Excerpt from: AARP (click for full article)
Thirty-somethings and forty-somethings, I’m here to tell you: it will
happen, it will surprise you, you will be upset. No matter how much you
think you’re ready, you’re not. Don’t kid yourself that you are. I’m
not trying to be Debby Downer. Be assured there are things you (or you
and your sibs) can do now:
1.) Talk to your parents about their wishes.
2.) Have a Plan B, Plan C, Plan D and be ready when Plans A through C won’t happen according to plan.
3.) Know your parent(s) doctors, insurance information, Social Security number, allergies and medications.
4.) If you live far away from your parents/loved ones, have a credit card that’s used just for emergency travel.
5.) Find out your employer’s rules for family leave and get to know these four letters: FMLA, which stands for the Family and Medical Leave Act.
And finally for you: Buy a long-term care insurance
policy NOW. My parents had no such option when they were our age as
this insurance is relatively new. Any policy they could buy now wouldn’t
be worth it due to their age and premium cost. Before I turned 41, I
purchased a policy that’s $656 a year and covers me for $675,000 of
care. DO IT!
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