Caring for your elderly parents has a financial impact. Therefore, it is important that you take advantage of resources that can help if you are in this situation. Here are some tips for managing the financial aspects of caring for elders.
Your elderly parents may be eligible for programs that can help – it is important that those are taken advantage of. It might be necessary to take an active role in helping them manage their finances and retirement funds, to ensure their financial security during their senior years.
Keep in mind that if you are a caregiver, you may be able to claim your parents as dependents on your tax forms and get tax relief. During tax season, make sure they get help from one of the various groups (federal, state, or independent) that provide tax assistance to seniors.
Resources and Support
You should do research and find out about the many groups (both government and independent) that assist seniors. Educating yourself about this will mean that your parents get the best support that they can. Here are some helpful resources:
Check out the Benefits.gov website. It is the official U.S. government website for benefits. Here you will be able to find out about more than 1,000 assistance and benefit programs, including health, disability, income, and property.
The Area Agency on Aging is a federally mandated agency for your city or county. Its professional staff members know about all the senior programs and services in your area. Going to them is a great starting point. Counselors are available to help you apply for programs and even provide the necessary forms. It is a great idea to book an appointment to speak with them.
Benefitscheckup.org, or the National Council on Aging, is the most comprehensive web-based service in the nation. Here you will be able to search for benefits, programs, and resources for seniors with limited income, in all 50 states as well as the District of Columbia. Find out which programs your area has available for prescription drugs, in-home services, transportation, housing, healthcare, financial assistance, legal aid, energy/utility assistance, food and nutrition assistance, and more.
Caring for elderly parents is important. After all, they cared for you when you were young, so now you find yourself doing the same for them. Whether you are living with them and directly providing care or not, making sure they are safe, happy, and well cared for is the goal, and if it is achieved, you will have more peace of mind.
However, you shouldn’t have to bear the burden of caring for elderly parents alone. Caregiver support should be available – take advantage of it. Sibling and other family members can help and in addition to them, there are experts, professionals, resources, and lots of information that can help you care for them. With many options and choices available, they ought to be able to age well and happily.
It will take time to find the right mix for the happiness and well-being of your elderly parents. Additionally, the condition of eldercare is dynamic and will change over time – possibly even day to day. Do not worry or stress out about it too much. Remember that you are not alone. The best approach to caring for elderly parents is to stay well informed, take careful consideration of their comfort and health, and make use of as many supportive resources as you are able to. With these resources, you should be less stressed and better able to care for your elderly parents.