Call Now to Speak with a Care Manager Speak with a Care Manager Now: 928-771-0105

4 Ways Dementia Caregivers Can Help Seniors Manage Money

By Carol White, 9:00 am on February 27, 2017

Seniors with dementia usually find it challenging to manage their money. Caregivers often begin to suspect their loved one has some form of cognitive decline when he or she takes too long to count money. Eventually your loved one may forget to pay bills or even lose money. Prescott, AZ, senior care experts suggest the following tips to help caregivers organize their loved one’s finances as soon as possible.

1. Collect the Paperwork

Even people who do an excellent job of organizing their documents can easily lose a few files over the years, which is why it is important to start collecting paperwork as soon as possible so it can be kept in a safe place. Those who are caring for a loved one with a dementia-related condition should make copies of the paperwork and keep it in the bank or at the house of someone they trust. These documents include birth certificates, bank statements, mortgage papers, pink slips, insurance policies, wills, and tax statements.

2. Avoid Scams

Seniors with Alzheimer’s are especially susceptible to scams, and a single mistake could potentially cost them thousands of dollars. If your loved one receives a high volume of telemarketer calls on the landline, consider disconnecting the number and getting him or her a cell phone designed for seniors. Place a sign on your loved one’s door to keep solicitors away.

3. Double-Check the Benefits

Many seniors receive financial assistance from different organizations, and it can be challenging to keep track of all the benefits. If there is a local Alzheimer’s nonprofit organization in your loved one’s hometown, schedule an appointment to speak with one of their advisers. Organizations that focus on dementia-related disorders often have in-house financial specialists. They might even be able to connect you and your loved one with additional sources of income or low-cost treatments.

4. Consider Banking Options

Instead of completely merging your loved one’s bank account with your account, have a single joint account for emergencies. Depending on the type of financial assistance your loved one is receiving, he or she might have personal accounts audited to ensure they meet the qualifications. The joint account can be used by you or your loved one to pay for emergencies or the occasional everyday expense such as groceries.

If your aging loved one needs help managing the tasks of daily living and you’re searching for a reliable, expertly trained home caregiver, Prescott, AZ, Home Care Assistance is your top choice. At Home Care Assistance, our caregivers strive to make aging in place a safer and more comfortable experience for seniors so they can enjoy their golden years in better health.

For dementia care, Prescott, AZ families can count on, reach out to Home Care Assistance. Our compassionate caregivers use revolutionary memory care programs to help seniors stave off the progression of dementia, and they can also assist with a wide variety of important everyday tasks, including bathing, grooming, exercise, and cooking. For more information on our high-quality dementia care and our other in-home care services, please call 928-771-0105 today.