Having the finance talk with senior parents
December 3, 2010
Millions of adult children across the country are caring for older parents, but there are even more families who haven't entered that stage yet. For those who have yet to start deciding on longterm care options for their loved ones, it can be extremely beneficial to have a talk about finances.
TheNational.ae states that this talk can be an awkward discussion, but the key is to have a conversation, not a confrontation. Respect a parent's autonomy and their ability to make decisions. At the same time, try to come to a reasonable compromise.
Children should talk to their parents about health and life insurance as well. This can help families gauge how much extra care a senior may require in the coming years and help everyone prepare accordingly.
An indirect approach to the conversation can often be the most successful. The news source suggests mentioning a friend in a similar situation or a news story that mentions the importance of planning.
One way to ensure a parent's independence and safety is to help install a senior alert system in their home. This device allows users to immediately send a medical alert to family or doctors in the case of an emergency.