Bankruptcy among seniors is on the rise, and it’s just one of the many financial challenges older adults might face at some point. As a caregiver, you should constantly be reevaluating your aging loved one’s finances to make sure he or she isn’t making any major mistakes. Here’s a quick look at some of the most common financial issues seniors face.
Increase in Medical Bills
Many seniors develop serious health complications over the years. To keep bills manageable, they must make sure they have the best insurance possible. If your loved one’s insurance doesn’t cover a certain procedure or treatment, call his or her healthcare provider directly to see if they can offer a payment plan or discount. For larger medical bills, you have the option of speaking with a medical billing advocate who specializes in finding discounts and verifying charges.
Living with a serious health condition can make it challenging for seniors to age in place. However, they can maintain a higher quality of life with the help of professional live-in care. Clearwater seniors can benefit from assistance with meal prep, bathing, transportation to the doctor’s office, medication reminders, and much more.
Subscriptions and Other Recurring Expenses
Some seniors have dozens of monthly and annual subscriptions without even realizing it, and those recurring expenses could easily be costing them thousands of dollars every year. Make sure your loved one is only paying for subscriptions he or she actually uses. At least once every few months, you need to go over your parent’s bank statements to see where his or her money is going.
Scams and Identity Theft
According to a recent report from Javelin Strategy & Research, identity theft costs American consumers just over $16 billion per year. The most effective way to help older adults prevent identity theft and other scams is to educate them. They should never give out their personal information over the phone or online until they verify who is receiving the information. Make it clear that you’re only a phone call away if your loved one is ever confused by an unusual bill or notification letter.
In addition to financial issues, older adults are also susceptible to a wide variety of health concerns. Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional elder care. Clearwater, Florida, Home Care Assistance is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.
For a senior who is on a fixed income, a reverse mortgage might seem like a great way to dip into home equity. However, reverse mortgages come with some clear risks everyone should be aware of. In addition to the upfront costs, your loved one would also be responsible for the full amount of the loan if he or she ever moves out. As an alternative, your parent might want to sell the home and move into a more affordable place if the current mortgage payments are unmanageable.
Death of a Spouse
Losing a spouse can take a huge toll on a senior’s finances, which is why your loved one must plan ahead. Having a small life insurance policy in place for one’s spouse is a good way to cover end-of-life and funeral expenses. Your loved one should also speak with an estate law planning attorney to avoid any gaps in income. A lawyer can make sure the surviving spouse has immediate access to all assets and benefits.
When it comes to maintaining a high quality of life, older adults may require more than just a solid financial plan in place. If your elderly loved one needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a trusted provider of Clearwater senior home care. Our caregivers provide transportation to and from medical appointments and social events, nutritious meal preparation, assistance with daily exercise, and help with everyday tasks like bathing, grooming, and light housekeeping. To talk to one of our professional Care Managers, give us a call at (727) 330-7862 today.