Quite scaring can it be for you to come to terms with the fact that you might be one of the millions who comprise the sandwich generation. Individuals falling under this group usually find themselves to be sandwiched between having to answer to the responsibilities of their aged parents while supporting their teenage children about to enter into adulthood. Both emotional and financial concerns keep mounting and often reach to a limit wherein you find it really difficult to manage both ends. Financial planning assumes paramount importance if you feel you are becoming a part of a sandwich generation. This could only ensure the sanity of mind and that of your savings too.
An ideal way of effectively dealing with a sandwiched situation is to develop a clear perception, understanding the resources, goals, and needs of your aged parents. Though engaging in a conversation regarding financial aspects is not an idea you may be comfortable with, but the importance of engaging in an open communication cannot be negated altogether. In case you decide the other way round and wait until a medical or financial emergency arises, it might turn out to be an untimely act though. Over time, make an effort to acquire a clear level of understanding regarding the overall financial picture of your parents – ranging from both the sources of income and the necessary expenses involved. This is surely one of the best ways in which you shall be able to decide as to what you can afford and what you cannot. Any gaps, if needed to be filled over time, can be looked after by you in a similar way.
Your level of patience starts answering when you find yourself to remain stuck hundreds of miles away from your ailing aged parents. Surely, you are on the lookout for assistance, but unable to find the same. The help you may search around for at this time may be in the form of comprehensive planning, electronic monitoring, and home care. A notable investment you could possibly make at this point in time is to consider hiring the services of a Geriatric Care Manager. Such a professional could meet with your ailing parents personally and suggest a proper care plan chart with referral information – helpful to ensure for a speedy recovery. If need be, GCM could also accompany your parents and elderly relatives to attend appointments of doctors. Surely, planning holds the key if you want to justify all of these.
There can be no denying that prolonged stays at nursing homes and availing in-home senior care services can significantly drain out your hard-earned money and that too in no time. Opting for insurance facilities could be one way of effectively dealing with such expenses – though the same is not meant for everyone. Nevertheless, it is always a prudent option to look at long-term insurance as an integral part of financial planning conversation and dialogue. Caring People blog offers help regarding understanding the pitfalls of sandwiched generation and ways to safeguard your financial interests. Once your financial aspects are strong, you can easily avail services of home health aides who can lend assistance through arranging for timely appointments, personal care, transportation and companionship among others.
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