Do you have a family member who’s getting older and may soon need home care? Families often feel concern for their elderly relatives who may not be able to care of their finances any longer. Luckily, home care doesn’t just provide help for seniors who are sick and immobile, but also for people who need help managing their expenses.
There are several reasons why an elderly person may have trouble keeping track of their finances. Mental and visual impairments can make crunching numbers almost impossible. Physical impairments, like arthritis, make it difficult to sign checks or other documents. If an elderly person lost their spouse, they may be taking care of finances for the first time in their life. Immigrants may have trouble understanding American bank and tax procedures.
Elderly people who cannot handle their finances are at risk of financial abuse. They may also lose their home due to foreclosure or an eviction because they don’t pay their bills on time. Financial problems can also cause great damage to a person’s credit.
With the help of caregivers and home care, though, seniors can live their life confident that their money is being handled correctly. The elderly person may have coaching in order to take care of their finances themselves or they may have someone help them out on a regular basis. A caregiver will be able to assess the senior’s needs and determine if someone else in the family should become completely responsible for the finances.
The biggest step to helping a senior get ahold of their finances is to take stock of what they have, including their bank accounts, income and investments. Everything from savings and checking accounts to social security benefits, mutual funds and stocks need to be taken into consideration. From there, the necessary tools can be arranged to help the senior gain financial stability.