Will you know when the time is right for you to begin helping your elderly parents to manage their finances? There may be small signs along the way that everything is not as it should be. There are a few things to be on the outlook for. If they have checks returned for insufficient funds or if they are not able to balance their checkbook, this is a sign that you may need to get involved. If they have fallen for one of the many scams that target the elderly, this may be another sign. I remember when my mother explained to me that she had to send money to every charity that sent a request so that they would stop sending the appeals in the mail. Clearly, this didn't work and she didn't understand why. Writing a check for an incorrect amount can also be a tipoff that they may be a problem.
Sometimes, it's just too confusing for them to keep track of their investments. It's confusing, no matter what age we are. When I got involved in my mother's finances, I found paperwork from six different financial companies about annuities that she had purchased. It turned out, after much research, that she only had two annuities, but they had been sold off repeatedly from one financial institution to the next. Each time they were sold, a new account number was assigned. It's little wonder that she wasn't able to keep up with what was happening.
Getting involved before it is absolutely necessary is often advisable. By getting involved early, they can explain about their investments, their income sources. They can share information about insurance policies and plans they may have made to cover the cost of long term care should it become necessary.
With your help, your parents may want to consider putting some of their transactions on auto-pilot. Pension checks and Social Security income can be deposited automatically to their bank account. Monthly expenses from trustworthy companies, such as utility companies, can be place on auto pay at their bank. This ensures that they will be paid in the correct amount at the appropriate time. Since many of the elderly are not computer literate, it's a good idea if your parents will add you to their bank accounts so that you can monitor the activity on line.
There are many opportunities for elderly with fixed incomes to save money. The National Council on the provides information on eligibility for discounts on property taxes, utility bills and health care.
Should your parents become ill or incapacitated and they have added your name to their checking account, you will be able to pay their bills easily. If you have brothers and sisters, it's advisable that just one person manage the day to day finances of the parents. It's important that the person handling the finances communicate to the others so that everyone concerned feels comfortable about how Mom & Dad's money is being handled.
Managing medical bills and medical insurance is an area where the elderly often need assistance. For most, Medicare is the primary insurance. If there is a secondary insurance, many times you will need to get involved to ensure that the medical offices submit the claims and receive payment from the secondary insurance company. Many times, medical offices just send the bill to the patient rather than to file a claim with the secondary insurance company. In an effort to be responsible, many elderly just pay for medical expenses themselves, without benefiting from their secondary coverage.
Your parents worked hard for they money and they may now need help to ensure that they don't run out of money.
Sometimes, it's just too confusing for them to keep track of their investments. It's confusing, no matter what age we are. When I got involved in my mother's finances, I found paperwork from six different financial companies about annuities that she had purchased. It turned out, after much research, that she only had two annuities, but they had been sold off repeatedly from one financial institution to the next. Each time they were sold, a new account number was assigned. It's little wonder that she wasn't able to keep up with what was happening.
Getting involved before it is absolutely necessary is often advisable. By getting involved early, they can explain about their investments, their income sources. They can share information about insurance policies and plans they may have made to cover the cost of long term care should it become necessary.
With your help, your parents may want to consider putting some of their transactions on auto-pilot. Pension checks and Social Security income can be deposited automatically to their bank account. Monthly expenses from trustworthy companies, such as utility companies, can be place on auto pay at their bank. This ensures that they will be paid in the correct amount at the appropriate time. Since many of the elderly are not computer literate, it's a good idea if your parents will add you to their bank accounts so that you can monitor the activity on line.
There are many opportunities for elderly with fixed incomes to save money. The National Council on the provides information on eligibility for discounts on property taxes, utility bills and health care.
Should your parents become ill or incapacitated and they have added your name to their checking account, you will be able to pay their bills easily. If you have brothers and sisters, it's advisable that just one person manage the day to day finances of the parents. It's important that the person handling the finances communicate to the others so that everyone concerned feels comfortable about how Mom & Dad's money is being handled.
Managing medical bills and medical insurance is an area where the elderly often need assistance. For most, Medicare is the primary insurance. If there is a secondary insurance, many times you will need to get involved to ensure that the medical offices submit the claims and receive payment from the secondary insurance company. Many times, medical offices just send the bill to the patient rather than to file a claim with the secondary insurance company. In an effort to be responsible, many elderly just pay for medical expenses themselves, without benefiting from their secondary coverage.
Your parents worked hard for they money and they may now need help to ensure that they don't run out of money.
About the Author:
Janet Smytherton has enjoyed working with the elderly for the past 20 years. Her focus is on providing our elderly with Quality Assisted Living Facilities. HerDirectory of Assisted Living Facilities in Texas is an online resource that does not require the user to give personal information.
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