Debt is an unfortunate reality for many adults, and seniors who live on fixed incomes are at higher risk for going into debt than younger adults. Here are a few of the most common reasons seniors accumulate debt and some tips on how to help your aging loved one stay debt-free.
Medical Expenses
Regardless of the type of health insurance they have, seniors are often forced to pay for out-of-pocket medical expenses due to unexpected health crises. In fact, medical bills are the leading cause of bankruptcies in the United States. Encourage your loved one to talk to an insurance professional who can identify gaps in coverage and recommend supplemental policies to defray the out-of-pocket costs of the primary policy.
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. Every senior has different needs when aging in place. Some simply need occasional assistance with household chores, while others may be managing serious illnesses and require more extensive in-home care. Cincinnati seniors can count on Assisting Hands Home Care to provide the in-home care they need and deserve.
Failing to Adjust Expenses to Match Income
Even with a decent amount of savings, most seniors find they have to modify their lifestyles and expenses after retirement. Seniors who don’t make adjustments often turn to various forms of debt to make ends meet, which only makes a bad situation even worse. Scaling back expenses can be as simple as choosing a lower cable and phone service package or as big as downsizing to a smaller residence.
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 homecare. Trust Assisting Hands Home Care to help your elderly loved one age in place safely and comfortably.
Saving Too Little
The way Americans save for their golden years has not necessarily kept pace with today’s increased life expectancies and prices. Even with social security, many seniors find their savings run short, which often leads to increased credit card use to cover basic living expenses.
If your loved one is heading into retirement, a financial advisor can review his or her income, expenses, and savings to ensure he or she is on solid financial footing. Even if your loved one is long past retirement, a financial advisor can still suggest cost-cutting methods, investment strategies, and other measures to maximize his or her income and savings.
Loss of a Spouse
The death of a spouse can significantly impact a senior’s financial situation. Income streams can come to an immediate end, and funeral and other final expenses can amount to thousands of dollars. An insurance professional can help your loved one determine an appropriate type of life insurance coverage to ensure he or she remains financially comfortable in the event of his or her spouse’s passing.
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 Assisting Hands Home Care, a leading Elder Care Cincinnati agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks. To hire a professionally trained caregiver for your loved one, call us at (513) 540-0826 today.
