Often times, the next generation of family members do not realize that they should be working senior care into their financial planning. When it comes to planning for the future, you want to make sure that all aspects of your life are taken care of. No one wants to get stuck with unexpected payments when your parents suddenly need long or short term care. According to Kevin Dunnahoo, financial planning must include taking care of your parents as you get older, and you can start now!
As you enter into the peak earning years of your life, keep in mind future expenses that you may not have thought about before. Everyone attempts to prepare for their kids’ college years, or remodeling the home some time in the future, but not everyone remembers to calculate in senior care. It is important to balance out this financial aspect of your life with your future goals.
Ideally, you should be looking into long term care insurance for yourself and your spouse. However, most seniors have not looked into care options as they get older and it falls on the next generation to take care of this aspect of their lives for their parents. Dunnahoo states that researching long term care should be a logical and well-thought out process, and does not need to be completed right away. However, young families that will soon be taking care of their parents should look into options and insurance in order to prepare yourself for the expenses that are sure to follow. Each plan should make sense to each individual as well as the family as a whole.