One of the most important roles that a caregiver will fulfill while providing senior care for an aging loved one is helping that senior manage money. Cognitive challenges can make it difficult for a senior to continue to manage his own financial situation, which can lead to very serious consequences. For example, a senior may forget to pay bills or could throw away pension checks. Making managing your loved one’s money part of providing home care will take pressure off of your loved one, and give you greater peace of mind knowing that your senior is properly taking care of and protected against serious financial consequences.
Some of the money management responsibilities that a caregiver should take over for an aging loved one include:
- Balancing a checkbook or reconciling a bank account against debit card records on at least a monthly basis, but preferably more often
- Gathering and organizing all household bills and ensuring that they are paid on time
- Keeping track of all benefits and pension payments that are made on a monthly basis, and ensuring that they are received and properly utilized as article
- Creating a joint bank account so that you can have control over the money
- If necessary, having a Power of Attorney put into place and contacting all creditors to inform them of this shift in authority
- Monitoring debit card, credit card and check usage to ensure that your loved one has not fallen victim to financial scams or made impulse purchases
If your loved one agrees, you may want to consider transferring all funds into your own bank account or not giving your loved one access to a debit card or checks when you are not around. This can help prevent purchases from televised shopping channels, agreeing to pay bills over the phone or becoming victim to common senior care fraud in which a person claiming to be associated with the assisted living facility, other senior care entity or even the government will ask your loved one to “verify” important financial information to ensure that they are “secure”, when in reality this information is being gathered in order to give the con man access to your loved one’s money.
For all of your caregiver needs in Turnersville, NJ and the surrounding areas call and talk to us at Home to Stay Healthcare Solutions (856) 321-1500
