Nov 8, 2018 by Gregg Gammello
Although family caregiving is incredibly rewarding, it can also take a toll on your physical and emotional well-being. In addition, it can leave you with financial challenges. Providers who specialize in at home healthcare recommend these financial tips for family caregivers in Lansdale, PA.
While caregiving is a large time commitment, it’s a good idea to continue working if you can. At home healthcare professionals explain that by working, you can bring in income and ease any financial strain you may be experiencing. You can also maintain your identity after your caregiving responsibilities come to an end.
Find Out If You’re Eligible for Public Benefits
There are a number of public benefits that you or your senior loved one may qualify for. Medicare and Social Security may be available to veterans and their spouses. Individuals who are over age 65 or under the federal poverty limit may also qualify for Medicaid.
Monitor Your Senior’s Finances
Unfortunately, older adults often have a difficult time managing their finances. They may no longer be able to pay their bills on time and become victims of fraud. If you believe your senior can no longer manage their finances properly, help them out on your own or hire a financial professional.
Ask Your Bank for Support
Many banks are dedicated to helping their caregiver customers. They may allow you to add yourself to your senior’s accounts so that you can monitor withdrawals. In addition, you may be able to set up fraud alerts or only allow your senior’s debit card to work at certain locations.
Review Estate Planning Documents
While it’s best to review estate planning documents when your senior is in good shape, it’s never too late to make sure their will and power of attorney documents are up-to-date. At home healthcare aides suggest organizing your senior’s accounts, their passwords, and contact details in one secure place.
Continuing to work, finding out if you’re eligible for public benefits, monitoring your senior’s finances, asking your bank for support, and reviewing estate planning documents are all important financial tips for family caregivers.