6 of the Top Financial Issues the Elderly Face

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People sometimes associate financial woes with younger adults who are just starting out. However, many people also experience challenges with money as they approach the later years in life. Seniors who have retired or can no longer work full-time often have limited budgets that impact their financial decisions. As your aging loved one’s caregiver, learning about the major financial issues seniors face can give you a starting point for talking about how your loved one manages his or her money.

1. Covering Rising Healthcare Costs

Even seniors with insurance are impacted by rising healthcare costs that can make managing a chronic health condition challenging. Help your loved one explore options that can lower these costs. For instance, prescription discount plans can make it easier to afford medication. In some cases, paying cash may be less expensive than a copay. Always look at each healthcare need with an eye on ways to save money.

If your elderly loved one is living with a serious medical condition and needs help managing the tasks of daily living, reach out to Home Care Assistance, a Kingwood senior care agency you can trust. Our caregivers are available 24/7, there are no hidden fees in our contracts, and we offer a 100% satisfaction guarantee on all of our in-home care services.

2. Being Afraid of Rising Housing Rates 

Your loved one may have originally planned to move out of his or her home after reaching a certain age. However, the rising prices for rent and mortgages may have him or her second guessing that decision. Let your loved one know that he or she can always choose to stay at home. It’s often less expensive to hire a professional caregiver to help with aging in place than to try to pay a new housing payment.

3. Paying for Car Repairs and Maintenance

A person can spend several thousand dollars a year on car and insurance needs. However, your loved one may not need to drive enough to warrant having a car at home. Your loved one may also have had to stop driving due to his or her health but is still paying for a car. If so, consider switching to using a transportation service that helps your loved one get where he or she needs to go without having to worry about things such as taking a car to get inspected.

Being able to get out of the house boosts quality of life for older adults. If your elderly loved one needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a trusted provider of at-home care. Our caregivers provide transportation to and from medical appointments and social events, nutritious meal preparation, assistance with daily exercise, and help with everyday tasks like bathing, grooming, and light housekeeping.

4. Paying for Holiday Events and Special Occasion Gifts

Seniors often set up expectations in the early years of their life for doing things such as hosting holiday family events and buying gifts for everyone. While it may be difficult to let go of traditions, try to help your loved one see the benefits of passing the torch to another family member. Your loved one can still attend family events without all the stress of hosting, and making homemade gifts gives family members a special memento that shows how much your loved one cares.

5. Covering the Cost of Food

Some seniors skip meals once they hit the end of their food budget for the month. While money might be tight, your loved one should be able to eat three square meals a day with an occasional snack. Consider hiring a meal planner who can help your loved one find affordable ingredients to stretch meals. Reducing waste and maximizing the nutritional benefits of each ingredient helps food dollars go further.

6. Managing Debt

These days, it seems most people have some type of debt. While your loved one might not have blinked at making a credit card payment several years ago, monthly bills may be more difficult to pay now. Look for solutions such as debt consolidation that help your loved one begin to pay off bills while keeping monthly payments manageable.

If you’re helping your loved one manage his or her finances while assisting with other caregiving duties, you may be feeling overwhelmed. In Kingwood, respite care is a great help to many families. Caring for a senior loved one can be overwhelming at times, which puts family caregivers at risk for burnout. However, an in-home caregiver can take over your loved one’s care, allowing you the time you need to focus on your own health, maintain a full-time job, or care for other members of your family. Call Home Care Assistance today at 832-412-1345 to learn more about our high-quality in-home respite care.