When you were a child, you relied on your parents for virtually everything. As your mother or father reaches the final stages of life, though, you may need to become the caregiver. While it can be challenging to watch a parent age, you can likely ease the transition.
As you probably know, planning is an effective way to minimize many of the consequences of aging. After all, with a comprehensive strategy, you help your parents remove much of the uncertainty that often accompanies aging. Here are three important discussions you should have with your aging mother or father.
1. End-of-life matters
Thinking about losing a parent is often heartbreaking. In fact, many Americans avoid planning for the final moments of life altogether. Nonetheless, your aging parent will likely eventually require end-of-life care. Therefore, you must be certain you know your parent’s wishes. If you know whether your mother or father wants hospice care, life-sustaining support and other treatments, you are likely to be in a better place to provide exceptional care.
2. Financial matters
Your parent may have considerable assets or just a few belongings. Either way, you probably want to know how to divide property after he or she dies. Encouraging your mother or father to create an estate plan, will or trust is often the best way to minimize later family disputes.
3. Insurance matters
You probably want your mother or father to live as long as possible. As your parent ages, you must think about paying for ongoing medical care. As you probably know, qualifying for Medicaid requires meeting certain financial requirements. If your parent intends to use Medicare, on the other hand, you may need to purchase a supplemental policy to ensure complete coverage. Either way, you should talk about insurance before your aging parent needs it for medical care.
Planning for the final years of your parent’s life can be tough. If you do not have some important conversations, though, the process may become a nightmare. While some topics are sensitive, discussing them is often the best way to provide for your mother or father during the final years of life.