In today’s world, adult children are faced not only with the effects their elderly parent(s) aging, but now they have to understand how the economy may affect their aging parent’s financial situation.  Every time we turn on the TV, we are inundated with how bad the economy is and what is happening to our savings. But are you aware that older adults are struggling with excessive credit card debt, and that bankruptcies are increasing among the elderly?

So what can you do to assist your aging parents?  How do you help yourself, as the caregiver, make plans for the future?  Start by asking some general questions, such as:  
 

• Is your parent worried about his/her finances?
• Is anyone currently assisting your parent with day to day finances?  If yes, are there any concerns about how the finances are being handled?
• Does your parent currently have someone providing him/her with advice on business or finances?  This could be a lawyer, trust officer, personal friend, family member, etc.
• Does your parent have health and financial powers of attorney?  Have the appointees been informed?  
• Is the current income stable and sufficient?
• Does your parent know what his/her sources of income are? (e.g. Social Security, pensions, investments, family support)
• Does your parent have adequate insurance coverage? Does he/she understand what’s covered by the policy/policies?
• Does your parent have long term care insurance? If yes, does he/she understand what the policy covers? 
• Are your parent’s estate documents (e.g. wills, trusts, and beneficiary) current? 
• Does your parent know where important documents are kept?  Your parent (and caregivers) should know the locations of documents like birth certificates, divorce papers, death of spouse, remarriage, estate documents, and advance directives?
• Is your parent’s advance directives document current and active in his/her state of residence?  (e.g. if your father has advance directives including financial power of attorney and moves across state lines, he needs to contact a lawyer and make sure it is still current with state of residence regulations).

Resource sites:

• The Medicare official site is www.medicare.gov.
• A site to help you as a consumer to under Medicare Benefits visit: Medicare Consumer Guide: http://www.medicareconsumerguide.com/medicare-overview.html.
• To find out more information about long term care insurance go to: www.medicare.gov then go to ‘search tools’ then go to ‘plan your long term care needs’.