AGING PARENTS, TIPS ON HOW TO CARE FOR THEM
If you are currently caring for your children and your aging parents, you are not alone. Welcome to the “sandwich generation.” As part of this increasing population of caregivers, it is important to make sure you take care of yourself as well as the other important people in your life and we are here to provide you with some useful tips to care for your aging parents.
To help you get started, begin by discussing your parents’ current state of health and finances as well as any plans they have for the future.
Key Questions:
Do either or both of them have a living will? If so, where is it kept? Although it is a difficult topic for everyone involved, it is important to know what his or her end-of-life medical wishes are and if the appropriate documentation is updated and available should it be needed.
What is the status of their finances? If your parents are still fully capable of caring for themselves and managing their finances, it is a good time to touch base and formulate a plan for the future. If you haven’t had a conversation about power of attorney yet or who should be the point person for helping them with their finances when the time comes, you should do so as soon as possible. It is possible your parents have an accountant or business manager who already helps them with their taxes, retirement funds and managing their monthly expenses. If that is the case, make sure you or the designed family member has all the appropriate contact information. If your parents’ manage their finances themselves, ask them (or help them) put together a document with all the necessary account numbers for their savings, checking, credit cards, pension plans, 401(k) and any other financial paperwork. If your parents pay bills online or do their banking online, make sure their login information and passwords are also recorded with the account information. Then store this information somewhere safe but accessible, such as a safe deposit box or a fireproof lockbox.
Who are their advisers? In addition to having a list of your parents’ financial advisers, as mentioned above, you should also keep an updated list of any current doctors, lawyers and spiritual advisers. A primary care physician may just be one of the doctors involved in currently caring for an older adult. Depending upon an individual’s health, one or more medical specialists may be involved in treatment.
It’s never too soon to put things in order.
According to Huffington Post, Medicaid generally requires financial records for the past five-year years to see if any money is being hidden or given away. If your parents own a home or have valuable assets, consider talking to an attorney about transferring ownership or establishing a trust at least five years before your parents might apply for Medicaid. Otherwise, you might be forced to sell the house to cover elder care expenses.
Decide who should have power of attorney.
Most companies, including health insurance, hospitals and banks will need to see a power of attorney before sharing information with anyone beyond the primary point of contact on the account. That may even include spouses and family members, so speak with an attorney about the best options for your family.
Keep track of paperwork and important documents.
If one isn’t already in place, create a filing system for the copious amounts of paperwork that will become part of your daily life. Not only will this help you put your hands on information quickly and easily in case of emergency, it will help you keep your finances and records separate from your parents. In addition to medical, financial and monthly expenses, keep your parents dates of birth and Social Security numbers secure but accessible as well; you’ll be asked for those often.
Take care of yourself.
Whether it is having a glass of wine with a friend, reading a book, going to the movies or spending an afternoon at a spa, make sure you set aside some “me” time. You and your dependents will be better off if you can escape for a little while. It can be difficult to carve out time for yourself but whatever it is you like to do, find some time to do it.
If the time has come when you or a family member can no longer maintain an independent lifestyle, please contact the knowledgeable staff at CalRegistry. We are here to help you find elder care services or an assisted living facility within California that is customized for your needs and financial situation.