Financial Thoughts
What Can I Do To Survive Through The Sandwiched Generation?
The phase of your life where you are caring for both your parents and children, that is what is called The Sandwiched Generation.
Being in a Sandwiched Generation is not a problem and it is just part of your life. But, if you are not prepared for it, there is a chance you will get into some financial difficulties. Thus, this article will give you on some tips on how to survive through the phase of Sandwiched Generation.
Getting your parents prepared
It seems like an impossible task for you to be able to support both your parents and children. But it is possible to get your parents to chip in some help.
Sometimes by letting your parents help themselves will actually help you as well. If your parents do have sufficient health and long-term care insurance, that is definitely a big help in your responsibilities and expenses if something bad were to happen to them.
That is definitely the biggest fear if our parents get sick and eventually have to get treated in the hospital. You will be worried about their wellbeing and also the hospital bill. But with the right insurance coverage, most of the worry would be gone.
It will be a plus point if your parents are able to pay for their own insurance coverage. In most cases, your parents can afford it but all you need to do is that they implement it.
To-Do List:
- Check what kind of coverage your parents you have
- If they do have, know what they have (so you know what kind of ward your parents are eligible for)
- If they do not, try to get them as soon as they can (insurance do have a last entry age)
Protecting your children
Same as your parents, but the only thing different is that you will have to pay for them. But additionally, with kids, insurance is definitely cheaper as they are young. Thus, it is still wallet friendly.
If you happen to have extra cash, you may want to get your child life insurance that may cover death, Total & Permanent Disability and Critical Illness. You may get good coverage and at a cheap premium.
You or your child may or may not need it but the whole point is to secure their insurability and health when they are younger. Like most of you know, when you are diagnosed or have been treated for an illness, there is a possibility that you are not able to get insurance coverage.
Help yourself to help your family
Being the one that is supporting both your parents and children would equally mean that you hold a huge responsibility. Both are depending on you either fully or partially, and it will be a catastrophe if something bad were to happen to you.
One scenario that you do not wish to see is when your children have to be taken care of by your aging parents as a result of your demise. They might be struggling to support themselves what more for others.
Therefore, you will need to think of how you are able to still take care of them even when you are no longer around.
Most of you might know where this is going but this is why the importance of insurance. Being in the Sandwiched Generation does not only affect you but it does affect both your parents and children as well.
You might be surviving now when all seems like they are doing good. But are you prepared for the unexpected?
Some families might be cutting on their own expenses due to insufficient income and huge debts.
Talk to the family
That being the case, when you have time, sit down and talk with your loved ones and discuss what will happen when the worst-case scenario occurs.
There are options everywhere and it is just a matter of implementing them. Start somewhere before you are too tight in that “sandwich”.
Well, that’s the end of this article. Do share it if you think this is beneficial to your friends and family.
Disclaimer:
I am a financial adviser but I am not your financial adviser. Therefore, what is posted on this website, are my opinions and NOT to be taken as financial advice. Information provided might be relevant at this period of time but may be irrelevant due to alterations to rules, regulations or policies. The information provided is true to the best of my knowledge, but there maybe omissions, errors or mistakes.
