According to a recent report, a whopping 86% of older Singaporeans declared that they could rely on their adult children for financial support.
Having to financially support your aged parents can look like a significant burden when you can barely cough up the money to keep your flat from being repossessed. Here are a couple tricks to lower costs while still keeping mum and dad happy.
Make sure your parents have adequate medical insurance
It is medical bills should any serious health problems occur. Breathe a sigh of relief, if your parents continue to be in good health, and then immediately start searching for good medical insurance polices for them.
Remember, it is a country where some individuals with kidney failure choose to die because they or their families can’t afford treatment. You truly need to leave no stone unturned when it comes to protecting your family’s finances from being drained by sudden illnesses, particularly when you have elderly dependents.
Even in case your parents already have some kind of medical insurance, you would like to review it when they’re in their silver years and determine if additional coverage is needed by them. You might also wish to consider silvercare insurance, which also insures the expense of rehabilitation and caregiving.
MoneySmart’s medical insurance wizard enables you to compare prices instantly, when shopping around for policies for dad and mum, so give it a shot.
Make sure your parents go for regular medical checkups
In case your parents are the pantang kind who wilfully avoid medical checkups because they don’t desire to know if something is wrong with them, you need to be the grown up and knock some sense into them.
A recent news report revealed that while more Singaporeans are getting cancer, more are living–mainly because of earlier discovery. Still, cancer detection is late when compared with other developed nations.
It’s your duty to ensure they go for all recommended health screenings if you are financially supporting your parents. Sadly, the responsibility to assess for subsidies also drops to you personally, 183 Long Haus
If your mum is over 50 she enjoys the subsidised price of $50 ($75 for PRs) mammograms for discovery of breast cancer, which may be paid through her or a family member’s MediSave account.
Find out more about cancer screening recommendations here.
Well, the tables have turned, and at this point you get to have some command over your parents’ time that was free if you’re their only source of income.
We are not suggesting you start prying in their private matters in a bizarre act of reverse-helicopter parenting when there is absolutely no financial impact to you personally. But if one borrows cash from loansharks, of your parents has a gambling problem or otherwise spends more of your money than you can afford to give, you may need to intervene.
You can express your concerns if they are doing things that you merely can’t manage to support fiscally, by speaking to your parents about how they spend their spare time.
Remember your parents may not want to disclose just what they do when they’re not at home, nor do you have the right to compel them to. I am fairly certain where they’re the children of the uncles who hang out all night at the Joo Chiat pubs do not know. Nevertheless, you do have the right to decide how much allowance you give them.
In a best case scenario, you might have the ability to find out what your parents do in their spare time after which work together with them to strive to cut costs.
Similarly, in the event that you discover that your dad is always sneaking off with the other aunties and uncles to the Resorts World casino, find out why– he could only be bored, in which case including him more often in family activities might help to check the habit.