(Newswire.net — April 14, 2020) — Making sure your parents are taken care of during their golden years can be challenging, especially if they resist at every turn. The important thing is that you talk to them ahead of time so they don’t feel overwhelmed and rushed when it comes time to make decisions about their living situation, their medical decisions, and their financial well being. Take the time to talk to them about what their options are and what’s best for them when it comes time to retire. Here are five ways to help your aging parent ease into retirement.
1. Choosing a Retirement Home
Think about what kind of care your parents need and have an open, honest discussion with them. Are they able to do most things on their own with just a little assistance or do they need around-the-clock care? Are they interested in revitalizing their social lives now that they aren’t working? Would it be helpful to have someone around to help with running errands and meal preparation? Depending on their needs, help them decide whether they’d be more comfortable at a retirement community, an assisted living facility or something more like a nursing home.
2. Choosing In-Home Care
If your parents are able to age in place, one alternative is to hire someone to provide in-home care if they can’t live on their own anymore. Whoever you hire may or may not be there full-time so it’s important that you make sure your parents are safe where they are. This may include installing a chair lift or hand rails, adding a ground floor bedroom or building a ramp to the front door. You might also want to consider getting them a Life Alert necklace so that if anything happens, they can seek emergency medical attention right away.
3. Choosing Medical Insurance
Medicare is for seniors ages 65+, and is something everyone should apply for — even if they have adequate insurance coverage from their employer or a union. Medicare is made up of four parts: Part A, Part B, Part C and Part D. Part A covers hospital stays, some in-home care, skilled nursing care, and hospice care. Part B covers doctor’s visits, tests, X-rays, outpatient services, preventative care, and medical supplies.
Part C is often referred to as Medicare Advantage and offers the same benefits of Parts A and B, but also usually includes Part D (prescription drug coverage). It also covers vision, dental, and hearing aids. Medicare Advantage plans are only available through private, Medicare-approved insurance companies and plans vary by provider so compare Medicare plans before making a decision about which plan might be best for your parents.
4. Ensure Their Finances Are in Order
If your parents are going to be staying in their homes during their seniors years, you’ll need to make sure their finances are in order so that they can remain in their homes for as long as possible. If necessary, help them set up a budget that they can work with depending on their income and expenses.
You may have to help them downsize to a smaller home or an apartment if the burden of a mortgage and the costs and maintenance associated with owning a home becomes too much. If that’s still not feasible and you have extra space, you could allow them to come live with you or contribute to their income every month.
Making Decisions Together
Making sure your aging parents are taken care of during their final years could mean helping them find the right retirement home, finding an aide to help them age in place, sorting out their finances, and/or helping them choose the right health coverage to cover their medical costs. No matter the decisions that need to be made, make sure to discuss everything with your parents. They may need your help, but it’s still their life and ultimately their decision. Good luck!