What to do when your aging parent is running out of money Also, search locally. The community center for older people is likely to have some resources available. Community centers can connect you to local services that provide affordable meals to older people. Many community organizations also offer free or low-cost group activities. Exercise classes, games, book clubs, or even local field trips can help keep your parents happy, healthy, and engaged.
For many, it's uncomfortable to talk to their parents about their finances, their health, and their desire to reach the end of their lives. But understanding what they want puts you in a better position to help them as they age. My elderly parents are broke, what can I do about it? If you've asked yourself those kinds of questions and examined state and federal programs, then family is the next line of defense. Because in most cases, the best way to treat elderly parents without money is also the most common: direct family assistance. And if overspending is at the root of the problem, trying to convince aging parents to stop spending money can be as difficult (and unattractive) as it seems.
With the right knowledge, you can ensure that even if your parents can't afford assisted living, they will receive care and be in the right living situation for them. If one of your parents is a veteran, the Department of Veterans Affairs has several long-term care services. If your parents can run out of assets, you may need three to four years to secure housing for the elderly. While your parents are likely to have Medicare, coverage doesn't usually cover 100% of their medical expenses. Resource centers for the elderly and disabled can offer a person to meet with your parents and explain the services available to them.
Helping aging parents can be a challenge, especially if they have financial and health care problems or if they make poor decisions with their money. Wanting to help your parents financially comes naturally to any adult child, but not to the detriment of your relationship with your parents or your finances. This is because many states have filial liability laws that legally require an adult child of an impoverished parent to pay for parental needs, including long-term care, as well as debts. While you may want to provide financial help to your aging parents, talking about these issues can be difficult. Once you've decided to help your aging parents, take advantage of the additional resources available that can help. It may be helpful to attend the initial meeting, depending on whether your parents are comfortable with it.
Home care refers to professional caregivers who come to your parents' home to help them with personal care and household chores. Keep in mind that it's worth researching these programs before making contributions directly to your parents, to ensure that any financial help you can provide them doesn't interfere with their eligibility for need-based programs.
