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Assisting Elderly Parents
Assisting your elderly parents is important to both you and them, but there are questions about what to expect while being a caregiver.
Begin by reviewing an elderly parent’s health care plan, so you know what medical bills and health care options to expect. Some medical-related items, non-medical items and aids such as hearing aids and dentures are not covered by insurance, so you should be prepared for such out-of-pocket costs as well. Also, keep in close contact with your parent’s physician. As a caregiver, you are entitled to know all about a parent’s diagnosis and prognosis and have a say in treatment options. A physician can help answer many questions about how to help a parent and what their insurance includes. Above all, it is important to constantly communicate with your parent, asking any necessary insurance questions or asking about their comfort.
Also, talk to your parent about trusts. They give a person more control over their assets, along with many other benefits. Types of trusts offered are living, irrevocable and testamentary. Trusts avoid government taxes, unpleasant court proceedings and allow a third party to hold onto the trust until an heir receives it. Learn more about the benefits of trusts.