Advance Care Planning

Whether you’re a parent with adult children or an adult whose parents continue to be part of your life, it may be time to proactively plan for advance care or unforeseen health/disability issues.

In 2017-2018, 16% of Americans provided caregiving to an adult aged 65+ years. (*1)  Due to the large baby-boomer generation, this number is likely to increase.

There isn’t a one-size-fits-all approach, but in general, honestly discussing expectations and plans will help everyone to be more ready to manage sudden or unforeseen events or to plan for the longer term.
 
Here are a few tips for broaching this sensitive topic :

• Look for everyday occasions to bring up the conversation informally.  Cues may include:
• A parent commenting about aging, health issues, or financial plans,
• An adult child asking for health or financial advice,
• The illness or passing of a close friend

• Don’t press the subject if it feels uncomfortable; instead, try again at the next opportunity.

• The current status
• Existing health issues and insurance(s)
• Any plans for care that have already been arranged
  

• Future plans envisioned for:
• Personal care
• Financial affairs
• Covering costs for living arrangements, health care, social activities, transportation, etc.
  

• Options and ideas to consider:
• Having the adult child accompany the parent to the next (few) doctor’s appointment(s) and/or to the pharmacy
• Exploring employer benefits for caregiving leave or sharing responsibilities with other family members
• Family dynamics, cultural obligations, language barriers, levels of independence/control for the situation
  
• Caregiver tax credit, respite services for caregivers, long-term care insurance
• Joint accounts or joint ownerships, including considering tax consequences, creditor or legal claims on joint assets, etc.
• The location of key information such as:
• Living Will, Medical Power of Attorney, Durable Power of Attorney for Asset Management, Will, insurance policies, list of financial assets, list of names and contact details for key individuals (doctors, specialists, dentist, optometrist, pharmacist, insurer, religious leader, financial advisor, etc.), key passwords, etc.