Can You Afford to Move Your Aging Parents In?

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When adult children invite aging parents to move in, they should have a frank discussion about related issues, one of the most important being finances. Money is a topic that can be easily misunderstood and can lead to tension if clear lines are not drawn early. The following are a few items regarding finances that should be discussed prior to your parent moving into your home, presented by Philadelphia Home Care Assistance.

  • Housing and UtilitiesWill parents pay rent or turn over their social security checks? Will they buy their own groceries or contribute to the household food budget? Will they pay a portion of the utilities or divide utilities with their adult children? Discussing questions like these will help to determine overall costs for adding one or two people to the household along with their ability to pay part of the monthly expenses.
  • Auxiliary ServicesWill your parents need the services of a caregiver or visiting nurse? Perhaps you could use a helping hand with your new care responsibilities and would feel more comfortable with a part-time or live-in caregiver in Philadelphia. Can your parents afford to pay for these services or will their children be expected to cover the bills? Can the parents still drive and do they own a vehicle, or will their son or daughter have to drive them to doctor appointments and on shopping errands? Expenses like gas, oil changes, maintenance, and time should be considered when deciding transportation costs as well.
  • Health Care and Additional ExpensesDo parents have their own health care coverage or do they receive Medicare or Medicaid? Do they have accident insurance or disability insurance if they are still employed? If not, will they be covered under their adult children’s insurance plans?  If they have a pet, can they afford food and vet visits?  These are just a few of the often overlooked questions that are important to financial planning.

For many families, discussing finances is a delicate subject, especially when it comes to how much your aging loved ones are expected to contribute when living with you. While you may feel that it is your responsibility to care and give back to your parents, you shouldn’t feel guilty asking these questions. Knowing what to expect regarding the cost of care can help you ensure that you will be able to provide for your loved ones to the best of your ability, for as long as possible.

If you feel overwhelmed by your new role as a caregiver and need a helping hand to ensure the safety and comfort of your aging parent or family member, reach out to Home Care Assistance of Philadelphia today. While we specialize in 24 hour live-in care, we also provide hourly home care in Philadelphia, which is a great way to supplement a family caregiving schedule. To request additional information or to schedule a complimentary in-home consultation, call (215) 645-4663 today.


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