Seniors and caregivers have many things on their plates, often sharing common concerns when it comes to financial matters. Family members acting as caregivers for elderly parents don’t want to see their loved ones taken advantage of in their old age, and seniors want to be in good financial shape so they can leave something behind for their loved ones. Consider these five musts for senior financial health for some much-appreciated peace of mind.
1. Remaining Updated On Potential Scams
Seniors of all economic backgrounds can be the target of financial scams. For this reason, both you and your senior loved one would benefit by remaining updated on potential scams, some of which are becoming more sophisticated in nature. According to the National Council on Aging, some of the most common financial scams targeting seniors involve:
• Medicare/health insurance (perpetrators offer bogus services to obtain identify info)
• Counterfeit prescription drugs (to obtain credit card info)
2. Seeking Reliable Financial Guidance
If your senior loved one has a substantial portfolio, seek reliable financial advice from a financial planner experienced with senior investment matters. Consider working with a “fee for service” planner who’s legally obligated to offer unbiased advice for a set fee. Seniors typically seek advice on:
• Diversifying portfolios (spreading out investments)
• Liquidating assets (to help pay for care)
• Transferring funds (from under-used accounts)
3. Weighing Power of Attorney Options
Power of attorney for financial purposes becomes necessary if your senior loved one reaches a point where he or she can no longer manage money responsibly. If dementia conditions are an issue, making such plans soon after diagnosis allows your loved one to have more of a say in decisions.
4. Keeping Important Financial Documents Up-to-date
Whether it’s estate papers or a will, key financial documents previously prepared at the direction of your loved one should be kept up-to-date, especially if family circumstances have changed (i.e., additional children, grandchildren, more substantial assets). On a related note, it’s a good idea to know where such documents are kept to avoid unnecessary stress later.
5. Anticipating Care Expenses
Seniors anticipating increasing care needs with age may want to consider setting aside additional funds for their care. Such preparations can include opening a separate savings account or determining how much family members can realistically contribute to care needs that may include assisted living or elder home care in the Lehigh Valley at some point.
Caring for an aging parent isn’t always an easy task, but you don’t have to do it alone, Home Care Assistance of the Lehigh Valley can help. Although we are known for our memory care services, including Alzheimer’s and dementia care in the Lehigh Valley, we also offer live-in and flexible hourly home care for seniors. For information on how our compassionate and trusted caregivers can promote a high quality of life for your loved one, give us a call at 484-350-3874 and request a free in-home consultation today.