Here is a concern that baby boomers might not have thought of: Their children could be taking care of them while still in their 20s or 30s.
Baby boomer parents can ease the burden for their children before caregiving needs arise. Experts suggest that parents draw up financial and health care powers of attorney, build a network of friends and neighbors who can help, and set aside money for care. They also should talk with their children about their financial resources and the type of care they would prefer.
In addition to drawing up financial and health care powers of attorney, an elder-law lawyer could figure out if a parent qualifies for government-paid home aides, adult day care, assisted living and other services. When a person’s financial assets drop to a certain level, Medicaid generally picks up the tab, though state laws differ.
“My husband does not want to have this conversation,” she said. “But I want to have it now.” Learn why.