According to the U.S. Department of Health and Human Services, the percentage of older adults who need help handling their finances may be as high as 29 percent. Whether due to physical or mental impairments or a lack of fiscal knowledge, seniors often turn to their adult children for assistance. If you’re concerned about an elderly parent’s ability to manage money, the following strategies presented by Home Care Assistance of Boca Raton, FL may help you find solutions.
Take Stock of the Situation
When taking on the responsibility for a parent’s finances, it’s critical to have a clear understanding of the senior’s total assets, income and debts. In addition to identifying bank accounts, pension funds, stocks and other investments, you’ll need to gather information about mortgages, credit cards and insurance policies as well.
Power of Attorney
If circumstances such as cognitive impairment indicate that you’ll need to take control of a parent’s finances, you’ll need a financial power of attorney that enables you to make fiscal decisions on your loved one’s behalf. The power of attorney can be limited or far-reaching, permanent or temporary, so it’s a good idea to consult an elder law attorney to ensure that you’ll have the legal authority you need to handle your parent’s financial affairs. And if your loved one is in the early stages of an advanced condition like dementia, you may also want to take time to look into the costs of in-home dementia care in Boca Raton.
Paying for Long-Term Care
An estimated 70 percent of seniors over the age of 65 will need some form of long-term care during their lifetime. If your parent lacks adequate long-term care insurance, you’ll want to investigate ways to pay for the care. Options include:
- Cash-out mortgage refinancing
- Reverse mortgages
- Immediate and deferred long-term care annuities
- Living trusts
- Cash advances on life insurance policies
- Life settlements
If your elderly parent has few financial resources, there are several federal programs such as Medicaid that can help pay for long-term care which can include hourly and live-in home care in Boca Raton, as well as care at some outside living facilities and nursing homes.
For more information about caring for a senior loved one, reach out to Home Care Assistance of Boca Raton. Our friendly and knowledgeable Care Managers are available 24/7 to answer your questions and discuss care options for your aging loved one. Call 561-826-9282 today.