6 Ways To Can Help Your Elderly Parent with Finances
Business Office Coordinator
Southern Hills Skilled Nursing & Rehab Center
When you have to make the decision to put your elderly parent in nursing home. A nursing home becomes an option for caregivers when their loved one requires more medical attention and care that the caregiver is unable to fulfill. A nursing home provides elder care services. Here are some ways that you may be able to help them financially:
- Organize their finances – Communication is key! Ensure that you and your parent have a conversation about their financial situation.
- Look for government savings – Research federal or state benefits on your parents’ behalf. There are many government programs designed specifically to benefit the elderly on limited income. For example, if one parent is a military veteran, he or she could be eligible for home loans, disability benefits, and more. If you don’t already know, you should also research whether your parents qualify for Medicare or Medicaid.
- Make sure that POA Papers are in place– This means that you can be a backup for you parent.
- Set your parents up with a private reverse mortgage. Despite their financial difficulties, your parents still have one major asset – their house. You can secure a loan from yourself to your parents anchored by an interest in their house. These financial products, known as reverse mortgages, were created as a means to help elderly people with limited income use the cash they put into their home to pay off debts, cover living expenses, or pay for health care.
- Include your parent in the process– Nobody wants to lose control of their life, especially someone who’s already concerned about losing independence. That’s why it’s so important to involve your parent as much as possible when you’re planning for their care. This helps them see you more as a partner rather than someone who’s swooping in to make changes.
- Be Patient!– As kids we have to remember that our parents are used to taking caring of us, not the other way.
In conclusion, the process of deciding to put your Elderly parent in a nursing home can be very stressful. These tips and tools will help you navigate through this time of your life.