money talks
Prepare for the Long Term
It can be financially and emotionally draining if parents require long-term care, but this often becomes a reality. If you’re faced with supporting an aging parent, what's the best thing to do?
- Take out a loan to cover the expense.
- Use credit cards to pay for the extra cost as long as you can.
- Research your options.
“C” is correct. There are a host of services available to elderly citizens depending on their situation and the degree of care needed. You may be able to claim your parent as a tax exemption, write off much of his/her medical expense, or pay for a certain amount of care each year with pretax dollars through a flexible spending account (FSA). Also reach out to other family members and support groups to enlist their aid.
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