Your Senior Parents’ Finances: How to Ask the Difficult Questions and Get Real Answers
Home Instead
Jan 06, 2022
Florida - Sarasota, Bradenton & Charlotte Counties
Email US
Click to Email Us
The changes were gradual and subtle. First Annette's dad tore his patellar tendon. Annette could see he was struggling to navigate stairs in their two-story house. Then she noticed her mom seemed to have more issues keeping up with the housework. Next, her parents cut their cable subscription. Then it was fewer meals out and vacations.
What's up? Annette thought. What's the plan? she wondered. Annette wanted to ask, but the words did'nt seem to come. Her parents had never shared details about their finances or their plans for the future. Perhaps they felt it wasn't her business.
While encouraging aging adults to plan ahead might be a challenge, not doing so could put future financial stability and living preferences at stake for seniors and their families.
The biggest problem is that many people, because of a reluctance to face these kinds of issues, may fail to do so, said Beth Ludden, Senior Vice President of Product Development at Genworth Financial. That leaves individuals potentially at financial risk in their final years.
Opening the door to the conversations might be daunting. Consider these approaches: Financial downturns have hit us all hard, Dad. Should you consider downsizing? Or, Many people have to scale back their plans for retirement. Perhaps a financial plan would help, Mom? Id be happy to help you work this out.
Suggesting your parents reassess their life situation and priorities could help make their senior years more meaningful. Regularly asking and answering the following questions may determine how someone's life plays out, according to Ludden and the experts at Home Instead.
7 Questions to Ask Your Senior Parents About Their Financial Plans
1. How do your parents want to live their final years? Think of the final years in broader terms than just retirement. How do your parents see their lives unfolding? Is their goal to remain independent to the end? And where do they want to be at the end at home or in a care community? Consider that some of those years will be more active than others, Ludden said. Ludden noted that its important to involve a financial professional, such as a financial planner or life insurance agent, when your loved ones start thinking about final years planning to ensure they have the means to support their goals .Final Years Planning: Where to Find Assistance can help you learn more. Help your parents plan the fun part as well as those aspects of care theyll need to have in place as they age. Ultimately getting organized helps people feel more relaxed, Ludden said.
2. Where do they want to live? Ask someone where they want to spend their final years and most will say at home. That's what a number of studies have revealed. Unfortunately, its not always that simple. Do your parents have a practical plan to address their final years at home, will assistance be available and who would they like to help them? Ludden questioned. All of those issues will impact the financial plan they should put in place.
3. What's the plan if your loved ones need help? Experts say that 70 percent of people will need long-term care at some point in their lives, according to the U.S. Department of Health & Human Services. But people often are more willing to talk about death than they are disability, Ludden said. In fact, North American seniors are more comfortable planning for their funerals (79 percent) than planning for when they need full-time care (74 percent), or hospice or palliative care (71 percent),according to a survey conducted by Home Instead Inc., franchisor of the Home Instead Senior Care network.
Medicare is designed to pay for acute care situations, such as hospital stays or doctor visits, Ludden said. There are very few provisions for long-term care service only as an outgrowth for acute care and only for a brief time as long as someone is showing increased progress. Because people mistakenly believe that Medicare pays for long-term care costs and individuals are required to spend down their assets to receive Medicaid, many people have lost assets they've wanted to preserve, Ludden added.
Check out more information about what Medicare does and doesn't cover. There are ways to cover such care, Ludden explained, even at home and in a disabled condition. Many long-term care insurance policies sold currently provide for home care that is designed to support activities of daily living that cover a wide range of providers.
4. Does your family know the cost? Costs of care can be sobering. Find the costs in your area at the Genworth 2019 Cost of Care Survey. According to the survey, national median monthly costs for assisted living were $4,051. Median nursing home monthly costs were $8,517 for a private room; semi-private was $7,513. Rising costs may increase the urgency for many to create a plan. Home care remained the most affordable option at $4,290 a month for homemaker services and $4,385 for a home health aide.
5. Are products and services in place to support a plan? The good news is that a variety of long-term care plans exists to meet varied needs and budgets, Ludden said.
Traditional long-term care policies. These are stand-alone and designed to pay for the types of services someone would need in a chronic care situation, whether in a nursing home, assisted living or at home.
Hybrid products. These are life insurance or annuities with a long-term care insurance rider. While someone is living, these types of policy riders allow people to access a portion of the face amount of the policy to meet their long-term care needs.
Combination long-term care and life policies. These plans have living, long-term care insurance benefits that mimic more of the stand-alone types of long-term care insurance products. These policies can be designed to pay out monthly rather than in a lump sum.
An underwritten immediate annuity. These can be helpful for people who did not plan and would like to stretch their dollars. This product pays out a guaranteed lifetime income based on an initial lump sum premium. This type of product can help cover an immediate financial need for someone who is already impaired and looking for a way to get the most out of their dollars for care, Ludden added.
6. Is the plan flexible? Circumstances sometimes change plans sooner rather than later. Events may be the trigger to look at a financial plan, Ludden said. Unexpected deaths in the family can be a factor, as can family moving away. Life events are much more of a line of demarcation to reassess the plans you've made. If someone has planned adequately, it may not be necessary to make frequent changes. In fact, that's one of the benefits of putting a plan in place.
7. Does your family know about your parents plans? Its important that family members know about their parents plans and that they share specifics about the types of products and services they have in place. In the event an individual becomes disabled or impaired, long-term care insurance companies do have mechanisms in place to alert someone to the fact a bill has not been paid or an important change has been made to their product or service. Also, there are required protections in place if someones policy would lapse as a result of a cognitive or physical issue. Regardless, having a beneficiary on a policy or a power of attorney designated can reduce the risks of being vulnerable.
Other Articles You May Like
Embracing a New Chapter: The Art of Aging in Place
A ging in place is a powerful choicetheir lives with a sense of dignity,independence, and emotionalwell-being. It is about more than just stay-ing at home; its a philosophy that cham-pions a life well-lived in the comfort of afamiliar, cherished environment.The Heart of the Matter:Comfort and ConnectionThe profound emotional benefits of aging inplace are often the most compelling reasonspeople choose this path. A home is a livingrepository of a lifes storya place of familygatherings, shared laughter, and quiet mo-ments. Being surrounded by familiar pho-tographs, a favorite armchair, and a gardentended to for years provides a deep senseof security and continuity. This emotionalanchor reduces stress and promotes mentalclarity. The desire to remain in ones home isa nearly universal sentiment; surveys revealthat over 90% of adults aged 50 and olderwould prefer to stay in their current homesfor as long as possible.This powerful connection to ones sur-roundings extends beyond the front door.Remaining in a familiar neighborhoodallows individuals to stay engaged with theircommunity, whether through local clubs,friendships with neighbors, or familiar walk-ing routes. These connections are vital foremotional health, providing a buffer againstsocial isolation, a significant concern for theaging population. In fact, research showsthat one in three adults aged 50 to 80 reportfeelings of loneliness, and staying connectedto a community can be a vital antidote.The Practical Choice:Independence and SupportThe emotional pull of home is matched bythe practical benefits of in-home care. A pro-fessional caregivers role is not to take over,but to partner with individuals to preservetheir autonomy and freedom. This supportcan be customized to an individuals specificneeds, from help with daily tasks like lighthousekeeping and meal preparation to med-ication reminders and transportation. Thislevel of personalized care ensures that peo-ple can continue to make their own choices,PAID ADVERTORIALfrom what to eat for breakfast to when to goto bed, reinforcing their sense of control andself-worth.The importance of this support systemis magnified by the changing demograph-ics of the U.S. population. The number ofAmericans aged 65 and older is projected toincrease from 58 million to an estimated 82million by 2050. With this growth comes arising prevalence of chronic health condi-tions; a staggering 93% of adults aged 65and older have at least one chronic con-dition. This highlights the need for reliable,consistent care that can be delivered in acomfortable, non-institutional setting.The Path to Success:Proactive PlanningWhile the desire to age in place is strong,successful implementation requires pro-active planning. A significant challenge isthat over 90% of homes in the U.S. are notaging-ready, meaning they lack necessarymodifications like grab bars or accessibleentryways. This gap underscores the needfor families to have open, loving discussionsabout future needs and to explore resourc-es that can help bridge the divide betweendesire and reality.A trusted in-home care provider is a keypart of this solution. By working together,individuals and their loved ones can createa tailored care plan that not only addressespractical needs but also supports hobbies,interests, and social engagement. The rightcaregiver can become a cherished friend, en-riching a persons life in countless ways. Theart of aging in place is about celebrating life,one day at a time, right where you belong. Itsabout ensuring that the next chapter is livedwith the same vibrance, purpose, and joy asall the ones that came before.ComForCare Home Care of Sarasotais here to help as you navigate thesechanges in dynamics and to support yourfamily, giving you peace of mind.Call 941-346-6087 or email: basher@comforcare.com, to find out how ComForCare truly cares like family.
Celebrating Local Life at Hampton Manor of Merritt Island
A fulfilling retirement is about more than comfort and care its about connection to the world around us. At Hampton Manor of Merritt Island, we believe that embracing local culture, nature, and traditions adds richness to daily life. Our community is uniquely positioned on Floridas Space Coast, offering residents opportunities to stay engaged with their hometown while enjoying the security and support of senior living.The Importance of Staying Connected to CommunitySeniors thrive when they remain connected to the places and people they love. Staying engaged with the broader community supports mental well being, fosters a sense of purpose, and creates opportunities for new experiences. At Hampton Manor of Merritt Island, we design our programs not only to support daily living but also to help residents feel like an active part of Brevard County.Exploring the Natural Beauty of the Space CoastMerritt Island is surrounded by some of Floridas most treasured natural spaces. Our residents enjoy:Outings to Merritt Island National Wildlife Refuge, where birdwatching and walking trails offer peaceful escapesVisits to Canaveral National Seashore to enjoy the Atlantic shoreline and gentle sea breezesLocal park trips for picnics, strolls, and group exerciseThese excursions provide relaxation, social connection, and a reminder of the beauty that surrounds us.Celebrating Local Traditions and EventsFrom seasonal festivals to cultural gatherings, Merritt Island and nearby Cocoa Beach and Titusville are home to events that bring people together. Hampton Manor residents often participate in:Annual holiday parades and community fairsArt shows, music festivals, and theater performances in nearby MelbourneSpace launches visible right from our island, a uniquely inspiring reminder of the innovation happening in our backyardThese experiences help residents feel engaged, inspired, and proud to call this area home.Partnering with Local OrganizationsHampton Manor of Merritt Island values strong connections with local partners. Through collaboration, we bring meaningful opportunities to residents, such as:Guest visits from local schools for intergenerational activitiesPartnerships with nearby churches and spiritual groups for faith based programsEducational talks from local health professionals and wellness expertsVolunteer opportunities with community nonprofitsThese relationships foster a sense of belonging and provide residents with meaningful ways to contribute.Family Friendly Activities That Strengthen BondsWe encourage families to join in whenever possible. Hampton Manor hosts:Family picnics in our gardensGrandparent days with fun activities for all agesHoliday celebrations that bring together residents, loved ones, and staffThese moments strengthen connections and create cherished memories that last for generations.Bringing the Outside InEven when residents stay on campus, we bring the community to them. Local musicians, artists, and cultural groups frequently visit Hampton Manor to share performances and workshops. Seasonal dcor, themed events, and food inspired by local flavors also create a familiar and welcoming atmosphere.Why Local Engagement MattersWhen seniors feel connected to their hometown, their overall sense of happiness and well being improves. Local engagement encourages independence, boosts self esteem, and reduces feelings of isolation. For families, knowing their loved one is actively enjoying life within a supportive environment brings peace of mind.Experience the Best of Merritt Island LivingHampton Manor of Merritt Island offers more than a place to live it offers a community deeply tied to its surroundings. By celebrating the natural beauty, culture, and traditions of Brevard County, we ensure every resident enjoys a life that is meaningful, joyful, and full of opportunity.If you are seeking a senior living community that combines compassionate care with local connections, we welcome you to visit Hampton Manor of Merritt Island and see firsthand how we celebrate life every day.
Senior Nutrition for Brain Health and Cognitive Performance
As we age, maintaining brain health becomes just as important as caring for our physical health. For seniors, proper nutrition plays a crucial role in preserving memory, focus, and cognitive performance. At Hampton Manor of Merritt Island, we understand the importance of providing nutrient rich meals that fuel the body and support a sharp mind.Why Nutrition Matters for Senior Brain HealthBrain cells, like every other cell in the body, rely on a constant supply of nutrients to function optimally. Aging can slow down metabolic processes and reduce nutrient absorption, making dietary choices even more critical for seniors. Nutrient rich foods can:Enhance memory retentionSlow cognitive declineReduce the risk of dementia and AlzheimersImprove mood and mental clarityTop Nutrients That Support Cognitive PerformanceLets explore some of the most effective nutrients that promote brain health in older adults:1. Omega 3 Fatty AcidsFound in fatty fish like salmon and flaxseeds, omega 3s are essential for building and repairing brain cells. They also help reduce inflammation, which is linked to cognitive decline.2. AntioxidantsBerries, dark chocolate, and leafy greens are rich in antioxidants like vitamin C and E. These fight oxidative stress and may delay aging of brain cells.3. B Vitamins (Especially B6, B12, and Folate)These are vital for brain function and reducing homocysteine levels high levels of which are linked to cognitive problems.4. Vitamin DThis sunshine vitamin plays a key role in mood regulation and may protect against cognitive decline. Seniors often require supplements due to reduced sun exposure.5. ProteinAdequate protein helps maintain neurotransmitters and supports memory function. Lean meats, eggs, legumes, and nuts are great choices.Healthy Eating Habits for Brain HealthIncorporating healthy dietary patterns can make a significant difference. Seniors should aim to:Follow a Mediterranean or MIND diet: These are rich in plant based foods, whole grains, and healthy fats.Stay hydrated: Dehydration can lead to confusion and reduced focus.Limit processed foods and added sugars: These can contribute to inflammation and poor mental performance.Practical Meal Planning for SeniorsAt Hampton Manor of Merritt Island, we ensure our residents enjoy delicious, brain boosting meals every day. Our expert chefs and dietitians design menus that are:Balanced and nutrient denseCustomizable for dietary needsMindfully portionedFresh and seasonalLifestyle Tips to Complement NutritionWhile good nutrition is foundational, it works best when combined with a healthy lifestyle. Encourage these brain friendly habits:Regular physical activitySocial engagement and conversationsPuzzles, reading, and memory gamesConsistent sleep scheduleSupport Brain Health with Hampton Manor of Merritt IslandAre you or a loved one looking for a community that prioritizes both well being and cognitive health? At Hampton Manor of Merritt Island, our comprehensive senior care approach includes nutrition focused meals, mental fitness activities, and compassionate support designed to enhance brain health and quality of life.Schedule a tour today and discover how we can help you or your loved one live a vibrant, mentally sharp lifestyle through senior focused nutrition and care.
Local Services By This Author
Home Instead Senior Care
Home Health 520 East Olympia Avenue, Punta Gorda, Florida, 33950Compassionate Senior Home Care Services by Home Instead Senior CareHome Instead Senior Care can help with compassionate, senior home care services for people at any point within the aging process. We'll work with you to develop a personalized care plan tailored to fit your family's needs. Our expert care provides all the support people need to live well wherever they call home, for years to come.Our services include:Personal Care: Assistance with bathing, dressing, and hygieneCompanion Care: Social interaction, activities, and meal preparationSpecialized Care: Alzheimer's and dementia care, post-hospital care, and chronic condition managementHome Helper Services: Light housekeeping, grocery shopping, and errandsRespite Care: Support for family caregivers to take a breakAt Home Instead Senior Care, we understand the importance of reliable and compassionate support. Our dedicated caregivers are committed to enhancing the quality of life for seniors, ensuring they receive the best possible care tailored to their unique needs.
Home Instead Senior Care
Non-Medical 520 East Olympia Avenue, Punta Gorda, Florida, 33950Compassionate Senior Home Care Services by Home InsteadHome Instead can help with compassionate, senior home care services. Our non-medical home care focuses on assisting seniors with the daily activities they need to engage in to remain safe and healthy. Many seniors need help to get their day started with assistance showering, preparing breakfast, and taking their medications. Likewise, help before bedtime, or even overnight, can be an important safety net for seniors at home who often are more apprehensive at nighttime.One of the most important needs of a senior who lives alone is often simple companionship. The companionship component of a professional caregiver's job can be just as vital as the physical assistance they provide. Our caregivers are dedicated to offering both essential support and heartfelt companionship to improve the quality of life for seniors.Our services include:Morning and Evening Assistance: Help with showering, dressing, meal preparation, and medication reminders.Overnight Care: Providing a sense of security and assistance during nighttime hours.Companionship: Engaging in conversations, activities, and providing emotional support.At Home Instead, we understand the importance of reliable and compassionate support. Our personalized care plans are tailored to meet the unique needs of each individual, ensuring they can live safely and comfortably in their own homes.
Seaside Home Health
Home Health 520 East Olympia Avenue, Punta Gorda, Florida, 33950Compassionate Senior Home Care Services by Seaside Home Health CareSeaside Home Health Care can help with compassionate, senior home care services for people at any point within the aging process. We'll work with you to develop a personalized care plan tailored to fit your family's needs. Our expert care provides all the support people need to live well wherever they call home, for years to come.Our services include:Personal Care: Assistance with bathing, dressing, and hygieneCompanion Care: Social interaction, activities, and meal preparationSpecialized Care: Alzheimer's and dementia care, post-hospital care, and chronic condition managementHome Helper Services: Light housekeeping, grocery shopping, and errandsRespite Care: Support for family caregivers to take a breakAt Seaside Home Health Care, we understand the importance of reliable and compassionate support. Our dedicated caregivers are committed to enhancing the quality of life for seniors, ensuring they receive the best possible care tailored to their unique needs.