The important questions you must ask Seniors about finances
If you have noticed, we are all aging. You may have noticed that your parent or grandparent needs more care than normal. If you are noticing things happening gradually, it is crucial to talk about finances with them. You need to know what their finances look like and how they are going to be able to financially take care of themselves as time goes on.
The important questions you must ask Seniors about finances:
- Do you have a power of attorney?
- Have you updated your will and other important documents?
- Are you able to afford long-term care?
Do you have a power of attorney?
The DPOA document is a crucial document for any aging individual to have. This document allows whoever is appointed to make the necessary decisions (financial, legal, health) if your loved one is unable to. Without this document, you will have to get the court’s involved, and in hard times that’s the last thing you have time for. It’s always best to have this done and out of the way before a crisis occurs.
Have you updated your will and other important documents?
Most don’t think about their will, insurance policies, or retirement accounts until time of need. It’s important to review these documents on a yearly basis. You don’t want to be paying more for life insurance when you don’t need as much money anymore. You also don’t want your will or beneficiaries to be out-of-date due to a birth or death in the family. Schedule a time of year to ensure that everything is still correct.
Are you able to afford long-term care?
How will your loved one pay for long-term care? Do they have money in savings? Have they taken out an insurance policy? You as the caretaker don’t want to be stuck with the cost of long-term living as it can cost tens of thousands of dollars per year. It is very important to plan ahead especially if there is no living spouse, children are out-of-state, etc. Have your loved one talk to their insurance agent about long-term care insurance as this is the best way to cover the expense.
Always remember that if you don’t feel qualified or able to take care of your loved one, we can help. To learn more about our assisted living, long-term living, or rehabilitation services, be sure to give us a call at (937) 319-8924.
