Many elders shy away from conversations about their future care needs.
However, gently bringing attention to the topic from a place of love and support long before urgent needs arise can help the whole family get on board with a plan.
With many desirable communities experiencing high demand, finding a placement may take longer than expected, so planning ahead helps.
If you already know that your parent or elder needs help, it's useful to identify which "activities of daily living" they may no longer be able to manage.
Knowing this will help you gauge what kind of assistance they need.
An elder with physical issues may struggle with bathing or dressing but still be able to handle their finances.
An elder experiencing cognitive decline may be able to handle their personal care but need help with transportation, money management, and housekeeping.
Finding the right level of care for their needs can help them remain independent as long as possible and keep costs in check.
Care can cost quite a bit, so knowing what assets your parents have—income, investments, long-term care policies, insurance, benefits, etc.—can help determine what they can afford.
The chart below shows some nationwide care statistics, but the actual cost of a placement will be influenced by location, level of care, type of facility, pricing structures, and more.1
Many, many factors influence care expectations within families.
Being clear with your family about what you can and cannot contribute in terms of time, money, and caregiving is critical.
It may be a difficult conversation, especially if your family's expectations of you are outside what you can provide.
However, setting boundaries and accountability creates clarity about what services mom and dad will need.
There are a lot of ways to help your loved ones age gracefully. Learning about which services and facilities are available and within their resources can empower you to help them make good decisions.
Sometimes, home renovations and local support can be enough to support aging-in-place.
In other cases, moving to a care community can offer elders the support they need to thrive.
Many facilities operate with a waitlist so it may be challenging to quickly find a placement when the time comes to move.
Starting early helps. Asking for referrals, taking tours of facilities together (if they're willing), and becoming informed about how each community works can help you all understand the process.
When you’ve identified a place you may be able to place a deposit to get on the waitlist, giving them the option to accept a spot when it opens.
You're not alone in this journey.
If you're facing a need to find care for your parents, please let me know.
We're here to be your sounding board and an outside opinion to help your family navigate the emotions and find a good path forward.
We can also help you understand your options and connect you with any legal advice you may need.
Bottom line: We're here to support as you help your loved ones navigate the care process.
If you ever have questions or need advice, please reach out.
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Advisory services offered through CreativeOne Wealth, a Registered Investment Adviser. Preservation Retirement Services and CreativeOne Wealth are not affiliated. The insurance products offered by Preservation Retirement Services are not subject to Investment Advisor requirements. The Retirement Protection Plan is our proprietary process name and it does not promise or guarantee investment results or preservation of principal. 2023/07/28 - 17149121