Seniors with dementia usually find it challenging to manage their money. Caregivers often begin to suspect their aging loved ones have some form of cognitive decline when their parents take too long to count money. Eventually, aging adults may forget to pay bills or even lose money. Here are some tips to help caregivers organize their loved ones’ finances as soon as possible.
1. Collect the Paperwork
Even people who do an excellent job of organizing their documents can easily lose a few files over the years, which is why it’s important to start collecting paperwork as soon as possible so it can be kept in a safe place. If you’re caring for a loved one with a dementia-related condition, make copies of essential paperwork and keep them in a bank or in the home of someone you trust. These documents include birth certificates, bank statements, mortgage papers, pink slips, insurance policies, wills, and tax statements.
2. Avoid Scams
Seniors with Alzheimer’s are especially susceptible to scams, and a single mistake could potentially cost them thousands of dollars. If your loved one receives a high volume of telemarketing calls on his or her landline, consider disconnecting the number and getting him or her a cell phone designed for seniors. Place a sign on your loved one’s door to keep solicitors away.
Having an in-home caregiver close by can help your loved one avoid falling prey to scams. Families looking for top-rated elder care providers can reach out to Home Care Assistance. From respite care to specialized Alzheimer’s, dementia, stroke, and Parkinson’s care, there are many ways we can make life easier for seniors and their loved ones.
3. Double-Check Your Loved One’s Benefits
Many seniors receive financial assistance from different organizations, and it can be challenging to keep track of all the benefits. If there’s a local Alzheimer’s nonprofit organization in your loved one’s hometown, schedule an appointment to speak with one of their advisers. Organizations that focus on dementia-related disorders often have in-house financial specialists. They might even be able to connect you and your loved one with additional sources of income or low-cost treatments.
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. 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 Clearwater 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.
4. Consider Banking Options
Instead of completely merging your loved one’s bank account with yours, have a separate joint account. Depending on the type of financial assistance received, your loved one might have his or her personal accounts audited to ensure they meet the qualifications. The joint account can be used by you or your loved one to pay for emergencies or everyday expenses, such as groceries.
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. Clearwater 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. Reach out to one of our Care Managers today at (727) 330-7862 to schedule a free in-home consultation.