Taking care of aging parents is a responsibility that everyone may face at a certain point in their life. With so many of the Baby Boomers reaching retirement age, it’s certain to be on the minds of many people right now. Do you have a parent who’s reaching that time of life?
We all hope that our folks have prepared themselves for their Golden Years. However, if you’re not sure, here are some suggestions for how you can set your mind at ease — and keep them protected with insurance.
1. Check Their Insurance Coverage
What’s the first thing you can do to ensure your parents are protected? Talk with them about their existing insurance coverage, find out whether it will be enough and if it is the appropriate type of coverage.
Often this can be the most difficult step, as it tends to be an emotionally-charged conversation. No one wants to admit that they’re entering that phase of life, where they may not be able to care for themselves. Nor do they want to consider the costs of an eventual funeral and burial. You can speak with us here at The Ostic Financial Group for advice and strategies on approaching this conversation — it helps to have a plan.
During this conversation, there are a few important questions to ask in addition to ascertaining whether their coverage is adequate: Do they have sufficient health insurance to cover major medical problems above what the province will cover? Will their life insurance pay for final expenses? How are you going to deal with their estate taxes? Are you your parent’s executor or executrix? As Certified Executor Advisors, the team at The Ostic Financial Group will be able to help guide you through this discussion.
2. Plan for Long-Term Care
What will happen if your parents can no longer live in their home and living with you is not an option? You may need to consider nursing homes, retirement homes, or an at-home caregiver. Take time to find a home that is the right fit for your parents — this is an important decision.
Various insurance options are available when planning for long-term care, as well as what comes afterwards. If your parents don’t have Life Insurance, buying an insurance policy for them is an affordable way of accounting for final expenses. If you start planning early enough, you may be able to buy Long-Term Care Insurance to cover the expense of a nursing home.
It’s essential to explore different insurance policies early, while your parents are still healthy. If you wait too long, your parents may not qualify for coverage.
3. Deal With Their Property, Assets and Estate
What happens if your parent or parents can no longer deal with their property and assets — homes, cottages, investments, et cetera. Are their wills and powers of attorney up to date and in force? Did you know that if your parent has gotten divorced or remarried this will affect their current will in the province of Ontario?
Proper estate planning and use of insurance can help fulfill your parents final wishes. If you have further questions about how you can help protect your parents with insurance and estate planning, please contact the team at The Ostic Financial Group in Ontario today.