Page 6 - WSAAG051_A Guide for Caregivers Booklet

4 Steps on the path forward

Having meaningful health care services in place is an essential part of retirement planning. The
key is to plan far enough ahead, so a challenge that can be easily managed now won’t turn into
a crisis later. As a caregiver, follow these four steps:

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Have a Caring Discuss Finances Anticipate Health
Conversation Finance Care Needs

Discussing an aging parent or loved Once you have an It’s critical that any discussion
one’s future needs and wishes understanding of their desires about finances also anticipate
can be a sensitive subject, but it’s and wishes, discuss whether future health care needs.
important that the conversation sufficient resources exist to Discuss how a HECM line of
take place. To get things started, pay for them. Have they saved credit could serve as a safety
try asking questions, such as, enough or will they need to net in the event of long-term
“Where would you want to live supplement their income? medical needs. With a HECM
if this place became too much Are they aware of home line of credit, the homeowner
for you?” Sometimes what isn’t equity options, such as HECM pays interest only on the loan
expressed can be as telling as what loans, which were specifically amount accessed, and the line
is communicated, so be a good designed for older adults grows each year.
listener and always show respect. seeking a better retirement?
The goal is to start a conversation.

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