Things To Think About Before An Elderly Parent Moves In With You

What About Finances?

Your life will change immensely once an elderly parent begins living with you, but so will your wallet. This, too, is something to discuss. There is no right or wrong answer when it comes to handling finances as a multi-generational household, however, before you proceed you will want to ask yourself and your parent, as well as siblings you may have, some tough questions. 

Questions you will want to consider include:

• What will this cost on a monthly basis?
• Will we have to Renovate our home to make it possible for the elder to move in?
• Will the elder contribute financially, and if so, how?
• Who will make the financial decisions in your new family unit?
• What is the insurance status of your elder?
• Can you afford any loss of working hours involved in caring for your elder?
• Will siblings with whom the elder is not living also contribute financially?
• Is there a budget for nursing care the elder may need?

Practical Considerations: Can You Truly Meet The Elder's Needs?​

On an immediate practical level, frail elders benefit from living on the ground floor with access to a bathroom, for optimal mobility. Can you provide that? Will you need to alter anything in your home to allow them to get around as much as possible? Privacy is also important to many people. Will your elder have a separate space of their own, creating a semi-independent living situation, or will you all be living in the same space?

Then, will your elder's social network suffer if they are moving quite a while away to be with you? Are there activities for seniors in your area, or activities related to your elder's interests and hobbies? Is there a religious community available for your elder, if they are religious? 

How much care will your elder need, physically, and how may that change over the years? Are you truly able to meet these needs and if not, do you have the means to outsource some responsibilities, in the form of a nurse, or house cleaning help? If your elder is suffering from medical conditions — as most do — will their medical needs be able to be seen to in your locality? What are the hospitals like where you live? 

READ How To Keep An Eye On Your Family Member In A Nursing Home

While none of these tough questions should deter you from the prospect of living with, and caring for, your elder, it is indeed crucial to be prepared, and to build up a realistic idea of what to expect. If, after lengthy mutual discussions and calculations, you all feel confident that multi-generational living is the best solution for your family, you can expect some tough but rewarding years together.