Information is great. But taking small steps now can lead to big changes.
If you are responsible for caring for one or more of your parents, talk to your parent about potential living arrangements. Would they be more comfortable in your home? In an assisted living facility, or do they need full-time nursing home care? Consult with their doctors, if necessary.
If your parent is not capable of making their own medical or financial decisions, take the steps necessary to secure power of attorney and/or medical power of attorney.
Review your parent’s Medicare and/or health insurance plan to get a better estimate of how much of their care may be covered by insurance.
Review your parent’s income, including Social Security. How much of their care could be covered by their income? If there is a shortfall, how will you cover it?
In the Next Few Months
Seek help from your employer if necessary. Will they allow you a more flexible schedule or the ability to work from home to make caregiving easier?
If you are eligible, take advantage of tax credits that ease the financial burden of caring for your parent.