Less than 20 years ago, senior citizens accounted for no more than 2 percent of all bankruptcy filings. In 2018, that number reached 12 percent. More older Americans are filing bankruptcy. While some people think it’s that seniors aren’t saving enough, it can be difficult to know how much to save when health care and prescription costs keep skyrocketing.<\/p>\n
You want your mom’s money to last. Is there a sure-fire way to make sure that happens? The truth is that you don’t know. She may be healthy now and develop Alzheimer’s five years from now. If that happens, her care needs increase. She’ll see doctors more often, take multiple medications daily, and need constant supervision at some point. What you can do is have a plan in place just in case.<\/p>\n
Good Health Can Change Without Advance Warning<\/strong><\/p>\n Your mom’s been healthy all of her life. That’s great, but there are no guarantees. Your family needs to discuss what happens if your mom does develop a chronic health condition. She should designate medical and financial powers of attorney and create an advance directive. She needs to have HIPAA permissions in place and make sure her desires for long-term care are understood. All of this can prevent legal battles later.<\/p>\n
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Talk About Where She Wants to Live<\/strong><\/p>\n