Your parents are the people that gave you your life, while they also made considerable sacrifices to ensure that you were fed, housed and cared for during your infancy.
With this in mind, it makes sense that you should want to give back to your parents as they grow older and you begin to achieve your own career and financial objectives.
Fortunately, there are numerous ways in which you can help and give back to your parents, both financially and in terms of their overall care. Here are some of the most effective:
Create a Viable Care Plan
While the cost of elderly care has always been high, the challenge of funding this has been made harder by dramatic NHS spending cuts.
Since 2010, spending on vital public care services for the elderly has been slashed by a quarter per head, at least according to in-depth analysis by the BBC.
This means that you need to make proactive and detailed plans for your parent’s future care, and this process starts by determining whether you want to be a primary carer for your parents or seek out an affordable but high quality home.
There are various factors that will influence your decision, from your financial circumstances to the condition of your parents and their own personal needs.
The key here is to consult your parents on any future care plans and enter into an arrangement that suits all parties, while also considering any required home modifications if they require live-in care for a period of time.
Organise your Parent’s Assets
Having a will is an important consideration for all elderly people, as this provides financial security in their later years and creates a nest egg for their dependents to enjoy.
If the time comes when your parents have to move in an assisted living facility, it’s also important to note that health insurance and government pensions don’t provide coverage for this eventuality.
With this in mind, you may need to organise and tap into your parent’s retirement fund, including their core assets such as property. This will release funds that can supplement your own savings, helping to provide an adequate level of care for those who you love the most.
By overseeing the estate of your parents, you can also ensure that it’s distributed according to their wishes when the time comes.
Improve your Parent’s Quality of Life
If you’re lucky, your parents will grow older whilst continuing to live independently in the family home.
They may encounter some physical and logistical issues as they enter old age, however, and you can help to negate these by making small purchases that incrementally improve their quality of life.
You could invest in a mobility scooter from a leading supplier like Mobility Solutions, for example, which is home to various brands including Pride, Roma and Drive Medical.
These scooters can help your parents to get around and complete a range of everyday tasks more easily, while affording them the independence that they worked so hard to achieve when they were younger!