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Elder Care
Preparing Financially to Care for Aging Parents
By Teri Brown
Virginia Morris, a nationally recognized expert on eldercare and author of How to Care for Aging Parents (Workman Publishing, 1996), believes that planning is critical considering the cost of nursing homes or professional in-home care. "There is a huge amount of denial on the part of both the aging person and his relatives – adult children, siblings or spouse," Morris says. "Even when someone has a diagnosis or disability, somehow people don't want to face the idea that he/she might become dependent and need long-term care."
Morris tells people to plan, plan, plan. She stresses how important it is to start a dialogue between the aging parent and the adult children who will be responsible for their care. "It's so very important to start these conversations, to consider long-term care insurance, to consider Medicaid planning, to think about how they will pay these exorbitant costs and yet many just don't want to face that or have these difficult conversations."
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