Making decisions about how to best care for your aging parents isn’t easy. Just ask Suzanna De Baca, who chronicled her experience for Time magazine.
Following in the footsteps of a friend, De Baca decided to talk candidly with her mother about her own plans for the future. The experience helped De Baca better understand the kind of questions adult children may need to ask. Here are some of the essentials, taken from her report in Time:
What are my parent’s plans and desires? Having an idea of your parent’s financial situation and desires for medical care will save time and headaches.
Do I need to add on, remodel or just renovate? If a parent is going to move into your home, it’s crucial to consider these three things: privacy, care and safety issues. Ask yourself if you need a major overhaul, or if minor changes will suffice. Research the costs well in advance so you won’t be reeling with sticker shock if your parent needs to move in on short notice.
What kind of insurance coverage do my parents have? In addition to understanding your parents’ financial reality, it’s critical that you talk to your parents about their insurance coverage. Determine how your parents’ medical costs will be paid, and speak with them about where the funds might come from if extra costs accrue beyond what insurance covers.
What will this cost me? It’s imperative to do some research before helping your parent decide what may be the best living arrangement physically, emotionally and financially. If your parent wants to stay in their own home, recognize what the long-term cost might be of hiring an in-home caregiver. It can vary greatly depending on where you live. The amount paid by insurance for different arrangements also varies depending on the type and amount of coverage.