Caring for aging parents is becoming a common part of adult life. Many people are stepping into caregiver roles while juggling jobs, kids, and their own health needs. It’s a big shift, and with it comes a lot of new responsibilities, some emotional, some financial.

One of the biggest areas to focus on is health coverage. As parents age, their medical needs often increase. They may need more frequent doctor visits, prescriptions, or even long-term support like home health care. Without proper planning, these needs can create financial strain.

Understand the Limits of Medicare and Existing Coverage

Before making any changes, take time to review your parents’ current insurance. Most people over 65 are enrolled in Medicare, but it doesn’t cover everything. Dental work, routine eye exams, hearing aids, and long-term care often fall outside of standard Medicare coverage. If your parent relies only on Medicare, they could face high out-of-pocket costs for certain services.

Another thing to consider is liability. When aging parents live with family members or receive in-home care, unexpected accidents can happen. For example, if a visitor slips or someone is injured while your parent is being assisted, legal costs could follow. This is where it helps to ask: how does umbrella insurance work? While it doesn’t replace health insurance, it may offer extra liability coverage in serious situations involving property damage or injury.

You don’t need to become an insurance expert, but knowing what Medicare includes—and what it doesn’t—can help you plan ahead. From there, you can look at ways to fill in the gaps based on your parents’ specific health and living needs.

Consider Long-Term Care Insurance

Many aging adults will need some form of long-term care. This could mean help with daily activities, in-home nursing, or a stay in an assisted living facility. These services are often not covered by Medicare. That’s why long-term care insurance can be helpful.

This type of coverage helps pay for extended support, whether it happens at home or in a care center. It’s best to look into it before your parent has serious health problems, as costs tend to rise with age and medical conditions. Some plans may offer flexible options for different care needs, which can make caregiving less overwhelming.

Look Into Supplemental and Gap Coverage

Medicare leaves out a lot. That’s where supplemental coverage comes in. Medigap and Medicare Advantage plans can help pay for things like copays, coinsurance, and hospital stays. If your parent has frequent doctor visits or needs regular treatment, these plans can cut out-of-pocket costs.

Before picking a plan, compare what each one offers. Some may include vision or dental benefits. Others focus more on prescription coverage. The best option depends on what your parent uses most.

Review Prescription Drug Coverage

Medication can be a major expense for aging adults. Medicare Part D helps, but not all plans cover every drug. It’s important to check the list of covered medications and review it each year during open enrollment.

If your parent takes multiple prescriptions, compare local pharmacies. Prices can vary more than you might think. Some apps also show discounts or cash prices that are lower than insurance rates.

Organize and Update Health Documents

Keep all health-related documents in one place. This includes insurance cards, policy summaries, prescription lists, and doctor contact info. Also, review legal paperwork like healthcare proxies or powers of attorney. These papers help avoid confusion during emergencies and make it easier to manage care.

Caring for aging parents takes planning. Health coverage plays a big role in that process. The more you understand their needs and options, the easier it becomes to support them, both now and in the years ahead.