This article is reprinted by permission from NerdWallet. Nearly a quarter of millennials are caregivers for an adult, according to a 2020 AARP survey. And a 2020 report from insurance marketplace GoHealth found that 1 in 3 millennials are supporting their parents financially, and more than a quarter help manage their parents’ health care.
This means that in addition to caring for young children, many millennials are also managing the needs of parents, grandparents or other loved ones. That can take a toll: 82% of millennials worry about having enough money to support both their parents and themselves, according to GoHealth. While there are many resources available that can help with costs, it’s hard to know where to look. Here are some starting points.Ask about their resources Does your loved one have long-term care insurance? This coverage can help with in-home care costs or assisted living or nursing home expenses. “I’ve talked to a lot of caregivers who didn’t even know their loved ones had long-term care policies,” says Amy Goyer, AARP’s caregiving expert. “That can be very, very helpful.” If the person you’re caring for has enough equity in their home and they’re 62 or older, a reverse mortgage can help with costs. A reverse mortgage provides a loan or line of credit based on equity in a home. But it’s not right for everyone. “I always recommend talking to a financial advisor, especially someone who has a lot of experience with reverse mortgages, before you get into one,” Goyer says. See: ‘There are so many caregivers and a lot of fragmented resources.’ These free videos may help.Use tax strategies if available If you can claim your loved one as a dependent — mean …
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