Yusra3
VIP Contributor
Adding caregiving costs for aging parents to the financial demands of your own children can strain budgets. Use these tips to thoughtfully manage both priorities:
Know what Medicare covers
Understand which medical services and facilities Medicare covers for your parent to avoid paying unnecessarily. Account for premiums, gaps in coverage, and out-of-pocket costs.
Research other support available
Look into Veterans Affairs benefits, Medicaid coverage, Social Security, Area Agency on Aging resources, housing assistance, meal programs and local non-profit groups offering help. Tap into everything accessible.
Discuss preferences with your parent
Have open talks about their care wishes and what costs they are able to contribute to. This allows collaborative planning.
Set boundaries
Be transparent on what care expenses you are able to contribute versus what your parent will need to cover. Saying no to anything compromising your family’s financial security is okay.
Get family buy-in
If you have siblings or other family, meet to discuss and agree upon shared expectations around care costs. Outline who can contribute what.
Automate contributions
Set up automatic monthly transfers to dedicate funds towards caregiving costs so the money is consistently set aside before spending on discretionary things.
Consider medical trusts/co-ops
These allow pooling resources for healthcare costs. Look into whether they provide advantages for you. Some states offer tax benefits.
Re-budget as needed
Reassess your family budget as your parent’s care situation evolves to adapt to new realities. Prioritize retirement savings still.
Caring for parents while raising kids requires open communication, creativity and trade-offs. Set parameters around what you can manage financially. Your parents and children all deserve love - not debt.
Know what Medicare covers
Understand which medical services and facilities Medicare covers for your parent to avoid paying unnecessarily. Account for premiums, gaps in coverage, and out-of-pocket costs.
Research other support available
Look into Veterans Affairs benefits, Medicaid coverage, Social Security, Area Agency on Aging resources, housing assistance, meal programs and local non-profit groups offering help. Tap into everything accessible.
Discuss preferences with your parent
Have open talks about their care wishes and what costs they are able to contribute to. This allows collaborative planning.
Set boundaries
Be transparent on what care expenses you are able to contribute versus what your parent will need to cover. Saying no to anything compromising your family’s financial security is okay.
Get family buy-in
If you have siblings or other family, meet to discuss and agree upon shared expectations around care costs. Outline who can contribute what.
Automate contributions
Set up automatic monthly transfers to dedicate funds towards caregiving costs so the money is consistently set aside before spending on discretionary things.
Consider medical trusts/co-ops
These allow pooling resources for healthcare costs. Look into whether they provide advantages for you. Some states offer tax benefits.
Re-budget as needed
Reassess your family budget as your parent’s care situation evolves to adapt to new realities. Prioritize retirement savings still.
Caring for parents while raising kids requires open communication, creativity and trade-offs. Set parameters around what you can manage financially. Your parents and children all deserve love - not debt.
