What to Discuss
Once you’ve started the conversation about long-term care, another key to having a successful discussion is knowing what to discuss. You may want to consider the following:
How will you or your parents fund long-term care?
If your parents don’t intend to live with you when they’re older, it’s important to discuss finances and how long-term care will be paid for. The annual cost of a private nursing home room is approximately $100,000. Home care is about $50,000. Know your parents’ financial situation and what they can afford. If you haven’t already, help your parents with Medicare and Social Security applications.
Will your parents need to move into an assisted living facility?
If you believe your parents may need to move into an assisted living facility, look at nearby options, make a few phone calls, and try to determine the costs of housing and care.
Do your parents have any advance health care directives?
If your parents do not have a will or have not designated anyone power of health care attorney, they may need to do so. A will is not just a document for asset distribution; it can also be used to make decisions about how a person wants to be cared for when their health is failing.
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