What Are the Main Financial Challenges for Seniors?

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Aging doesn’t eliminate money challenges, and excessive stress about finances can speed up cognitive decline and increase the risk of cardiovascular issues. Developing a budget and helping your senior loved one meet financial goals can boost his or her mental, physical, and emotional health. Below are some of the standard economic issues seniors encounter and ways to address each situation.

Loss of Income

It’s common for aging adults to experience the deaths of important people in their lives, including family members, friends, and former coworkers. They could also lose their spouse, reducing their monthly income. The loss of income makes it difficult to cover various costs, such as meals, transportation, and clothing expenses. You and your family can step in to supplement the loss of income, or you can find grants your loved one is qualified to receive. Local, state, and federal programs can offer assistance with utility bills, meals, household assistance, and more.

Many seniors prefer aging in place over moving to an assisted living facility. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Home Care Assistance, a leading home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.

Debt

Your loved one’s debt might have piled up over the decades, and now he or she is faced with the stress of paying the bills while living on a fixed income. You can help your loved one by developing a budget and determining what monthly expenses he or she can cut back on and what to eliminate, which will free up money to make larger payments on debt. Over time, your loved one can pay off larger accounts. Your loved one should never get another loan to pay off one debt, because that can add to the financial stress. Instead, he or she needs to develop a plan to tackle the deficit, one bill at a time.

Medical Expenses

Paying for prescriptions, healthcare assistance, and medical devices can be costly for seniors. However, the services may be necessary to increase longevity and independence. Help your parent establish a budget and look for suitable insurance policies to cover the cost of medical expenses. Check with your loved one’s primary care physician to see if less expensive alternative treatments are available. The objective is to reduce costs without compromising your loved one’s wellbeing.

Hiring a home caregiver can often be less expensive than moving to an assisted living facility. For many seniors in Allen, TX, live-in care is an essential component of aging in place safely and comfortably. However, it’s important for them to have caregivers they can trust and rely on. At Home Care Assistance, we extensively screen all of our live-in and 24-hour caregivers and only hire those who have experience in the senior home care industry. Our strict requirements ensure seniors can remain in the comfort of home with a reduced risk of injury or serious illness.

Household Expenses

Before you and your siblings grew up, moved out, and started families of your own, your parent’s home housed more people than it does now. Maintaining a larger house in the senior years can be financially, emotionally, and physically challenging. The utility bills are likely higher because your loved one has to heat and cool the entire property, including rooms he or she no longer uses. One of the ways to reduce household expenses is to downsize. Moving into a smaller home or a senior-friendly apartment complex allows your loved one to maintain his or her privacy and save money. If your loved one’s health and finances are preventing him or her from keeping the house, he or she could move in with you or one of your siblings.

If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a leading provider of elderly home care Allen families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. Schedule a free in-home consultation by giving us a call today at (972) 548-0392.

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