Our nation’s elderly population is expected to double from 2012 to 2050. This population shift will have significant impact on seniors and family members in areas including housing, finance, insurance, and health care. While some of these costs (ex., health care and Medicare) will be partially covered by governmental programs, elderly “living costs” may be largely dependent on families for support.

This is a difficult task for extended families with aging parents. And yet, not many families are currently taking steps to plan for such an eventuality.

Are you concerned about supporting an elderly parent(s)? Have you had the discussion with them about how to finance their elder years?

A recent survey from A Place for Mom revealed that 42% of Americans with living parents have not discussed anything at all with their parents about their potential need for senior care.

The survey showed that just over one quarter (28%) of Americans with living parents either currently support, or feel they will need to support their parents financially in their senior years.

However, as much as 86% of those people expressed concerns about their ability to do so.

– John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions. He can be reached at: (781) 378-2164; email: jdmiller@homecarepartners.biz ; or online at: www.homecarepartnersma.com