Caring for our senior loved ones is, in some ways, similar to a multifaceted jewel for family caregivers.
There are so many fine details that we must carefully consider and oversee for them to shine and keep them safe as they age.
One of the most fragile and treacherous points of care is our seniors’ finances.
Family caregivers often don’t ask questions about finances until disaster strikes. We just don’t talk about money, as it seems too personal for many family caregivers and is something many older loved ones won’t discuss.
Digging into the finances for a senior loved one for whom you care is not bad manners, rather it is looking out for their well-being.
The cost of aging in place and meeting their living and healthcare needs is staggering and can bankrupt our seniors and, if we are not careful, family caregivers too.
Taking a proactive approach as early as possible to put financial plans into place is an important step for family caregivers.
Financial Plans for Aging Seniors
There are things seniors and family caregivers can begin doing right now to improve finances that will help with present and future costs of caring.
Here are 5 Tips for Keeping the Cost of Care Low from SmartAsset by Liz Smith.
- Invest in Long Term Care Insurance — Worth investigating to see if your senior can afford the cost of this insurance, which will help pay the cost of home nursing care, home health care, and other specific daily needs, depending on the plan. It is important to understand the plan and compare it with others to get what will fit your senior’s needs. It is also more cost effective to purchase it before it is needed, such as after a debilitating disease strikes.
- Make Their House Home-Care Ready – Renovate and update your senior’s aging in place home to make it age-friendly, with wider doorways, curbless shower, and other modifications. There may be home improvement grants or loans available in your senior’s area so check around.
- Look Into Government Programs – Review all programs and benefits available for your senior through the state and federal government. Assistance options are out there if they qualify. Check out BenefitsCheckUp.org.
- Compare Care Options – Learn about the options near your senior including home care, assisted living, and other care facilities. Visit them to find one that will meet your senior’s needs and desires. Don’t forget in-home companionship so they aren’t lonely.
- Claim as Many Tax Breaks as Possible – Caregivers should be sure their own finances can handle your new responsibilities. There are some tax breaks for caregivers. Protect your own retirement plan.
Let’s not forget investing in technology as well to remain home as long as possible with the assistance of safety and independence devices that are currently available. Technology can help solve care issues and keep your seniors safe with a little time and money investment on the front end which will give great benefits.
Here are more articles that will help family caregivers learn about even more steps they can take to improve the financial strength of their senior loved ones while protecting their own financial outlook.
1 thought on “Protecting Seniors’ Financial Well-Being”
Very helpful information when it comes to seniors’ finances! Great resource for those with aging parents to be informed on what steps could ensure financial well being.
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