Multigenerational Families on the
Rise
American families are finding that
the recent housing crisis, a
struggling economy and an aging
population are causing them to join
forces across generations. According
to a recent AARP study, the number
of multi-generational households has
jumped from 6.2 million to 7.1
million in only the last two years-a
growth rate that exceeds the
previous eight years combined.
Whether for economic or health
reasons, making such a move requires
planning and flexibility to make the
transition comfortable for all
concerned. Experts suggest that
contingency planning for this
eventuality be put in place before
it is needed.
"Keep in mind that even if your
parents are highly functioning now,
anything can happen," said Amy Goyer,
AARP's family expert and a
specialist in multigenerational
issues. "That can
change overnight."
Your
parents' needs
Assess what your parents' needs
really are. "Get a good
idea of where your parent is
functioning now," Goyer said. "What
kind of needs do they have, at what
level are they functioning? A lot of
times, the adult children don't
really have a clear picture of what
their parents' needs are."
You can get an accurate picture by
hiring a geriatric care manager to
conduct an assessment. A geriatric
care manager can tell you what your
parents' needs are and if you will
need to modify your home to make it
physically safer for your elderly
parents.
Involve the
family
It's
critical that all family members be
included in the discussion, and it's
one of the biggest hurdles a family
must overcome. All siblings should
be in agreement on the decisions and
choices made, since
everyone may need to help out in
some way at some point.
If other family members are unable
or unwilling to help, you may need
to hire someone to help you, such as
with cooking and cleaning, or
caregiving tasks. If possible, start
putting aside money for this
eventuality before the need arises.
Who pays
for what?
Figure out whether mom and dad will
contribute financially to the
household and, if so, how much.
Become familiar with what their
health insurance will cover. Most
insurance, including Medicare, does
not cover non-medical in-home care
services. Consider long-term care
insurance (which can cover such
services) if your parents qualify
and it makes financial sense.
Prepare
yourself
Be prepared for the impact this move
will have on your lifestyle. Moving
a parent in with you changes the
family dynamic and requires planning
ahead and honest communication about
ground rules, boundaries and
the new responsibilities of all
family members.
A common issue to be resolved is how
taking in your parents would affect
the personal space of everyone in
the household.
Don't lose
perspective
It may be tough to reconcile this
with your desire to help your
parents, but keep things in
perspective and don't jeopardize
your own retirement.
