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March 6, 2019 by Kirk Brechbiel

5 Tips for Helping Senior Adults Manage Their Finances

The management of finances is critical at every part of our adult lives. With each new season, we must learn to budget, save and spend in responsible ways to ensure all of our needs are met and that we are planning for the future. As an aging adult, financial matters can become more complicated with retirement and a fixed income, and the possibility of mental limitations that create a whole new set of challenges surrounding financial matters.

The good news is there is much help available for seniors and financial planning/managing. You just need to know where to look and have help to plan ahead! Here are our top five tips for senior adults who need assistance managing their finances.

  1. Have a clear understanding of your financial situation.

To start, you must give all of your financial matters a fresh look. This includes everything from income, assets, and investments, to expenses and debt. It’s important to have a clear picture before you can properly move forward with planning out your finances long-term. Also, this gives you the opportunity to audit any expenses that could be eliminated or reduced. You will never regret the regular review of your finances – and the money it can save you in doing so.

  1. Automate things as much as possible.

Now with a clear understanding of your financial situation, you should work to automate things for your loved one’s accounts, such as payments. Most banks and utility companies will allow you to connect accounts or do online bill pay to simplify monthly bills and expenses. The more you can automate these items and take them off your plate, the more peace of mind you will have that things are being paid correctly and on time, even if you or your loved one cannot manage them on a weekly or monthly basis.

  1. Ensure accounts and documents are up to date.

Another important tip is to assess each account (bank, utility, wills, deeds, etc.) to ensure they have the appropriate names, addresses, and executors assigned to each. You might be surprised by the last time you did this! Going forward, make it a priority to keep these important items up to date. Setting a calendar reminder is a great tool to make sure this task doesn’t get lost in the shuffle.

  1. Have checks and balances.

If you are overseeing the finances of an aging loved one, it’s important that you have checks and balances in place so everything is on the up-and-up. This will protect both you and your loved one. For example, assign at least two people as administrators of a bank account – you and another trusted family member. Because you will both then receive regular bank statements, you will have the transparency, and peace of mind of all activity taking place. Apply this same principle for every type of financial account your loved one has.

  1. Seek outside help.

The simple truth is, there are many, many things in life in which we will need the help of someone else. Financial matters are no different. If you, or an aging loved one, are struggling to properly manage finances, there is no shame in seeking outside help from a professional. A CPA, tax attorney or lawyer can help you in a variety of ways when it comes to overseeing your finances, estate, wills, and other important documents. They will help keep things up to date and take any worry off your mind, so you can enjoy time spent with family – not worring about finances!

What tip do you find most useful for helping senior adults manage their finances? Do you have another tip to offer? Share your insight by leaving a comment below!

Filed Under: Blog Tagged With: aging adult, aging loved one, budget, camp hill, caregiver, elderly, ella home care, finances, financial planning, harrisburg, hershey, home care, in home care, in home health care, lemoyne, mechanicsburg, money, PA, pennsylvania, professional caregiver, senior, senior activities

August 7, 2018 by Kirk Brechbiel

How Can I Pay for a Professional Caregiver?

Whether it’s for you or for an aging loved one, at some point in your life you may have to face the tough question of, “How can I pay for a professional caregiver?” Depending on various factors of your situation, any number of answers could help you afford a professional caregiver.

The most important thing you can do is educate yourself on the options that exist, so that you can make an informed decision to reduce high costs and frustration people often experience when arranging for care of an aging loved one. Here’s a look at seven different options that might help you, in whole or in part, pay for a professional caregiver.

Personal Funds or Retirement Savings

It is never too early to begin saving for care that you or a loved one may need many years down the road. Personal funds and retirement savings can be used to cover the cost of a professional caregiver. Every person’s financial situation is different, but this could be a very wise investment especially if it affords you the privilege of remaining in your home longer.

Family Assistance

For those who do not have the personal funds to cover the cost of a professional caregiver, other family members may be able to help provide some funds to defray the cost. This is a very generous and selfless thing to do; when it comes down to helping a member of your family, people gladly rise to the occasion! We would not advise to rely upon this as your sole means for affording professional care; however, it can be helpful to bridge a financial gap.

Reverse Mortgages

You may wish to speak to a bank or professional mortgage company about whether a reverse mortgage is the right fit for you and your family. A reverse mortgage is a loan for seniors age 62 and older and is a type of home equity loan that’s reserved for older homeowners and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies. By deferring your monthly mortgage payment, you will have more funds to put toward other essentials like a professional caregiver.

Veteran’s Assistance including the Aid & Attendance Benefit

Veterans and survivors may be eligible for additional financial assistance if they comply with the requirements of the Aid and Attendance Benefit. Requirements include being eligible for a VA pension and needing the aid and attendance of another person to care for you. Be sure to do your research and speak directly with someone who is experienced working with Veterans’ Assistance.

Long-Term Care Insurance

There is the option to purchase long-term care insurance. This is usually purchased when a person was working or younger to pay for future help with Activities of Daily Living. The policy most typically pays a daily rate to cover some or all cost of care. If you start planning early, this could be very helpful when it comes time to cover the costs of professional in-home care to assist you with day-to-day activities.

Life Insurance

Depending upon your life insurance policy, you may be able to tap into the policy now with living benefits. These living benefits can help cover the cost of things like an in-home care provider. To understand more about your life insurance options and what your policy covers, be sure to speak directly with your insurance agent to discuss how you might be able to use your living benefits.

Medicaid

Some low income individuals may qualify for Medicaid covered in-home care for a limited time. This varies by state and individuals would have to use a “waiver” home care provider. To learn more about whether or not you qualify for this Medicaid waiver, contact yours state’s Medicaid office to speak to knowledgeable staff about your situation and needs.

Are you concerned about how to pay for the cost of a professional caregiver? Contact us today so we can walk you through the various options that might be available to you!

Filed Under: Blog, Home Care Tagged With: benefits, budget, caregiver, finances, financial assistance, insurance, money, pay, retirement, reverse mortgage, savings, veterans assistance

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