Planning Tips to Care for Elderly Parents

As time passes, your parents are growing older and the idea of planning a move to an assisted living facility seems overwhelming. One of the first thing that crosses peoples’ minds when planning for assisted living is how they are going to afford the proper care their parents deserve. Assisted living can be quite expensive, but there are ways to create affordable action plans to ensure the financial security of both you and your parents.

  • Choosing a Facility

First, you’ll need to make sure you have an honest discussion with your parents about their expectations and needs when they transition from at-home living to assisted living. Your parents will likely be hesitant to leave their home behind, but if you assist them in finding care they are comfortable with away from home, the transition will be much less rocky. There are options between large or small communities. Each community has their own unique set of drawbacks and advantages. Shopping around for the right assisted living arrangement is critical to ensure the peace of mind both you and your parents deserve.

  • Discuss the Financial Aspect

Being financially prepared for the transition into an assisted living facility will make the move much easier for you and your parents. Be prepared to have a conversation with your parents about their finances to create a budget. Digging into your parents’ finances may cause some tension. If you are not comfortable speaking with them about their financial situation, seek outside help from a financial advisor.

  • Go Over the Fine Print

Before you finalize any living arrangements, make sure you or a lawyer reads over the terms and conditions of the care your parent will be receiving in the community of their choice. While the contracts may seem lengthy and overwhelming, they contain vital information about what the assisted living facility will or will not provide throughout your parents stay. It is important to understand exactly what you are getting into so you can ensure that there are no hidden fees or costs associated with the care provided.

  • Plan the Move

After you have a secure financial plan in place, your parents may decide to sell many if not all of their assets. Selling off their assets is another component that may seem overwhelming but can easily be overcome. Consider hiring an estate liquidator who specializes in selling the assets your parents no longer want.