According to the U.S. Department of Health and Human Services, the percentage of older adults who need help handling their finances may be as high as 29 percent. Whether due to physical or mental impairments or a lack of fiscal knowledge, seniors often turn to their adult children for assistance. If you’re concerned about an elderly parent’s ability to manage money, the following strategies may help you find solutions.
Take Stock of the Situation
When taking on the responsibility for your parent’s finances, it’s critical to have a clear understanding of his or her total assets, income, and debts. In addition to identifying bank accounts, pension funds, stocks, and other investments, you’ll need to gather information about mortgages, credit cards, and insurance policies as well.
When reviewing your loved one’s finances, you may need to assess his or her health and wellbeing and consider budgeting funds for in-home care. Elder care experts are available to provide high-quality care to seniors on an as-needed basis. From assistance with mobility and exercise to providing transportation to the doctor’s office and social events, there are a variety of ways professional caregivers can help your aging loved one continue to live independently.
Secure Power of Attorney
If circumstances such as cognitive impairment indicate you’ll need to take control of your parent’s finances, you should secure a financial power of attorney that enables you to make financial decisions on your loved one’s behalf. The power of attorney can be limited or far-reaching as well as permanent or temporary, so it’s a good idea to consult an elder law attorney to ensure you’ll have the legal authority you need to handle your parent’s financial affairs. And if your loved one is in the early stages of an advanced condition like dementia, you may also want to take time to look into the costs of dementia care.
Aging in place can present a few challenges for seniors living with dementia. However, they can still live independently at home with the help of professional dementia care. Huntsville families can rely on Home Care Assistance to provide their elderly loved ones with mental and social stimulation, timely medication reminders, assistance with meal prep, and much more. Our caregivers are available around the clock to help your loved one live a happier and healthier life.
Budget for Long-Term Care
An estimated 70 percent of seniors over the age of 65 will need some form of long-term care during their lives. If your parent lacks adequate long-term care insurance, you’ll want to investigate ways to pay for his or her care. Options include:
- Cash-out mortgage refinancing
- Reverse mortgages
- Immediate and deferred long-term care annuities
- Living trusts
- Cash advances on life insurance policies
- Life insurance settlements
If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a leading provider of home care Huntsville families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. Home Care Assistance can be your trusted partner when your loved one needs help with the challenges of aging. Call us today at (256) 716-9940 to learn about our high-quality in-home care services.