Financial
Financial planning. Whether it’s for yourself or for your parents, having an understanding of assets in the context of when you’re retired is essential.
One of our favorite tools for getting a baseline on long-term care costs is the Genworth Cost of Care Survey. We stress median costs, as our experience as geriatric Care Managers is that LTC costs more than the median reflected in the survey. But again, it’s a great place to start to get a realistic picture of costs, options, and levels of care.
When we meet with families and start to talk about care and housing options, it’s not unusual for them to ask if Medicare covers what we are recommending. Typically, the answer is no.
Reluctance to spend money is often one of the top barriers to getting parents the help they need. Money discussions can be uncomfortable, especially with our parents.