One of the most difficult conversations that you will need to have with your aging parents throughout their retirement is about the future. Though no matter how difficult this conversation may be, it is vital that you can plan for what might happen as a family to ensure that you are prepared for anything that comes your way. If you are struggling to do this, here are some top tips to help you comprehensively plan for your parent's future, so they can have the most comfortable lives possible, and you do not have to worry for them.
1. Look at Assisted Living Facilities
Although you might believe that your parents will always be healthy enough to live at home, this is not always the case. There are many common health conditions such as dementia, which may leave your parents needing round-the-clock care, as well as general ill health and frailty as they start to show the signs of aging. To make sure that you know that your parents are well-looked after when the time comes, you should consider researching assisted living facilities now. This will allow you to relax in knowing that both you and your loved one are happy with the home you have chosen for them. For instance, if you are looking for assisted living Fort Lauderdale, Belmont Village can offer your parents a range of care options, and you can rest in the knowledge that they are being cared for.
2. Sort Their Finances
Many adult children leave their parents to handle their finances for fear of taking over or looking greedy when it comes to their eventual passing. However, helping your parents sort their finances out now can ensure that they will be able to pay for all of the medical care they may need and ensure that they have enough money to live on until the end of their lives. Sorting these finances out early, such as looking at the pension schemes and organizing the assets they have to their name, will ensure that they do not come unstuck later and enable them to set a budget around their financial situation.
3. Create a Will
Although it is easy to dismiss probate as something that you do not want to think about or discuss with your parents, helping them create a will and knowing what is inside of it is important if they pass away suddenly and unexpectedly, then you can help them to make a will by contacting a solicitor or encouraging them to complete a DIY will-making kit. You should always make sure that DIY wills are legally valid, though. Knowing what is inside of the will can be important so that you can make sure that their wishes are carried out on their death and that no forgery or other issues occur.
MedicalResearch.com Interview with:
Dr. Nathan Stall, MD
Geriatrician and Research fellow
Women’s College Research Institute
Dr. Paula Rochon,MD, MPH, FRCPC
Periatrician and Vice-President of Research
Women’s College Hospital
MedicalResearch.com: What is the background for this study? Response: The advanced stages of the dementia are characterized by profound memory impairment, an inability to recognize family, minimal verbal communication, loss of ambulatory abilities, and an inability to perform basic activities of daily living. Nursing homes become a common site of care for people living with advanced dementia, who have a median survival of 1.3 years. In the advanced stages of the disease, the focus of care should generally be on maximizing quality of life.
Our study examined the frequency and sex-based differences in burdensome interventions received by nursing home residents with advanced dementia at the very end of life. Burdensome interventions include a variety of treatment and procedures that are often avoidable, may not improve comfort, and are frequently distressing to residents and their families. We found that in the last 30 days of life, nearly one in 10 nursing home residents visited an emergency department, more than one in five were hospitalized, and one in seven died in an acute care setting. In addition, almost one in 10 residents received life-threatening critical care; more than one in four were physically restrained; and more than one in three received antibiotics. (more…)
MedicalResearch.com Interview with:
Dr. Amalavoyal Chari PhD
Department of Economics, University of Sussex
Medical Research: What is the background for this study? What are the main findings?Dr. Chari: It is well-known that in the United States, informal (unpaid) caregiving by family members and friends is the primary source of long-term care for the elderly population: Recent estimates indicate that nearly 1 in 5 adults in the United States provides care to an elderly relative or friend over the age of 50.
Informal care is not really “free”: Rather, it diverts caregivers’ effort from other productive activities, and the value of these displaced activities is the opportunity cost of informal elder-care. Estimates of this cost have been limited by the lack of nationally representative data with detailed information to allow an assessment of the value that caregivers attach to time and time spent providing care. Our study utilizes new and unique data from the American Time Use Survey (ATUS) to remedy this deficit, and to provide careful, up-to-date estimates of the opportunity costs of informal eldercare in the United States.
We find that informal care is mainly provided by working-age adults, who consequently bear most of the economic burden in terms of opportunity costs. We find that the price tag for informal caregiving of elderly people by friends and relatives in the United States comes to $522 billion a year. Replacing that care with unskilled paid care at minimum wage would cost $221 billion, while replacing it with skilled nursing care would cost $642 billion annually.
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