Caring for ageing parents? Plan your finances smartly now!

• Initiate an honest conversation with parents to understand their existing financial resources like pensions, FDs, and investments.
• Thoroughly review their health insurance; ensure adequate coverage for rising medical costs and consider senior citizen policies or top-ups.
• Budget for gradual everyday expenses such as medicines, diagnostics, and home support by setting aside a fixed monthly amount.
• Plan beyond just medical treatment; consider potential costs for long-term care needs like physiotherapy or in-home caregivers.
• Help organize their financial paperwork, update nominations, and ensure all important documents are easily accessible for emergencies, while also safeguarding your own retirement savings.