Boomers Taking Care of Aging Parents

(NewsUSA) - As the greatest generation reaches advanced old age, its members are beginning to move in with their children. Forty-one percent of the boomers with living parents help support their mothers and fathers, either through financial assistance or personal care.

But choosing to take care of an elderly parent is no easy commitment. Home-care costs money -; according to the AARP, unpaid caregivers spend $2,400 annually. Medical problems can require expertise, which busy boomers might not be able to provide. With planning, however, boomers can care for their parents without sinking their personal finances. Here are some tips for boomers who are looking to help their parents:

- Talk to your parents. Do they have long-term care insurance? An emergency fund to cover medical costs? Have they saved enough money to enter a retirement facility? What kind of care would they prefer? These are the kinds of questions that boomers should ask their parents before care becomes an issue. If bringing up the topic feels uncomfortable, ask questions like, "Bob and I are planning for retirement. What did you and Dad decide?"

- Acknowledge your limitations. Even if boomers chose medical professions, caring for an aging parent with health problems can prove difficult. Some companies are developing products that

make medical care easier for patients and their families. For example, Ingen Technologies, Inc.

(www.ingen-tech.com), an emerging Medical Device Manufacturer now manufactures the world's first in-line oxygen flow meter, the Oxyview, which has recently been registered and classified with the Food & Drug Administration. The Oxyview, a pneumatic device, assists patients and caregivers by ensuring that prescribed oxygen therapy doses are received and that oxygen machines and lines are working properly.

Over 30 million patients in the U.S. have been diagnosed with Chronic Obstructive Pulmonary Disease (COPD), the fifth leading cause of hospitalizations and deaths. Oxyview ensures oxygen flow nearest the patient, and tax payers save money each year when the device prevents unnecessary service calls between patients and oxygen providers.

Families might also want to consider home-care, in which a nurse comes to the home to offer medical assistance. Home-care can help working boomers maintain their jobs while also supporting their parents.

- Do the paperwork. Make sure that your parents have chosen a durable power of attorney for finances and medical care. If one or both of your parents become incapacitated, you might have to prove in court that they are incompetent before making medical decisions.

"Article By: NewsUSA"