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4 Tips for Helping Seniors with Dementia Manage Their Money

The memory loss and confusion associated with dementia can cause financial challenges for seniors who have the condition. Tucson senior care professionals suggest family members and caregivers use these 4 strategies to help preserve their loved one’s financial security.

1. Double-Check the Benefits

Seniors with health conditions such as Alzheimer’s and dementia may be entitled to benefits from the government and nonprofit organizations in their area. Help your loved one receive all the benefits for which he or she is eligible. In some instances, you may also be eligible for caregiver benefits.

2. Set up the Bank Accounts

For some families, a joint account makes sense because it allows them to have access to their loved one’s finances. However, some banks require a separate account for anyone acting as a long-term power of attorney. Keeping separate accounts also helps eliminate confusion if your loved one is receiving income-based benefits.

3. Guard Against Scams

The elderly are easy targets for criminals who take advantage of their vulnerability to gain access to their money. Dementia can also weaken a senior’s resolve against overspending. Stop all junk mail from coming to your loved one’s home, and make his or her phone number unavailable to the public. Making it harder for scammers and salespersons to reach your loved one can protect him or her from falling for costly scams.

4.  Get a Financial Education

Financial management for a senior with dementia requires the family caregiver to plan for long-term care and unexpected changes in health. Since most caregivers are inexperienced in handling this kind of planning, they should consider enrolling in financial workshops offered by hospitals and other community organizations. Explore the opportunities for education in financial management so you can help your loved one make informed decisions.

To successfully age in place, some seniors require the help of a professional caregiver. In Tucson, AZ, families rely on Home Care Assistance to provide caregivers who are expertly trained in various aspects of senior home care, including our holistic Balanced Care Method, an evidence-based program focused on healthy eating, regular exercise, mental and social stimulation, and calmness and purpose.

A dementia diagnosis can be difficult for seniors and their families to face. If you need help caring for your aging loved one while he or she manages the challenges of dementia, turn to Home Care Assistance of Tucson. Dementia care isn’t the only thing we specialize in. All of our hourly and live-in caregivers are also trained to assist seniors during stroke recovery and help those living with Alzheimer’s and Parkinson’s maintain a higher quality of life. For more information on our senior care services, call one of our knowledgeable Care Managers at (520) 276-6555 to schedule a free in-home consultation.