Do you ever worry about what you will do when it comes time to start looking for an assisted living community, for you or your parents? Do you lay awake at night wondering how you will be able to afford such an expense? More and more assisted living communities are striving to offer the amenities of a fivestar hotel.The costs for these communities are rising proportionately, however, with these come added comforts and conveniences. Many of us struggle with the idea of moving our parents into a senior living community. Of course,we all want to provide mom and dad with only the best, but how are we going to afford an average of $4,000 a month?
As children of aging parents, we would like to see mom and dad maintain the key components of optimal living: health, humor, community, spirituality, beauty and learning. So how can we ensure that we can provide them with the best possible living situation?
One way to help plan for the future is to get a financial advisor. A financial advisor can help you figure out how to best spend your hard-earned dollars, and make your money last. The sooner you get some financial planning help, the better chance you’ll have at helping your aging parents find a senior living community where they can live comfortably; a place where they can be cared for and safe.
When preparing for your parents’ future, be sure to keep a couple of factors in mind. First, make sure that your parents assign both a health and financial, durable power of attorney. This will ensure that their wishes are fulfilled, when they are no longer capable of making life decisions for themselves. Second, find a good financial advisor that can help you map out the next 10, 20, or 30 years. With the advisor’s help, create a plan that prepares you to afford retirement and assisted living. So if and when it comes time to start looking, you will know what you can afford, and for how long you can stretch your finances.
We have found that families, who have created financial plans for the next 20 years, are able to make decisions more quickly and with greater peace of mind. The time that they have invested in financial planning enables them to focus entirely on their loved ones, during the time of transition.
Another wise planning option is to consider investing in a long-term care insurance policy as early as possible. The benefit of this is evident for many, as the years of investing in this insurance pay off tenfold. Many long-term care insurance plans cover a large portion of the assisted living costs. This allows you to choose from the best care options, that assisted living communities have to offer.
Just remember, it’s never too late to start planning. In this day and age, most of us have the capability and foresight to look ahead with confidence. Why shouldn’t we carefully plan for our parents’ future, as they once did for us?