Let’s face it, not many people think about how they will pay for care for a confused, elderly mother or father. In general, people avoid thinking about death at all costs, and when they are hit with the actual costs required to care for their aging parents they are surprised and unprepared. Aging is inevitable, and it is extremely important to give thoughts to these types of situations before they happen.
The Aflac WorkForces Report from 2011 surveyed 4,000 US workers on the subject. Of the 4,000, only 13% thought that the need for long-term care would affect their families at some point in the future. This is surprising, when In reality nearly 10 million adult children are caring for their aging parents, and this figure only counts the number of adult children that are physically caring for their aging parents. Many more are contributing to the financial responsibility to provide care for their parents in nursing homes or assisted-living centers, which average $3,500 per month in costs.
It’s an eye-opener, but a problem that can be much easier to deal with by planning in advance. The first step in planning doesn’t necessarily need to be discussions about money, but rather power of attorney. This legal document grants the authority of decision-making to a loved one in the event the elderly parent cannot make decisions on their own due to illness or memory loss. The downfall to avoiding the necessary planning is that you can end up in guardianship court, which involves significant legal fees, doctors, judges, time and money.
It’s never easy to think of your parents reaching an age where they cannot care for themselves, but lack of planning can leave Mom or Dad feeling like a burden when care must be arranged and costs covered. Taking the first steps and talking with your aging parents can be difficult, but it’s the only way to avoid major complications, and unnecessary expenses, when the time comes for Mom or Dad to need more involved medical care.
