http://well.blogs.nytimes.com/2009/09/18/the-financial-peril-of-an-aging-parent/
This article discusses the impact aging parents have on their children's finances. With advances in technology and medicine, people are living longer lives, which although beneficial in ways, also has its downfalls. When people grow older, chronic illness becomes more prevalent and greater amounts of medicine are required. Also, the elderly grow more dependent on others and require help with daily tasks such as food shopping and other things of the sort. All of these things require money, however the elderly are often retired. This is where their children come into play, helping their parents with their financial obligations, paying for groceries, medical treatment, and so forth. These finances, coupled with those that the children have on their own (due raising their own families) leads to problems. It is almost like a never-ending cycle of financial issues. When children go broke from taking care of their own parents, their children will be called for to help them with financial obligations in the future as well.
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This whole issue extends onto other platforms as well including the booming business of nursing homes, adult day centers, and other senior services. This whole issue is where morals meets reality and people have to choose whether the people who took care of them while growing up are worth having the roles reversed later in life. Personally I have no idea what I would do if the situation was present to me, but i do know that I would do as much as possible within my means to help out my own family.
ReplyDeleteThere has to be a way where this problem could actually turn into an asset at some point in time.
It's definitely a financial strain on families and the only solution doesn't rely just on them. Like Sam said there is the option of nursing homes and adult day centers, but not many are willing to trust another person to take care of their elederly parents. In my family my great aunt was disgnozed with lung cancer and it took a huge toll on my family. Financially it hurt us because the treatment, medicine, and hospital stay were only covered for so much, and this was a big emotional strain too. It's horrible but some parents might not even be lucky enough to have children that will help them. As much as it is a financial strain the children want to do it for them to get healthier.
ReplyDeleteAs parents grow older, the shift to depending on their children for financial support is completely reasonable and I don't consider it to be a burden. While financially it may cause strain on those giving support to not only themselves, their own families AND their elderly parents, it is something that we should be prepared for and aware of as an aspect of life.
ReplyDeleteI think the impact on the children should not be viewed as such a negative thing, but more of a blessing that science has progressed enough in order to make it possible to extend the lifetime of someone you love and care about. Therefore I would argue that this "problem" is an "asset" since the onset of the dependancy on the child because it enriches the value of one's life to have the ability to support your parent(s), which is much more important than the value of a dollar. The financial strain may be extremely taxing on somebody, especially when unprecedented, but this is something we must be prepared for and embrace as a gift rather than something draining.
Very good, Malgoliciuos. I agree with you. It is something you should be prepare for. Also, please have parents purchase Long Term Care insurance. Long Term Care pays for itself in the long-run. The insurance is age-attained depending on the insurability of the individual’s health. This policy should be purchase in your twenties so your monthly premium won’t be your retirement money. For example, some policies if you are a healthy individual at age 30 your policy premium might be $10.00 depending on the amount of coverage. Sam also makes good points on all the different options, but you can avoid the situation if your parents plan in partnership with you. This cycle repeats itself, as your children will also have to make these important decisions.
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