Caring
for a loved one's financial matters is one of the more personal but
important responsibilities a caregiver can take on for an elderly
person. Some people have a hard enough time coping with their own
financial responsibilities, let alone taking on someone else's as well.
Recognize
that giving up financial responsibilities represents a loss of control
for many seniors. Don't take over all at once; perhaps Grandpa only
needs help writing checks for now. Take it slowly.
Cancel credit cards when they're rarely used, to simplify the mail - and your parent's life.
Phone
and utility companies have special discounts and other services for
seniors and the disabled: amplified phones, push-button phones,
large-type bills, and so forth. Ask about what's available.
Keep
track of your parents' finances, to the extent that they allow you to
do so. Offer to help with bureaucratic problems and other details (like
getting an insurance adjustment or renewing licenses) for which your
parents might not have the patience.
Respect that most people
consider money to be a private subject, and handle it gently. Sometimes
parents will open up about their finances, for example, if you mention
your own concerns about retirement or estate planning. Ask their input
on how they handled these matters.
If you are in charge of your
mother's finances, online banking will save you tons of time in bank
visits and in being put on hold when you need to handle something. And
you'll have an automatic record of every transaction.
Arrange
for your senior's social security, pension payments, and so forth, to
be directly deposited into his bank account. It's a pretty simple
process that the bank will be happy to help with, since it makes things
easier on them, too.
Check your senior's mail often to make
sure outstanding debts are being paid, insurance premiums are up to
date, and all business details are being handled.
Be sure to
have copies of all health insurance and benefit program information
that applies to your senior. Make a list of all this information and
indicate which policies cover various needs. Does one policy, not
another, cover dental care? Do any of them provide for home health care
benefits? Should you consolidate policies? A geriatric caseworker can
help you make these decisions.
Remember. Medical bills don't have to be paid for ninety days.