Five Easy Steps To Financing And Care For Your Elderly Parents

Worried about how to take care of your aging parents’ health care and livelihood expenses? To save oneself from stress and worry in the years ahead, financial planning and investment in family insurance is the smart option.

Now, you have five easy steps to help you tide over these worries.

If you plan in advance, then finance in the later years is not as stressful. Once retired, your elderly parents do not have a regular income and you would need to subsidise their daily expenses and health care.

Recent studies with several households reflect this new trend of the younger generation needing to plan for their parent’s old age, with increasing life spans bringing with it geriatric ailments requiring specific healthcare and recession having swallowed up their parents’ hard earned savings. With worries of one’s own impending retirement, college costs for children, it is worrisome indeed and without correct and timely planning or investment in the correct schemes which will give returns at the time one needs them the most, one could face extremely trying times ahead. However, if one is prepared legally, saves smart and invests in the correct healthcare insurance, looking after one’s own family needs as well as that of aged parents need not be a burden.

Keeping in mind these five steps should definitely help:

  • Handle memory loss or illness in old age by assigning power of attorney for important decisions. One cannot plan for Alzeimer’s or dementia, it creeps up on you so, a smart way to pre-empt the agony of legal wrangles with property and decisions regarding life threatening diseases even, is to have a clear power of attorney assigned while your parents are able bodied and have clarity of thought.
  • Get expert help on financial planning and improved savings. There are several schemes in the market today but one needs to figure out early, even from an expert at your workplace which would be the financial plan best suited to your needs and family.
  • Choose the correct insurance policy for your family which gives you maximum benefits and remember the earlier one invests in an insurance scheme, the lower the premium and greater the benefits. Competition between insurance companies will have insurance advisors knocking on your door dispensing free advice. All one has to do is study the options and take an informed decision.
  • Research financial and care resources on the net and in libraries as one needs to know the different aspects of the policies, the different types of healthcare schemes available and the benefits of each.
  • Get a professional financial advisor today! As the saying goes, the early bird catches the worm. In this case, it is the early investor who will have less grey hair himself while caring for a silver haired parent! Tax relief for dependent parents is still a matter of debate so a wiser option would be to save well and save now.

Marie is an accomplished financial consultant writing about socio-economic problems as well as legal and financial articles on debt, bankruptcy, loan, stock market, binary brokers, credit card, personal injury on various websites. She has been writing for the last 5 years.