Successfully planning for elder care later in life mean you need to cover the following four bases:
Financial: If you have elderly parents, make sure that all financial account (checking, saving, retirement, pension, etc.) information is in one secure place. If your parents are reluctant to share this information with you, then be sure they tell you where to find it.
Legal: Make sure the elderly person has a will and has executed the appropriate powers of attorney and health care directives. Be sure you do this while they are still of sound mind.
Medical: Keep a list of all your parent’s medications. Discuss with them how they want to be treated in a medical crisis or if they are diagnosed with any form of dementia.
Long-term care: With your parent, plan how they want to live in their later years. If they want to stay at home, investigate how modifications may be made to allow them to do so. Explore assisted living facilities, with the understanding that Medicare does not pay for these and the average cost is around $5,000 per month.
With the proper guidance, you can protect your finances and spare your loved ones the frustration of having to make costly and difficult decisions. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.