As the greatest generation approaches old age, members of this group are starting to move in with children. Fourty-one per cent of the boomers have living parents who support them financially and personally.
It is not an easy decision to care for an elderly parent. Home-care is expensive – according to the American Association of Retired Persons, unpaid caregivers are responsible for spending $2,400 per year. Boomers may not have the time or ability to offer the expertise needed for medical issues. Boomers can plan to care for their parents, but it doesn’t have to cost them their personal finances. These are some suggestions for boomers looking to help their parents.
Talk to your parents. Are they covered for long-term care? Do they have an emergency fund to pay for medical expenses? Are they able to save enough money for retirement? What type of care do they prefer? These are the questions that boomers need to ask their parents before they become concerned about care. Ask questions such as “Bob and I are planning for retirement. What did you and Dad decide?”
– Acknowledge your limitations. Even if boomers are in the medical field, caring for an older parent with health problems is difficult. Many companies are working on products that will help people with disabilities.
Make medical care more convenient for patients and their families. For example, Ingen Technologies, Inc.(*)(
), an emerging Medical Device Manufacturer now manufactures the world’s first in-line oxygen flow meter, the Oxyview, which has recently been registered and classified with the Food & Drug Administration. The Oxyview is a pneumatic device that assists caregivers and patients by making sure that prescribed oxygen therapy doses have been received and that oxygen lines and machines are operating properly.www.ingen-tech.comMore than 30 million Americans have been diagnosed as having Chronic Obstructive Pulmonary Disorder (COPD). This is the fifth leading cause for hospitalizations and death. Oxyview provides oxygen flow closest to the patient and helps tax payers save money every year by preventing unnecessary service calls between patients, oxygen providers, and their patients.
A home-care program is a service where a nurse comes to your home to provide medical assistance. Working boomers can have home-care to help them keep their jobs and support their parents.
– Complete the paperwork. Make sure that your parents have created a durable power-of-attorney for their finances and medical care. In the event that either one of your parents becomes incapacitated or dies, you may have to prove their incompetence in court before you make any medical decisions.
