Nurse Care – Health and aging: Is your family ready to cover the costs?

Are you or your family prepared for the cost of ageing?

Are you or your family prepared for the cost of ageing?

One of the biggest issues we find with ageing is not being prepared for the financial cost, which does at times require nursing care. The earlier you start considering options to cover the cost of becoming ill or the effects of ageing the better off you will be when that time comes. 

Most people don’t like to consider, much less discuss, the health-related what-ifs that come with age, especially with family. But it’s important to have that dialogue nonetheless. If your family has a plan in place, everyone can concentrate on one another rather than stressing about where the money will come from if you, an elderly parent, or your spouse become ill. The ideal time to discuss these issues is before you actually need to.

You can use the four questions that follow to help you begin having these crucial family discussions with your spouse, kids, parents, and siblings. Use them to let your family know what you expect. For advice on how to plan financially for potential medical expenses, speak with your financial advisor. And don’t stop communicating as time passes and circumstances alter. Even though no one can predict the future, being ready for what might happen next might ease the way forward.

1. Where will the money come from?

Talk about the possible costs of a long-term illness, such as health care at home or making changes to the house to accommodate a possible disability. Should you or your parents get disability or long-term care insurance, think about other possibilities like hybrid life insurance and health savings accounts, or just increase your savings and investments?

Discuss your options with a financial advisor so that you may make sure that neither your retirement plans nor any other ambitions are jeopardized.

2. Will our parents have the care they need as they grow older?

Many people struggle with their elderly parents’ refusal to acknowledge their limits. This is why it might be a good idea to raise these issues right away. Ask specific questions, such as when it would be OK for you to cease driving or to hire a caregiver to assist with meal preparation. Don’t give up if your initial attempts fail because these conversations might be challenging. You’ll probably need to have several conversations before you find the answers you need.

3. Who will provide the caregiving, if it’s needed?

We advise siblings to discuss how they will divide the caring responsibilities initially among themselves. “You want to make sure that both your wants and your parents’ needs are taken into account. Occasionally, putting together a hybrid of in-home and outside care makes sense. To lessen the financial strain, siblings might split the cost.

4. What about end-of-life issues?

Which medical procedures would you and your parents want to have performed or not performed at the end of your lives? If you become unable to express your wishes, who do you want to be your healthcare proxy? A living will and a health care power of attorney can be used to record your preferences. And start considering how you want to leave a legacy, both financially and otherwise.

BARP Barbados Association of Retired Persons has done an excellent job in negotiating such a plan, reach out to them and ask them about their group health plan or contact a financial planner.