In addition to negotiating cooking and cleaning responsibilities, it’s important to make sure everyone understands how a change in address might affect insurance needs.
Having an aging parent or other family member move in can be stressful for both parties. Before you unpack that first box, take the time to have “the talk” about finances, including insurance.
- Don’t shy away from tough questions such as “are you current on health, auto, home and life insurance premiums,” “are you covered by Medicare,” “is long-term care insurance something we should look into,” and “what are your end-of-life wishes?” This level of detail will help you decide what changes, if any, need to be made to existing coverage.
- If you uncover health insurance gaps, Medicare Supplement Insurance may be an option.
- If your loved one has a life insurance policy, health care directive or will, be sure designated family members are aware of contents, and take care to store all documents in a safe place.
- To minimize stress, seek to make your loved one feel cared about, not cared for.