Mar 1, 2019 3 min read

This week, we are going to address being a caregiver to elderly parents or friends. As people age, most will lose some physical and/or mental capacity. Things people could once do effortlessly may become a challenge. This is a natural progression, so caregivers step up and help to care for these individuals and to handle life’s decisions.

Often, caregivers have to make personal sacrifices to perform this needed aid. Sometimes, they give up their job to help loved ones, and sometimes they must relocate to provide care. Family members may have different opinions of what options should be selected.

The best course is to discuss these issues before care is needed. This way, senior family members can express their desires and wishes about end-of-life decisions. A good way to do this is have the parents write a letter to their loved ones, explaining what they would like to see happen while they still have good mental capacity. This letter can serve as a reminder to their future caregivers, which may help overcome challenges that lay ahead.

In planning for these challenges, it is important that future caregivers understand a parent’s financial and legal issues. Having updated wills, powers of attorney, investment statements and banking information is critical. This information needs to include passwords to access this information. If a senior has a safe deposit box, caregivers should know its location and be able to access it.

Public benefits may be available to assist those being cared for. Military benefits, such as aid and attendance, may be available to help with health-care cost. Seniors who were in Vietnam in the 1970s and exposed to Agent Orange, then developed certain cancers, may be eligible for a pension benefit.

Organizations serving those with certain diseases would know about available resources and could provide knowledge and support. If caregivers need a break from the rigors of being a caregiver, sometimes they can get a break from volunteers at religious or other civic groups.

It is important to monitor aging parents to be sure they are not being targeted by a scam artist. These criminals know it is often easy to confuse seniors and take advantage of them. Instruct seniors to never give their Social Security number to someone who calls on the telephone.

I heard of an individual who received a phone call saying he could get a free back brace. Because others in his age range have back issues, he thought his doctor must have told someone he needed one. And the concept of “free” was highly appealing. The caller asked whether he had Medicare, and because most people over 65 do, it was no surprise he was told: “Give me your Medicare number and I will send you the free back brace.”

Until recently, your Medicare number was your Social Security number. These scammers are very smooth.

There are different stages of caregiving. Be prepared and get your team organized. Planning can help reduce tensions and make this important job a little easier.

Gary Boatman is a Monessen-based certified financial planner.

He is author of “Your Financial Compass: Safe passage through the turbulent waters of taxes, income planning and market volatility.”

To submit columns on financial planning or investing, email Rick Shrum at rshrum@observer-reporter.com.