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Chicago Caregiver Services

Financial Tips for Caregivers

As more and more loved ones begin to reach their Golden Years, the number of caregivers needed to provide support for them continues to decline, according to aarp.com. And today, many Baby boomers are finding their roles changing faster than ever before.

Statistics show that more than 25 percent of boomers in the U.S. are making the transition from child to caregiver and may not be fully prepared for the change. Maybe an older loved ones has been diagnosed with a long-term condition like Parkinson’s or dementia. Maybe they’ve had surgery or are facing a major life change and have to rely on the help of others to recover.

When these life circumstances happen, family members have little choice but to adjust not only emotionally and psychologically, but financially as well. For the senior who needs assistance, the transition from being in control of your finances, to all of a sudden relinquishing them to a child or grandchild is easily just as difficult.

This may not answer all the questions and concerns you might have about managing finances as a caregiver, but those of us here at Freedom Home Care hope you find these tips useful along your journey in providing care.

Many family members who have faced the same situation say they wish they could have sat down in advance and had a conversation with their elderly loved ones about money. It’s best to talk about pertinent issues before the need arises.

While asking mom or dad about bill payments or details about their living will may seem awkward, it’s important that you have all of the information at your fingertips when your senior can provide it in full.

Things you should know:

  • Where their income comes from
  • Who owns their assets
  • Do they have a plan in place to pay for personalized elder care
  • The importance of having a list of their financial resources. Understand what assets are available and which ones your loved one might need.

Locate all financial documents – Know where your senior keeps their banking account statements, insurance policies, tax documents, statements for investments and legal documents.

Find out from your senior’s doctors what kind of care they recommend – This includes in-home care, medical equipment or rehabilitation. Ask what resources might be helpful or ways you can save on items needed for your loved one.

Contact an attorney who specializes in elder law – Locate someone who can offer professional advice on issues like long-term care planning and guardianship.  This will help prevent costly mistakes that stem from mishandling of legal issues, later on down the road.

Think about how being a care provider will affect your finances – You may need to take time off work to care for your loved one, work part-time or not work at all. Will you and your family be able to afford a loss of income if the need arises?

Cargivers at Freedom Home Care are just a call away!  We are ready to help you get the personalized elder care you need.

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Author Info

Alicia Williams