These conversations can go in all sorts of
directions. Sometimes it’s best to let that happen.
But there are a few key issues you should cover:
How Things Are Now – Is the
person you care about already facing challenges that
you may not be aware of? Do you have a clear and
realistic view of their current daily lives? Do they
have any health problems? Are there things that can
be done now to make life easier?
Option A and Option B – We all
need a plan no matter what our age. If there is a
crisis, how will this person get help? Who will call
you and who will you call? Do you have contact
information for relatives, neighbors, friends,
doctors, lawyers, and local service providers?
Consider creating a telephone checklist in case you
need to make calls on anyone’s behalf. It’s a
nice-to-have regardless.
Legal Issues – Pretty much every
adult should have:
- An up-to-date will
- A durable power of attorney (giving someone
the authority to make financial and legal
decisions on their behalf)
- A living will (outlining wishes for
end-of-life care), and a power of attorney for
health care (which is geared specifically toward
medical decisions)
Be sure your loved ones have these documents, and
make sure you know where they are kept.
No Place Like Home – Most people
want to stay in their own homes, but it’s not always
an option. If necessary, can the house be made more
accessible (first-floor bedroom, ramps, etc.)? Where
would your mother want to live if she couldn’t stay
at home? What if your father couldn’t live with
other family members? What options are available?
What matters most to them? The answers may surprise
you.
The Cost of Care – Long-term
care (at home, in an assisted-living facility or
nursing home) can easily run from $50,000 to more
than $100,000 a year, depleting your hard-earned
savings. Some options to consider are long term care
insurance and family and retirement planning and
protection.
The Medical Maze – Make sure one
doctor oversees and coordinates all care, especially
as your loved one ages. As care becomes more
complex, multiple doctors may inadvertently
prescribe conflicting treatments. Get to know your
parent’s physician and stay in touch. Know what
health insurance policies are in place and how to
access them.
Life’s Closing Scene – It’s a
hard fact of life that many people end up confused
and afraid, largely because family members weren’t
prepared to make tough choices. The best way to
avoid this is to talk in advance, both specifically
and in some depth, about your loved one’s fears and
hopes, and how they want decisions handled. Then
brace yourself to follow those wishes.
Source: Genworth Financial
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