At some point, most seniors need some help managing their finances. Your aging loved one might have difficulty getting his or her accounts up to date with technology, or he or she may run short of the money needed to pay bills. Helping your parent financially may sometimes be a little tricky, but these strategies can keep things simple while allowing him or her to feel more in control.
Talking about Finances Early
Talking about money while your parent is still healthy helps you know exactly what he or she wants without worrying about whether his or her decisions are being affected by memory loss or dementia. This tactic also allows you to tackle financial discussions a little at a time if that makes your loved one more comfortable. For instance, you could ask when he or she is eligible to receive retirement benefits. These simple conversations pave the way for more challenging ones later on.
Set Up Automatic Deposits & Withdrawals
Memory loss is a major cause of many seniors’ financial problems. Your loved one’s accounts should be set up to be as automated as possible so deposits go into his or her accounts and bills get paid no matter what happens. If your loved one agrees, you can also monitor his or her accounts more easily when everything is set up online. Keep in mind this task might take some time, since it’s common for seniors to have stacks of paperwork related to accounts that need to be set up for online access.
The many tasks involved in helping your loved one handle his or her finances may seem daunting, and the extra stress could take a toll on your wellbeing. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Denver families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation.
Get Important Roles Documented
Your loved one should have already assigned financial power of attorney to someone he or she trusts. If not, this is the time to do so. You may also need to have this person placed on your loved one’s accounts as a joint user who can do things such as write checks to pay your loved one’s bills if he or she becomes incapacitated. This one move can give your loved one a sense of security about what might happen if he or she becomes extremely ill.
Seniors living with cognitive issues that affect the ability to make sound financial decisions may need help with other everyday tasks. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of in-home care. Denver Home Care Assistance is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities in our Cognitive Therapeutics Method to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services.
Identify Unnecessary Costs
Some seniors are still paying for services they no longer use or have forgotten about. For example, your loved one may still have a subscription to a magazine or newspaper he or she never reads or be paying to rent electronic equipment such as a phone or modem that’s no longer needed. Many seniors also pay for people to perform services such as housekeeping or cooking that may be cheaper if they use their insurance to cover the cost of home care.
Look for Senior Resources
There are also many senior resources your loved one can turn to for less expensive forms of entertainment and assistance. For example, some utility companies and restaurants offer senior discounts. Checking for benefits offered to seniors can help your loved one avoid having to turn to family members for help with covering the costs of living.
Financial management is a challenge for most people, and it can be even harder for aging adults. Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted homecare services provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Home Care Assistance is here to help. To hire a compassionate, dedicated caregiver, call us at (720) 443-3371 today.