Since many seniors cannot work, they tend to rely on their savings to pay for housing, food, medicine, and personal needs during their later years. However, rising prices or unforeseen medical bills can make it difficult for seniors to financially support themselves. In these circumstances, some family members may have to financially support their aging loved ones. There are many ways for you to provide financial support for your elderly parents without putting your own finances at risk.
1. Provide Financial Gifts
The simplest way to help your parents is to simply provide them with money in the form of cash or transfer of funds. However, you need to learn the tax codes and program requirements for your family’s situation. If you are not careful, you might end up providing too much money to your loved one and requiring him or her to pay taxes.
Providing financial assistance is one of the many ways to boost your loved one’s wellbeing and overall quality of life. 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 Allentown senior care. Services our caregivers provide include 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.
2. Use Government Assistance
There are many government programs your senior parents may be eligible for, and these can pay for a lot of healthcare and living expenses. In addition to basic benefits like Medicare and Medicaid, seniors may also get disability benefits or other perks. Research nationwide and local government programs to make your parents’ financial situation more comfortable.
3. Give Your Parents a Loan
To avoid costing your parents more money with huge financial gifts, consider giving them a loan. Receiving a loan allows your parents to get the money they need without bearing high interest payments, paying heavy taxes, or gaining so many assets that they no longer qualify for assistance programs. For more complicated loans like a private reverse mortgage, it may be wise to consult a financial advisor.
4. Pay for Useful Services
Many people worry about giving their parents gifts or loans because they may spend the money on unnecessary items. If you want to make sure your parents are not overspending, consider paying for things they actually need. You can take over insurance payments, cover healthcare bills, or take them grocery shopping. Some families find it useful to pay for in-home caregivers to help their parents without needing to move them to a nursing home.
Get in touch with Home Care Assistance to find out how an Allentown, PA, caregiver can help your aging loved one live a longer, healthier, and happier life. Our caregivers are available 24/7, all of our senior care services come with a 100% satisfaction guarantee, and we never ask our clients to sign long-term contracts.
5. Help Your Parents Move
Many seniors spend a lot of their budget attempting to live in the home they have had for years. Your parents may be able to save a significant amount of money by moving in with you or downsizing to a smaller home. Downsizing can save on bills and mortgages, and you can also take better care of your parents if they move closer to your home.
Planning a senior loved one’s finances while helping him or her with daily tasks can be difficult at times. Fortunately, you can rely on professional respite care. Whether your elderly loved one needs part-time assistance with basic household chores or you need a break from your caregiving duties, the Allentown respite care experts at Home Care Assistance are here to help. All of our respite care services are backed with a 100% satisfaction guarantee, there are no hidden fees in our contracts, and we never ask our clients to sign long-term contracts. To create a comprehensive in-home care plan for your elderly loved one, call one of our professional Care Managers at 484-350-3874 today.