One of the most hotly-contested, treacherous, and essential facets of in-home care or family caregiving is our seniors’ finances.
It’s often a touchy subject and reserved until the worst possible moment: when a disaster strikes.
Imagine this: You are close to an older person who falls and fractures a hip. You know nothing of this person’s finances, so you ask at a terrible time: right after surgery. The answer is not the one you had hoped for, and the older person now suffers financial hardship. This could have been avoided with careful planning and strategy.
Asking about finances is not bad manners; instead, it is a mature and responsible conversation to look out for their well being and overall happiness. Take a proactive approach and don’t wait until the last minute.
Here are some of the best tips on how to protect seniors’ financial wellbeing:
Look into government programs
There are multiple government assistance programs to inquire about after having the initial financial conversation with your elder.
Long term care insurance
Can your senior afford the cost of insurance? Would it make sense given your seniors’ current financial and domestic situation? A good option for those contemplating home nursing care and other specific needs, do thorough research before committing to such a plan.
Tax breaks
All caregivers should recommend a financial advisor around tax season regarding taxes, investment portfolios, or living wills. Some online services often neglect tax breaks for older people, so make sure to figure out exactly how and when to file and what to include when you do.