Supporting Your Aging Loved Ones

Supporting Your Aging Loved Ones

The holiday season is a time for reconnecting with loved ones and reminiscing about fond memories. For those of us with aging family members, we may find ourselves concerned with their well being and whether they have a plan to handle the challenges they will face as they age. Families live farther apart and are unable to care for and support each other as in the past. Understandably, initiating a conversation about aging can be overwhelming and even uncomfortable. Start with how they would like to live the rest of their lives, and then discuss how you can help make that happen.

Many people think only of a Will when contemplating the legal documents necessary to protect their future. However, there are more documents and considerations in developing a well-rounded estate plan. Every estate plan ought to include the following documents:

  • Durable Power of Attorney
  • Medical Power of Attorney
  • Directive to Physicians and Family or Surrogates (Living Will) 
  • Authorization to Release Medical Information  (HIPAA Authorization)
  • Declaration of Guardian 
  • Will  

Although often overlooked, a Durable Power of Attorney and a Medical Power of Attorney are critical parts of long-term care planning that enable your loved one to designate who will act for them if they are unable to handle their own financial and healthcare decisions. Encourage your loved one to appoint who they trust to handle their affairs now, as well as in the future. Sometimes people appoint family members as agents to keep affairs private and avoid hurting feelings. However, a family member may not always be the best option. In all cases, signing estate planning documents should be done only after deep reflection regarding the abilities and trustworthiness of each potential agent.

Healthcare has become one of the most confusing and uncertain issues seniors face as they age. This is especially true when it comes to preparing for the cost of funding long-term care. Long-term care differs from other types of healthcare. The goal of long-term care is not to cure an illness, but to allow an individual to maintain an optimal level of functioning. There are wide ranges of living arrangements for seniors, from retirement communities to assisted living facilities to skilled nursing facilities. Some people want to stay in their homes as long as possible and bring in outside help to make that possible. Others want the freedom from home maintenance that a senior residence community offers. There exists a long-standing myth that Medicare will pay for all healthcare needs of seniors, including long-term care. The reality is that Medicare provides support only in limited situations. Notably, Medicare does not pay for assisted living, memory care, or long-term custodial care in skilled nursing facilities. 

Some people are fortunate to have the ability to private pay for long-term care, which ranges from $3,000 to $16,000/month in the Dallas-Fort Worth area.Others have long-term care insurance to pay for care. However, long-term care insurance may not be available if your loved one has certain existing health problems, and the costs can rise as they age. Therefore, it is important to investigate the availability of long-term care insurance as early as possible. If your loved one cannot qualify for long-term care insurance, there are financial options that may fit their circumstances and provide similar coverage. All individuals approaching retirement age should have a plan in place for funding their long-term care needs. As with any plan for the future, it would be best in writing and shared with trusted family members to help eliminate confusion in the future. 

Do not be afraid to discuss these important issues with your loved ones. Encourage them to seek qualified professional advice on legal documents, healthcare, insurance, and financial planning. Professionals, such as Elder Law attorneys, who work primarily with seniors, are attuned to the complex financial and social decisions their clients face. Additionally, they can often provide connections to a community of support agencies and organizations, such as geriatric care managers, psychologists, and other professionals who may be of assistance to seniors and their families.  Talking about these issues with your aging loved ones now can help ensure they will have what they need to provide for their care in the New Year, and for many years to come.

Lori Leu, Erin Peirce, Lauren Olson, and Laura Chavero are Elder Law attorneys with Leu & Peirce, PLLC located in Plano, Texas. They can be reached at 972-996-2540.