How to Emotionally and Financially Care for Elderly Relatives

Your parents cared for you since the day you were born, so it’s not so surprising that you would do the same for them as they age. The thing is, it’s not always as easy as it seems. Since you’re not used to it, caregiving can take a big toll on you physically, emotionally, and financially. Luckily, there are a few ways to make it better!

Know What You’re Getting Into

According to the Pew Research Center, close to 60% of adults say they help their parents with errands, house work, and transportation, while close to 30% say they help their parents financially. Caregiving can also include helping your parents with daily activities such as getting dressed, using the bathroom, and bathing. Like many other adults, it could also be your job to communicate with healthcare providers and financial institutions.

Have an Honest Family Meeting

It’s not easy in the slightest, but you and your family have to have an open and honest discussion on how you will take care of your aging relatives. This can mean dividing up days in which you’ll each help them out, financially contributing to paying for a professional caregiver, and potentially even the possibility of moving your relatives into an assisted living facility.

Set Boundaries to Avoid Frustration

If you all are going to help care for your loved ones, make specific lists of tasks that need to be done for the relative as well as any costs that may be required. Keep track of how many hours and how much is spent completely those task and compare it to your regular weekly activities. More likely than not, you may be spending more time and money caring for your relative than you can emotionally and financially afford.

Realize When You Need Help

As much as you want to be the person who cares for your aging parent or other relative, sometimes, it just isn’t possible. Whether he or she needs more attention than you have the time or money for, or he or she has medical problems that require professional attention, realize when it’s time to call on other people to help out.

When it comes to meeting you and your family’s long-term care needs, let American Investment Planners LLC be your resource. We make it a priority to help you prepare for the best financial future possible. From preserving your wealth to determining health care coverage best suits you, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.