More and more Americans are now filling the role of caregiver.
One future expense many Americans will face, is the cost of acting as the primary caregivers for their elderly parents. Older Americans are living longer than ever before, and nursing homes continue to get more expensive. Since being the caregiver for an elderly parent is increasingly common, Americans need to plan for how they will meet the future caregiving expenses, according to Kiplinger's Personal Finance in "Why Families Need a Plan for Caregiving."
Beyond just having another mouth to feed, caregiving can often come with other expenses, such as helping an elderly parent pay for expensive co-pays for medicine and costly insurance deductibles. Other expenses can come from making sure that a home is a safe environment for an elderly person who needs caregiving. People should also speak with an elder law attorney to find out what programs might be available for their parents.
It is not possible to know ahead of time, how much money you might need to help an elderly parent or even if you will have to be a caregiver at all. Nevertheless, you can get a better idea of what might be coming up, by talking to your parents ahead of time and making plans.
An elder law attorney can advise you in planning for the responsibility of being a caregiver, if you think that might happen in the future.
Reference: Kiplinger's Personal Finance (May 9, 2018) "Why Families Need a Plan for Caregiving."