|
Pre-planning is the best defense we have to avoid unanticipated events, so it is great that you are looking to do this.
To begin, I would find out what the costs for services in your parent's community are. I would investigate home health care, assisted living, nursing home programs and see what daily rates are. I would also talk with the county social service agency and see what type of subsidized health programs are available to seniors and what are the income/asset limits one needs to have to qualify. This way you have some idea as to what you are planning for in terms of services and what you could anticipate as help from the county (if any).
I would also ensure that the financial planner/estate planner is well versed in senior issues and understands all the medical assistance/medicare guidelines.
To try and avoid health crises, I would also try to minimize the risks to your parents in their home. Make sure that they have arranged the home to minimize the risk of falls and injury. You can get a home safety check list if you download a free copy of the caregiving guide from this site at http://www.asktransitions.com.
At the same time that you are doing this financial planning, make sure that you have other legal issues in order. Do your parents have a living will and someone appointed to make health care decisions if they are unable. Is someone appointed as their Power of Attorney (durable) to make fiancial decisions and transactions if they are unable to do so for themselves.
Good luck and let me know how things go.
Carla MacGregor
Transitions, Inc.
|