Caring for elderly parents can put a dent in your budget

For instance, many people want to age in place, yet they have not had a conversation with family about how to make that work.

“So often, individuals make assumptions about their [future care], but they aren’t necessarily sharing that with their children,” Williams-Kemp said. “Before you’re in the situation of needing care, talk with your family members about it.”

For adult children — many of who might already be caring for their own children — it’s worth the conversation, too. While it can be a tricky conversation to have if your parents aren’t the ones to start it, the more information you’re armed with, the better prepared you can be.

For example, depending on your parent’s financial resources, insurance could minimize certain costs that caregivers might otherwise bear in terms of money or time.

While Medicare is typically available to everyone once they reach age 65, it generally does not pay for long-term care. That is, if someone needs help with daily living activities such as bathing or getting dressed, those costs are not covered.