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Elderly care is about more than just a person’s health, it involves financial care as well. As people get older, it is not uncommon for them to develop some degree of memory loss. They have difficulty focusing, which can result in confusion or agitation. Even mild memory loss can make it difficult for seniors to perform their usual daily activities. Thus, managing their finances and taking care of their personal business becomes impossible.
Children of aging parents need to be aware of what their parents’ financial situation is. For example, it’s tax season now and time to prepare and file taxes. Someone must gather receipts and records and then file the taxes. Aging parents may simply be incapable of doing any of it. This is when adult children can help significantly with elderly care, not just with taxes but with all of their parent’s business and financial needs.
Seniors may have forgotten that it is tax season. They may not remember if or how they filed in previous years. They forget important financial information.
There may be uncashed checks, and unpaid bills they’ve forgotten lying about. Consider signing them up for autopay and direct deposit.
They may not want to tell anyone about their finances or tax concerns. They may be in denial about their needs and get defensive when questioned. It can be hard for seniors to give up control.
Scammers prey on the elderly and often mislead them with very believable tactics. The elderly can easily fall victim to scammers who call, text or email claiming to be the IRS or bill collectors. It’s important to protect seniors from these types of activities and ensure they don’t give scammers their personal information.
When seniors become unable to take care of paying their bills or handle other once-routine business matters, elderly care is indicated. A step in the right direction is to consider hiring a qualified individual, such as a professional fiduciary, that can help protect them and their assets. Kansas City has qualified professionals of this type.
Another important aspect of elderly care is protecting seniors from identity theft. This age group is often targeted for fraud and identity theft. When someone is unable to manage their own finances anymore, it’s important that someone step in. Examine credit card and bank statements thoroughly each month for suspicious charges. Keeping thorough and accurate records in the event it happens can help get it resolved quickly and effectively.
When the elderly care giver takes over a senior’s personal business and financial management, there are several things to do as quickly as possible. Planning ahead will help you. Start by gathering up all of the vital documents, certificates, account numbers, and even online passwords. Create folders with all of the documents, records and information.
These are types of records that are necessary for Medicare, social security benefits, VA benefits, and other matters. Keep the documents and records filed in a secure place that you can easily access. If you don’t find the documents you need, you should obtain them from the pertinent source.
As providers of home health elderly care, we are committed to providing the best care available in the Kansas City area. Our caregivers are experienced, bonded, insured and rigorously-screened. For more information call today, or visit our website.
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