Are your parents really protected against financial loss? What if one or both become seriously ill and need long-term care--will they have the financial resources to pay for care? What if one of your parents dies unexpectedly--will the survivor have enough money to live on?
If you are concerned, you need to have a talk with your parents. It may not be easy, but the consequences may be devastating. Remember when your parents had the same need to talk to you about their concerns? Now you must be there for them!
Here are some ideas to help you broach the subject;
If they resist - they may feel you are being intrusive. After all they taught you life skills. They may feel it's none of your business, or that it's insulting that you feel they haven't made proper arrangements. Be prepared to explain that you have their interests at heart.
Keep it private - it's a very personal issue to discuss. Choose a place they feel most comfortable in. Don't rush through it. You probably won't achieve much initially, but you have planted the seed.
There's safety in numbers - if you have siblings, involve them. If all of you express concern, it can make a difference.
Be direct - show you are concerned. Don't fudge the issue. No perhaps or maybe. It's too important to ignore. After all, it may be you that has to pick up the costs. Use the I have a friend approach, where you illustrate your concern. Joe's father went into a nursing home a few years ago. His father didn't have long-term care insurance, so now Joe has to sell his father's house. Or discuss what you have done and steer the conversation to their concerns.
Ask for their advice - They are used to giving advice, not receiving it! What would they do if they were Joe?
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