Assuming the role of Perth home caregiver for an older family member is a rewarding experience. However, trying to maintain two households can become a financial burden for the caregiver. According to the American Association of Retired Persons, family caregivers often spend more than 10 percent of their personal income on care-giving expenses every year. There are steps to take to protect yourself and your loved one from financial harm.
Evaluate Your Finances
Determine your annual net worth and compare that figure with your monthly care-giving expenses. Consider the possibility of other resources or income sources that may help relieve some of the burden. Are there other family members who might contribute to the cause?
If you or your loved one has limited income, explore the many government programs that are available. There are programs that assist with utility bills, food and healthcare costs. Many communities have food pantries or “meals on wheels” programs. Credits or assistance is available to make homes more energy efficient, which saves on utility bills. You can also research affordable live-in and hourly Perth home care for your loved one if that helps.
Transform Assets into Cash
Do you or your older loved one have unclaimed assets in the form of inactive accounts at banks or utility companies? Bonds, stocks, securities and trusts are other helpful options. Personal items in the form of coins, jewellery, currency or medals are items that many do not consider. Life insurance policies and reverse mortgages may be another viable option for those who are short on cash.
Get Financial Control
In order to make yourself legally responsible for your elderly loved one’s financial obligations, you must obtain the necessary legal documentation. Consider establishing a revocable living trust before the need should arise. Perhaps create a joint bank account and consult with an attorney to determine which legal documents are appropriate for your particular situation. These documents include a power of attorney for medical and financial matters. It may also be necessary to become a court appointed guardian or a representative payee.
It’s not easy taking care of an aging loved one alone. Turn to Home Care Assistance for help looking after your senior loved one. We provide flexible live-in and hourly aged care Perth seniors need to age in place comfortably. In addition to helping seniors with everyday tasks and boosting their well being, we also give families some peace of mind. Call (08) 9385 5675 today to learn more about our services and set up a free consultation.