Financial Services
The financial demands of aging are numerous and difficult to understand and manage. Seeking volunteer or professional help with these tasks can help alleviate stress and anxiety. These financial demands may consist of:
- Paying bills
- Deposits
- Insurance and benefit claims
- Savings and investment decisions
- Tax preparation
- Other financial duties
Seeking volunteer or professional help with these tasks can help alleviate stress and anxiety.
Additional tips in finance:
It is important to plan financially before a crisis hits. Finding a financial planner before you or your loved one become ill or disabled will help lesion the burden.
It is important to save, invest, and participate in prudent spending. If you or your loved one does not already have financial goals, then make them NOW. Setting financial goals will help to motivate one to save, help develop smart-money habits, and become your own personal planner. I you are having trouble with this on your own, it is recommended to seek professional help (bankers, accountants, and professional financial planners) to help get you going.
It may help to set up automatic payment for important, recurring bills such as water, electric, health insurance, mortgage, and other regular commitments. You can set this up so that the bills are paid electronically from your loved ones account. This will make it easier for you or your loved one to pay there bills and prevents late payments.
As a caregiver there are certain precautions you should take when trying to help your loved one with their finances:
It is important to know where your loved ones important documents are kept. These important documents could include bank and brokerage statements, wills, insurance policies, and pension records. This will give you access to the documents when needed in case of an emergency. This knowledge will help you protect your loved ones personal assets, including dividends, interest, insurance, pensions, Social Security payments, rental income, and the contents of safe deposit boxes.
It is important that you obtain access to the bank and brokerage accounts in the case of an emergency. This may include being able to write checks or withdraw funds and make arrangements through the bank to conduct transactions. Although with your loved one giving someone else their trusted caregiver access to their account could assist your loved one in case of an emergency, it may also complicate the situation. It is recommended to meet with a banker or attorney to seek advice on how to handle the financial situation.
There may come a time where it is important that you have an accurate assessment of your loved ones financial situation. If your loved one is secretive about his or her finances it is crucial to have access to this information in case of an emergency where he or she cant get to it. This is also useful when your loved one experiences a crisis. If your loved one is unable to pay bills or insurance due to certain experiences this information will allow you to take care of these payments for them so that the dept is not detrimental.
In some cases when the adult children are not aware of their elderly parents financial situation- when they are under the impression their elderly parents are financially secure but in reality they are struggling- if an emergency were to take place it would have a large impact on not only the aging parent but can also be a burden on the adult children and/or caregiver.
It is always helpful to have additional financial and legal advice. If your loved one has ever dealt with any bankers, lawyers, accountants, insurance agents, or financial planners in the past it may be beneficial to contact them for advice and, if necessary, further assistance.
There are also professionals that can help your loved one if they are suffering from an illness or disease.
- Elder law attorneys- Estate planning, Medicare and Medicaid issues, insurance disputes, fraud cases, and other legal affairs affecting the elderly.
- Daily money managers- Pay bills, balance checkbooks, monitor insurance claims, and handle daily financial responsibilities for other people.
- Geriatric care managers- Help with various tasks, including money management and evaluating housing options.
Also, remember there are FREE and low-cost assistance programs that you may be eligible for.
- Financial counseling available to employees and their families.
- Social service agencies (state or county government agencies and private organizations)
- The local or national offices of disease-specific organizations (such as the American Cancer Society or the Alzheimer’s Association); and other membership groups.