Caring for an aging parent?

I see the struggles that families are having with aging parents and their long term care and well being. It is a tough decision to have a parent in a nursing home, assisted living, or have at home health care. The emotional cost is draining not to mention the potential financial cost that will ensue no matter what you choose.

An option that is available is Long term Care Insurance (LTCI), this is a product that can help to cut the cost of the choice to care for your aging parent. Each insurance product varies and you should contact an insurance agent to find out what policy or options work best for you and your family’s situation.

The risk that a person who is in the position to take care of an aging parent is that the caregiver could be forced to put retirement, trips, and other plans on hold while they are taking care of their aging parent. No parent wants to become a burden on their children and with proper planning, parents don’t have to be. It will take a few painful conversations about the end of life care, wills, and what the aging parent wants and expects. Once these conversations are over it is time to enlist help from third party providers to set up the will, trust, and insurance agent to tell them what has been decided and let them give you options to help your situation.

No one wants to pass away but it is inevitable, we are all going to pass away eventually. No one wants to leave their heirs with debt when they are gone either, and with proper planning you wont need to.

Here are some informational links and an article that talks more about the subject.

http://www.smartmoney.com/plan/health-care/the-rising-cost-of-caring-for-mom-and-dad-1309379444206/?link=SM_hp_plan

http://www.longtermcareinsurance.org/

http://www.longtermcare.gov/LTC/Main_Site/index.aspx