Taking care of an older loved one can be an overwhelmingly large task. In fact, according to a survey taken at the beginning of 2016, roughly 34.2 million adults provided unpaid care for a loved one age 50 or older. Family caregivers provide the bulk of senior care in the United States, and as the population of elderly individuals in our country rises, that 34.2 million number is going to keep growing.
If you find yourself in the position of being a family caregiver, you probably have a lot of questions. As you are preparing to line up care for your mom or dad, be sure to go over the following checklist to make sure that you have all of your bases covered when it comes to the financial aspect of caregiving.
Here are a few things that you can help your loved one with if senior care of any sort looks like it will need to be an option.
Go over their insurance with them. Some people have private insurance policies in place when it comes to long term care, but not most. Almost all senior citizens have Medicare, and many have Medi-Cal (or Medicaid in other parts of the U.S.). What these cover as far senior care is limited, so be sure that you know what your parent has covered and what they do not have covered.
Cover their financial institutions. This goes beyond just having power of attorney, although this is definitely something to consider. You need to help make sure that their bills are being paid, for one. Helping them to set up automatic payments of those bills can be a helpful start, in many cases. You will also want to make sure that any investments are being monitored, safety deposit boxes at banks are accounted for, and make sure that benefits checks are going where they should be. Checking to ensure that Social Security benefits are correct can be a good place to start. Having this knowledge can also help ensure that your parent is less likely to fall victim to any sort of financial abuse, too.
Look into Social Services. Nobody wants to be dependent on the state, but your local Department of Social Services likely has a lot to offer your parent. This goes beyond Medi-Cal and food stamps. If there are areas where your mom or dad needs help and you are not sure where to look, the caseworkers here can often find that information and point you to a solution much more quickly than you could gather that information on your own. There’s no harm in seeing what help Social Services can be. It is their job to help the elderly, after all.
As a final note, please remember that these are not your only options when it comes to care. Also, we are not financial advisors. Although we have a good deal of experience when it comes to in-home care, be sure to speak with a financial professional if you have further questions in this field.
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