Having an aging parent or other family member move in can be stressful for both parties. Before you unpack that first box, take the time to have “the talk” about finances, including insurance.
Don’t shy away from tough questions such as “are you current on health, auto, home and life insurance premiums,” “are you covered by Medicare,” “is long-term care insurance something we should look into,” and “what are your end-of-life wishes?” This level of detail will help you decide what changes, if any, need to be made to existing coverage.
To minimize stress, seek to make your loved one feel cared about, not cared for.
Welcoming an adult child home can be just as daunting as a live-in senior. Plus, it’s expensive. In fact, experts estimate hosting an adult child in your home costs between $8,000 and $18,000 per year. To minimize the burden and avoid surprises, set clear expectations.
To avoid misunderstandings, the NAIC developed a Welcome Home Contract for host parents of adult children. In addition to outlining basic rules of co-habitation, the contract places under signature key insurance-related agreements.
Let our agency know any time someone moves into or out of your home. Those small changes can have a very big impact on your premiums and coverages in the event of a claim.