At Reed Financial Planning Services, we understand that caring for a parent as they age can be challenging on many levels. It's not just the financial decisions, seeing our parents who were once our caregivers now needing our care can be tough emotionally. It's better to start this conversation early which allows you to be better prepared if and when the time comes. If you have questions about the estate planning part of this discussion, we are happy to help!!
Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 65 is growing. In the past decade, the population of Americans aged 65 and older has grown 35%, and is expected to reach 94.7 million in 2060. As our nation ages, many Americans are turning their attention to caring for aging parents.1
For many people, one of the most difficult conversations to have involves talking with an aging parent about extended medical care. The shifting of roles can be challenging, and emotions often prevent important information from being exchanged and critical decisions from being made.
When talking to a parent about future care, it’s best to have a strategy for structuring the conversation. Here are some key concepts to consider.
Cover the Basics
Knowing ahead of time what information you need to find out may help keep the conversation on track. Here is a checklist that can be a good starting point:
- Primary physician
- Medications and supplements
- Allergies to medication
It is also important to know the location of medical and estate management paperwork, including:2
- Medicare card
- Insurance information
- Durable power of attorney for health care
- Will, living will, trusts and other documents
Remember that if you can collect all the critical information, you may be able to save your family time and avoid future emotional discussions. While checklists and scripts may help prepare you, remember that this conversation could signal a major change in your parent’s life. The transition from provider to dependent can be difficult for any parent and has the potential to unearth old issues. Be prepared for the emotions and the unexpected. Be kind, but do your best to get all the information you need.
Keep the Lines of Communication Open
This conversation is probably not the only one you will have with your parent about their future health care needs. It may be the beginning of an ongoing dialogue. Consider involving other siblings in the discussions. Often one sibling takes a lead role when caring for parents, but all family members should be honest about their feelings, situations, and needs.
The earlier you begin to communicate about important issues, the more likely you will be to have all the information you need when a crisis arises. How will you know when a parent needs your help? Look for indicators like fluctuations in weight, failure to take medication, new health concerns, and diminished social interaction. These can all be warning signs that additional care may soon become necessary. Don’t avoid the topic of care just because you are uncomfortable. Chances are that waiting will only make you more so.
Remember, whatever your relationship with your parent has been, this new phase of life will present challenges for both parties. By treating your parent with love and respect—and taking the necessary steps toward open communication—you will be able to provide the help needed during this new phase of life.
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1. ACL.gov, 2020
2. Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.