Our Parents are Our Children too!

 

The burden borne by the parents in birthing a child can never be repaid, even in a hundred years!

–Manusmriti

Ashramas is a system of stages of life described in the ancient texts of Hinduism known as the Vedas.

The four ashramas are Brahmacharya (student), Grihastha (householder), Vanaprastha (forest walker/forest dweller), and Sannyasa (renunciate).

While most of these life stages are relevant even today, the most important ones would probably be the Grihastha ashrama. At this juncture of our lives, we are responsible not only for ourselves, but also for 2 other generations i.e., our children, and our parents. As our parents age, they become children themselves and we get into the role of parents with them.

Indian values have always imbibed in us a sense of obligation when it comes to taking care of our parents in their old age. In earlier times, this did not prove as challenging as it does today due to longer life expectancy, rising medical costs, expenses for a personal nurse, and increased lifestyle expenses. In addition to planning for our own retirement, it has become imperative to even plan for our parents’ old age so that they may get the best possible care.

Let’s look at some ways to take care of our parents’ requirements in their old age:

1. Ensure they have sufficient medical cover: This will take care of any expenses that arise due to hospitalization. While premiums may be expensive due to a higher age, there is an option to cover your parents through a group Mediclaim from your employer or from certain PSU banks.

2. Have a Parent’s kitty: Children, whose parents depend upon them for their monthly expenses, can start putting aside funds for the upkeep of their parents in their old age. This figure can be roughly estimated by inflating today’s expenses for such costs.

3.Insure yourself with a Term policy: In case of unforeseeable mishaps to your life, your parents could be left with a financial burden and may not even have sufficient funds to meet their day-to-day expenses. At such times it becomes extremely important to insure yourself with sufficient term insurance so as to provide financial support to your parents in your absence.

4.Keep your parents engaged: It is observed that those who are engaged in some of the other activities in their older age tend to be happier mentally as well as physically. Encourage your parents to be engaged in an activity or hobby or to meet their friends often. This will ensure that they live more fulfilling lives. Spending quality time with your parents also is imperative as they age. You can take them out for lunch or even a movie.

Planning for our parents’ future / old age hence proves to be most essential so that they may be well taken care of without adding to any financial burden to us and they live a fulfilling life.