I've excerpted some highlights here. Readers of this blog can read the complete article at the following link.
As the boomers and their parents age, more and more family members are managing eldercare responsibilities. The emotional, physical and financial demands of caring for aging parents can be extensive. What’s more, the healthcare needs of aging parents can become overwhelmingly expensive — and may include costs that affect their family members in ways that aren’t immediately apparent.
- Having a long-term road map and a savings plan in place can help you care for your parents in the way they desire while enabling you to continue working towards your financial goals. This can be helpful in making informed short-term decisions, especially when there are unexpected expenses and emotions involved.
- Talk about finances now. It’s essential that you are familiar with their financial strategy and resources.
- Create a contact list for medical emergencies and know how to your access your parents’ bank accounts and other financial resources on short notice.
- Know the location of important financial and legal documents and lockbox keys.
- Identify current healthcare costs and needs.
- Build a support network. Talk with siblings or other family members, neighbors and industry professionals to determine who can help you care for your aging parents — and in what capacity and at what cost.
- Anticipate future l i festyle changes and challenges. This includes determining whether your home would need to be modified to provide additional space or comforts, such as wheelchair access.
- Understanding these costs ahead of time can help you identify what you and your parents can afford and will give you time to consider the pros and cons of each option.
- Know your rights at work. The Federal Family and Medical Leave Act of 1993 (FMLA) allows covered employees up to 12 weeks of unpaid leave to provide care for a family member with a serious health condition.