For many families, finances are rarely discussed in detail, even as children mature into adulthood. But as your parents' age, especially if they live into their 80s and 90s, there's a chance that they may lose their cognitive function and be less capable of managing various tasks. This can be upsetting for some parents and they may try to fight it, or deny that it’s happening.
It’s not always pleasant to think about who will take care of you when you’re no longer able to take care of yourself, but planning ahead is a necessary part of getting older. The more prepared you are—emotionally, logistically, and financially—the easier it will be for you to transition into long-term care if and when it’s needed.
Many older Americans rely on Medicare for their health care needs. But it’s not always easy to figure out what’s covered and how much it will cost. Medicare benefits change from year to year, and 2021 is bringing an increase in premiums for participants. The good news is, there are other ways to save on Medicare costs.