5 Common Financial Problems for Seniors

Even with proper planning, many seniors experience financial challenges, and they must develop strategies to prevent economic-related stress. Take a look at some of the financial problems seniors face and tips they can use to address each issue. 

1. Overpriced Medication

Medication can be a financial challenge for older adults, even those with health insurance that covers a portion of prescription costs. Some medications seniors need to treat age-related conditions cost more than average prescriptions and may not have generic alternatives. In these cases, seniors may have to choose between skipping treatment and going without other necessities so they can pay for their medicine. However, you can speak with your aging loved one’s doctor or social worker about grants and resources that help seniors cover high prescription costs. If your loved one is living with a serious health condition and needs extensive assistance, an at-home caregiver can often be less costly than other forms of long-term healthcare. For many seniors in Irving, TX, live-in care is an essential component of aging in place safely and comfortably. However, it’s important for them to have caregivers they can trust and rely on. At Home Care Assistance, we extensively screen all of our live-in and 24-hour caregivers and only hire those who have experience in the senior home care industry. Our strict requirements ensure seniors can remain in the comfort of home with a reduced risk of injury or serious illness.

2. Debt

Over the years, many people accumulate debt—credit cards, mortgages, home renovation bills, and other expenses—and carry the unpaid debt into their senior years. For older adults with reduced incomes and limited financial assistance from family and friends, debt could cause a great deal of stress. If your parent is experiencing anxiety caused by this financial problem, he or she should speak with a credit counselor to find out what options are available. The financial advisor could help your loved one determine which debt is valid and what can be forgiven and develop a payment plan that’s affordable and easy to maintain. 

3. Financial Scams

It’s common for aging adults to be targeted by scammers. Fraud could take place via telephone, by mail, in person, or over the internet. Explain to your parent the different types of scams seniors are more susceptible to and provide tips to handle each issue. For example, if scammers have a history of targeting seniors in your loved one’s community, explain to your parent why he or she should never allow strangers into his or her home. You must also tell your loved one why it’s dangerous to give anyone his or her financial or personal information without a family caregiver present to verify the safety and security of a transaction. Financial concerns are just one issue many elderly people have to address. Seniors can face a variety of challenges as they age, many of which can be mitigated with the help of professional in-home caregivers who provide high-quality elderly home care. Irving families trust Home Care Assistance to help their elderly loved ones age in place safely and comfortably.

4. Home Maintenance

Keeping the interior and exterior of his or her home in good shape may be overwhelming for your loved one. The cost of upkeep may be more than your loved one’s monthly income, putting him or her further in debt. Speak with your loved one about moving into a smaller home or sharing a residence with you and your family. Downsizing can make it easier to manage monthly expenses, and a smaller home will require less work to maintain. 

5. Reduced Income

When seniors reach a certain age, their monthly benefits often decrease, putting them in financial jeopardy. To offset the loss of income, your parent should create a budget and try to put aside money in a savings account each pay period. By saving money, your loved one will become accustomed to budgeting and have a safety net that could come in handy if there’s another reduction in his or her finances. Hiring an in-home caregiver can often be less costly than other options for aging adults who need help with the daily tasks of life. Many seniors prefer aging in place over moving to assisted living facilities. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Home Care Assistance, a leading in-home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks. If you need professional at-home care for your loved one, Home Care Assistance is just a phone call away. Reach out to one of our Care Managers today at (817) 591-1580.