Paying bills and saving for retirement can be challenging. It can be even more difficult if you find yourself financially “sandwiched” between helping adult children while at the same time caring for elderly parents. As Lieutenant Governor Mary Taylor continues her “Think Again” initiative, she urges this generation sandwiched between youth and seniors to consider that it is equally important to re-evaluate their individual financial future and re-visit plans for it now.
“Whether you are caring for elderly parents or preparing for the return of a post-college child or both, the department’s initiative offers helpful tools to engage in open, candid conversations about financial responsibilities and actions steps for you and your family,” said Taylor, also director of the Ohio Department of Insurance.
Don’t be caught in the middle. Here are a few tips to begin a financial preparedness conversation:
- Communicate with aging parents: Openly discuss concerns about medical needs and long-term care insurance in advance. It is also important to prepare a personal data base listing essential financial, legal and medical information. Caregivers should also make sure their parents enroll in Medicare as they approach 65 years of age.
- Encourage adult children to be independent: Parents should talk about post-college health insurance as well as auto, life and renters coverage with their adult children. Determine who will cover the bill for co-pays and deductibles. Set assistance limits and help them learn to budget.
- Think about financial goals and retirement planning: Continue to contribute to your retirement and savings plans and make sure to maintain your benefits and insurance. Set boundaries with adult children regarding financial assistance and help elderly parents plan for their long-term care needs.
The department’s “Think Again” resource kit includes:
- Life stage conversation topics
- Detailed infographic(s)
- Record keeping checklists
Visit www.insurance.ohio.gov to view or download a “Think Again” resource kit or call 1-800-686-1526 for more information.
About Marion Online News
