Financial PlanningMore than 40 percent of American families have not discussed where the funds will come from if their parents need senior care. While senior care is important for many aging adults, it can also be financially difficult for families that don’t plan ahead. 

Embassy Healthcare has some steps you can take to avoid this difficulty: 

Have a Family Discussion
In this discussion, your parents should share how much money they’ve saved for retirement and where important documents are located, including bank account information, legal documents and professional contacts. This information is especially important if senior care is need right away.  

Meet with a Financial Advisor
Investment strategies can vary greatly depending if you’re retired or working. For that reason, it’s important to talk with a financial advisor regularly about which strategies are best for you and your family. They may even have strategies geared specifically toward senior care.  

Follow Your Plan
Having a financial plan is great, but it doesn’t do you any good if you don’t follow through with it. Make sure you follow the guidelines that have been setup for you and meet with your financial advisor regularly to ensure you’re reaching your goals. 

Budget for Senior Care
As time goes on, you’ll have an idea of what type of senior care your parents will need. This will give you and your financial advisor a better target for how much money is needed and which investment strategies are best for your situation. 

The sooner you prepare for this situation, the better off you’ll be. That’s why it’s important to take the first step and have a discussion with your family sooner rather than later. The longer you wait, the tougher that discussion will become.