The retirement years lead to more free time for older adults, but it could also mean reduced incomes for many seniors. Even with less money coming in, expenses often continue to increase, especially medical costs. Developing frugal living habits could help with some things, but not all. Below you’ll find tips your family can use to help with a senior loved one’s finances.
1. Encourage Downsizing
The best way to stay within a budget is to let go of expenses that increase the risk of financial stress. If your parent is unable to maintain a large home, he or she may need to move into a smaller place or consider living with you or another family member. Downsizing can lower monthly expenses and take significant financial pressure off older adults. When clearing out clutter and moving, your loved one should sell the items he or she no longer uses and put the extra cash into a savings account.
Helping your loved one handle his or her finances may seem daunting, and the extra stress could take a toll on your wellbeing. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Montgomery families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation.
2. Pay for Monthly Expenses
You and your siblings can provide financial relief to your loved one by taking on some of his or her monthly expenses. For example, your monthly budget could include paying for your loved one’s mobile phone bill, and your brother could cover the cost of utilities. As long as it doesn’t cause you and your siblings financial strain, try to help with some of your parent’s monthly necessities.
3. Research Senior Service Employment Programs
Even after creating a tight budget and downsizing, your loved one could face financial challenges. In this case, it might be beneficial for him or her to find a part-time job. Some federal government agencies have programs that help older adults find employment. The representatives can search for opportunities that match your parent’s physical, mental, and emotional abilities as well as his or her preferences. Working not only provides seniors with more income, but it can also increase socialization and reduce the risk of boredom and isolation.
4. Look into Insurance Programs
As your loved one grows older and experiences different symptoms associated with aging, his or her needs will change. To accommodate these changes, speak to an insurance representative to determine what your loved one’s policy will or won’t cover, both now and in the future. Many insurance programs, such as Medicare and Medicaid, help with high healthcare costs. For example, Medicare is a national insurance program that can cover some or all prescription costs for eligible seniors. These programs typically have annual limits.
Seniors who are living with health issues that affect their ability to manage their finances may need help with other everyday tasks. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of homecare services. Montgomery Home Care Assistance is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities in our Cognitive Therapeutics Method to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services.
5. Search for Savings
When it comes to finances, your loved one should find ways to cut costs without compromising his or her health or safety. Some examples include taking the time to collect coupons for items at the grocery store, clothing retailers, and more. Your loved one should also look into bundling his or her auto, home, and life insurance for a discounted rate. Many cable companies offer deals for their television, phone, security, and Internet service bundles. The objective is to help your loved one find logical ways to cut monthly costs.
Financial management is a challenge for most people, and it can be even more difficult for aging adults. Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted home care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Home Care Assistance is here to help. Call us today at (334) 593-3988 to discuss how we can give you the peace of mind that comes from knowing your loved one is being cared for with professionalism and compassion.