Caregiving and finances are topics that usually go hand-in-hand. Caring after an aging loved one is time-consuming, but it can also make a considerable dent on one’s pocketbook. When approaching the process of caretaking, it’s important to keep these vital financial tidbits of wisdom in the back of your mind. It could save you from going into the red, which is the last thing you want to worry about when looking after a loved one!
Have a power of attorney. Yep, you can imagine the inherent value of a power of attorney. A caregiver needs one for aging or sick people, in particular, so that financial responsibilities can be made in a timely fashion. If having a power of attorney is not put into place early on, this could delay things, ultimately costing money down the line. For example, if you need to sell a loved one’s car to help pay for some of their nursing home expenses, being able to do so freely thanks to a power of attorney is crucial.
Get a geriatrician, which is a physician that specializes in the health of the elderly. Because older bodies function differently than younger ones, having a doctor that is accustomed to the aging population and their needs is a wise idea.
Consider an elder law attorney who specializes in elder health care, focusing specifically on legal needs around caregiving and an aging person’s needs.
Hire a financial planner who can assist a caregiver in sorting through assets and keeping track of an aging person’s finances and financial abilities.
All in all, these top five suggestions should help a caregiver navigate the financial terrain of caring after a sick or aging loved one. There’s enough to worry about in terms of logistics and health—why let money be in the mix unnecessarily, too?
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