How to Save for Your Parents’ Long-Term Care Needs

Long-term care is a growing issue as more people need some sort of assisted living. Many people feel responsible for taking care of their parents, even if they can't afford it or do it physically. Here are some tips on how to save for your parents' long-term care needs.

- Focus on your own retirement first. It's not your obligation to pay for your parents' care. You don't want to put your own future or your children's future at risk.

- Consider buying a long-term care insurance policy for your parents. This can cover some or all of the costs of long-term care services, depending on the plan. However, it can be expensive and hard to qualify for, especially for older or sicker parents.

- Set up an investment account in your name for your parents' care. This way, you can control how the money is used and avoid affecting your parents' eligibility for Medicaid. Medicaid is a government program that pays for long-term care for low-income and disabled people, but it requires them to have less than $2,000 in assets.

- Research the cost and options of long-term care in your area. The price and quality of long-term care can vary widely depending on the location and type of service. You can use online tools or contact local agencies to get an estimate of the average costs and availability of long-term care services in your state or city.

- Talk to your parents about their financial situation and wishes. Don't assume that you know what they want or need. Ask them about their income, assets, debts, insurance, and estate planning. Find out their preferences and expectations for long-term care, such as where they want to live, who they want to care for them, and how they want to pay for it. Involve them in the decision-making process as much as possible.