Taking Care of Elderly Parents Without Going Broke: 5 Tips

Your parents took care of you since the day you were born but now, after many years, it is time for you to take care of them.

Taking care of elderly parents can be a lot of work as well as very expensive. You want the best possible care for your parents so you don’t want to skimp on anything when it comes to getting the care they deserve.

Keep reading for five tips on how to take care of your elderly parents without going broke.

1. Make a Plan

Before your parents need care you should sit down with them and create a plan. Many people think that they won’t need long term care and that they will be able to take care of themselves. But educating yourself and your parents about the care they may need in the future is vital to do early.

By making a plan you can know what your parents want and expect when it comes to taking care of them. You can also help to make a budget and see what exactly you’ll be spending your money on versus their money.

2. Insurance

Medicare or Medicaid can be a huge help when it comes to paying for your parents’ medical bills if they’re over the age of 65. But these won’t cover the complete costs of aging and getting the care they deserve. Long term care insurance can, however, cover the costs of a nursing home or in-home care for elderly parents.

The price for this type of insurance gets more and more expensive as you get older so creating a plan sooner is better than later. It may not be easy to sit your parents down and talk to them about this but it is important for both of you to have a plan.

3. Don’t Quit Your Job

When all else has failed and you feel like it should be your responsibility to care for your parents, then you may feel like the only option is to quit your job. Quitting your job will take away a huge source of income for you as well as paid time off and your own insurance.

There are many other affordable options when it comes to caring for your parents that don’t involve you quitting your job. Click here to learn about at-home personal care. This will give your parents someone to rely on and companionship for when you’re away at work.

4. Track Monthly Spending

Even if you have sat down with your parents early and created a plan you will still want to track every dollar spent towards the care for your parents. You don’t want your parents to run out of money quickly so you’ll have to tap into your own funds.

You can track all of their monthly expenses such as food, bills, clothing, and entertainment to see exactly what is being spent. Your parents don’t need to live their last few years frugally if you’ve helped them create a plan for success.

5. Seek Our Professional Help

If you’re overwhelmed with medical bills or your parents’ spending, then you may want to find a financial advisor to sit down and help you. This person can go over what is best for you and your parents as well as help you set aside funds for future needs. They can create a budget and give you advice on how to stick with it.