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Financial Tips for Family Caregivers

By Jennifer Thompson, 9:00 am on

Nashville, TN, home care professionals agree that becoming a family caregiver is a big financial undertaking. To help you plan and organize your expenses, here are a few useful tips.

Medical Expenses

Nashville live-in caregivers should make sure to optimize government-subsidized health care that’s available for their elderly loved ones. Medicare is guaranteed to all senior citizens, but such federal coverage still comes with limitations. Low-income seniors might receive additional coverage via Medicaid. A supplemental insurance by AARP can also be purchased to enhance Medicare coverage. 

Groceries and Sundries

To save on food, drinks and other miscellaneous items for senior citizens, family caregivers should consider government aid and private assistance. Elderly folks who have low incomes can get monthly funding for groceries via the Supplemental Nutrition Assistance Program (SNAP). However, SNAP benefits aren’t valid for junk food, liquor and other items that are normally purchased by young adults. Typically sponsored by religious institutions or charitable organizations, food pantries can provide donations to aging folks who have limited money to spend on groceries. 

Pension and Retirement Funds

Encourage your loved one to use pensions and other retirement funds to cover major living expenses. In today’s digital age, it should be simple to transfer money from an elderly loved one’s bank account to an account that’s held by a family caregiver. It’s possible to set up direct deposits from the social security administration into an account that’s held by an eligible senior citizen. Once retirement benefits are deposited, they can be electronically transferred to an authorized external account.

Sell Possessions

At some point, senior citizens might no longer be able to use certain personal belongings that have good market value. Musical instruments, sports equipment, power tools and electronics that are owned by elderly people can be sold by family caregivers. Seniors who aren’t capable of safely driving should also sell their motor vehicles. Selling an elderly person’s car can further cut other wasteful expenses such as auto insurance, maintenance and fuel.

Help your elderly loved one further by contacting Home Care Assistance at (615) 656-4999. In addition to helping seniors age in place, we offer support and comfort to our clients’ families. Reach out to a friendly Care Manager today to set up a free consultation and learn more about our unique Nashville Alzheimer’s, dementia and stroke care.