Talking with Aging Parents about Health and Wealth
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Many of us celebrate the holidays with loved ones. If you’re seeing your parents or other aging relatives for the first time in a while, take the opportunity to check in with them on how things are going. Keep an eye out for changes in their behavior and appearance.
Here are nine tips that will help your family members stay healthy and financially secure as they age:
1. Have the difficult conversations now
Make sure your parents’ medical documents are up to date. If you haven’t already, talk about end-of-life care, living wills, and advanced directives, so that you understand their wishes and expectations. Make sure you know where they keep important documents, like insurance policies, wills, and financial documents. If you wait to address these topics until your parents are seriously ill or unable to make their own decisions, the talk will become even more difficult.
2. Familiarize yourself with your parents’ financial situation
Check in with your parents about their estate planning, income and expenses. As people age, their health expenses usually increase. According to Fidelity, an average retired couple who are 65 years old in 2022 may need approximately $315,000 saved (after tax) to cover healthcare expenses in retirement.
3. Evaluate their health insurance coverage
Find out what insurance coverage and prescription plan your parents have, and make sure it meets their needs. It may be worth adding long-term care insurance.