com where she regularly writes about debt consolidation, debtfreedestiny.com debt settlement and saving money.