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“Think Again" Insurance Initiative Addresses the Financial Squeeze of the “Sandwich Generation”

News Release
50 W. Town St
Suite 300
Columbus OH 43215
www.insurance.ohio.gov
(614) 644-2658                                                      

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John R. Kasich, Governor

Mary Taylor, Lt. Governor

                                       For Immediate Release: Friday, August 5, 2016              

“Think Again" Insurance Initiative Addresses the Financial Squeeze of the “Sandwich Generation”

Caring for Elderly Parents While Supporting Adult Children

COLUMBUS – Paying bills and saving for retirement can be challenging. It can be even more difficult if you find yourself financially “sandwiched” between helping adult children while at the same time caring for elderly parents. As Lieutenant Governor Mary Taylor continues her “Think Again” initiative, she urges this generation sandwiched between youth and seniors to consider that it is equally important to re-evaluate their individual financial future and re-visit plans for it now.

 “Whether you are caring for elderly parents or preparing for the return of a post-college child or both, the department’s initiative offers helpful tools to engage in open, candid conversations about financial responsibilities and actions steps for you and your family,” said Taylor, also director of the Ohio Department of Insurance.

Don't be caught in the middle. Here are a few tips to begin a financial preparedness conversation:

  • Communicate with aging parents:  Openly discuss concerns about medical needs and long-term care insurance in advance. It is also important to prepare a personal data base listing essential financial, legal and medical information. Caregivers should also make sure their parents enroll in Medicare as they approach 65 years of age.
  • Encourage adult children to be independent: Parents should talk about post-college health insurance as well as auto, life and renters coverage with their adult children. Determine who will cover the bill for co-pays and deductibles. Set assistance limits and help them learn to budget.
  • Think about financial goals and retirement planning: Continue to contribute to your retirement and savings plans and make sure to maintain your benefits and insurance. Set boundaries with adult children regarding financial assistance and help elderly parents plan for their long-term care needs. 

The department’s “Think Again” resource kit includes:

  • Life stage conversation topics
  • Detailed infographic(s)
  • Record keeping checklists

Visit www.insurance.ohio.gov to view or download a “Think Again” resource kit or call 1-800-686-1526 for more information. 

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Video:

Lt. Governor Mary Taylor urges the sandwich generation to evaluate their financial future

Lt. Governor Mary Taylor Audio (:10):

Learn where aging parents financially stand

Help aging parents organize financial and healthcare preferences information 

Sandwich generation maintaining own financial matters

Media contact: 

Robert Denhard, 614-644-3366, This email address is being protected from spambots. You need JavaScript enabled to view it.