Helping Your Elderly Parents With Their Insurance

 

Taking care of the elderly can be expensive, so help your parents manage their finances by talking to their insurance provider. Find out about health insurance benefits for the elderly and check with an accountant about budgeting and tax breaks. If you have extra money, consider contributing services and/or money to their insurance. For example, if your parents live in a small house, you could hire cousin John to mow their lawn. This can save your parents from spending money on lawn service, and relatives can offer a helping hand to their parents. Low-income seniors should make use of free or reduced-cost resources that are available.

Advice from a certified senior home safety specialist

A Certified Senior Home Safety Specialist is a trained professional who provides recommendations and assessments to improve the safety of an older person's environment. These professionals use an assessment process involving factors such as the aging adult's physical and cognitive abilities to create a safer living environment. Advice from a certified senior home safety specialist is especially beneficial to family caregivers. Age Safe America is an AOTA-approved provider. You can schedule an appointment with one of their certified experts by calling (877) 523-4687.

Ensure that all individuals entering a senior's home have appropriate training and background checks. Checking references is an effective way to make sure a caregiver is trustworthy, respectful, and does not have red flags. Especially with older adults, many con artists pose as landscapers or painters and take advantage of their trust. Be sure to check references for each professional before hiring them. Also, make sure the location of the fire extinguisher is accessible.

Resources for caregivers

If you're a caregiver, you may not be aware of resources for elderly parents with their insurance. These resources include government agencies, nonprofit organizations, helpful websites, and apps. In addition, you may be surprised to learn that AARP, the oldest and most renowned senior advocacy organization, provides articles and information for caregivers. And if your aging parent is a veteran, you can get advice and assistance from the VA Caregiver Support Line.

You can start by searching for government resources for the elderly. There are government resources for them, such as medicare. Your elderly parents might not have job benefits, but they still have the right to receive affordable health care. And, many states offer caregivers a small hourly wage for doing basic household chores. So, the government can help them get the care they need at an affordable rate. The Administration of the Aging is an excellent place to look for free assistance with insurance and long-term care planning.

Options for aging parents

Whether your aging parent is able to live alone or with help from family members, there are many options available to you. One option is to stay in the home and provide care. Although it can be expensive, if your parent is able to stay in their home, they can remain there. Depending on their condition, a home modification may be necessary, including safety features. Meals on Wheels may be a free service for seniors.

When choosing a Medicare policy for your aging parents, consider their financial situation. Do they have savings or cash-value life insurance? Do they have other insurance? What kind of financial assets do they have? Do they own investments? Are there retirement accounts, stocks, or pension plans? If so, how do they fit into your budget? Both income and assets affect your parents' Medicaid eligibility and the type of treatments that they can receive.

Power of attorney

There are many benefits to appointing a child as power of attorney for your aging parents' insurance. These agents are not only familiar with the policy but are also trusted. However, a child can't take on the responsibility of managing the elderly parent's money on their own. Consider the health and geographical location of the parents and their wishes before selecting a child as power of attorney for your parents.

Make multiple copies of the document and keep them in different safe places, including your parent's home. Make sure the document contains all of the information you need to handle the insurance policies, including the parent's outstanding debts and assets. Include the names and contact information of their financial advisers, lawyers, and physicians. Make sure your parent gets a copy of the document as well. If your parent is in good health, the agent can even call their doctor and ask them about their insurance policies.

Assisted living

The cost of assisted living facilities can be extremely high. Some of these facilities charge for housekeeping and laundry. These costs are usually paid by the resident, and the costs can quickly eat into a family's savings. To minimize costs, consider applying for long-term care insurance, which will cover the cost of assisted living if your parents are incapable of performing two basic activities of daily living. While this type of insurance will not cover the cost of a nursing home, it can cover the costs of basic room and board.

Many families pay for assisted living from their own funds. Some may also use money from a 403(b) or 401(k) retirement savings plan. Other options include taking out a promissory note, a signed document promising to pay a certain amount on a specific date or on demand. Long-term care insurance is also a great way to plan for these expenses in advance.