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Assisting elders with finances, Medicaid, increases independence

Most people understand and accept that as they age, they may not be able to care for themselves as easily as they did when they were younger. However, they likely hope that they'll be able to sustain as independent a life as possible. Adult children of older people here in Georgia often worry about their parents' finances, thinking that their parents may not have the same cognitive abilities to make sound financial choices. Though Medicaid helps cover health-related expenses, older people are often subject to financial abuse from many potential sources. Experts have advice for those who want to protect their elderly loved ones.

First, experts say that planning and communication are essential to protecting an older person's assets. Listing out the person's assets and income is a great starting point. From there, adult children can work with their parents' financial advisor to determine what is best. However, children should also ensure that those with access to their parents finances have the necessary qualifications. Some people decide to create a joint account with themselves and their parents so that bills are paid properly. 

As for the elder person's actual living situation, some think that utilizing assisted living is the best option, but that may not be the case. A house that has assistive devices for older people, such as a walk-in tub, may help older people live at home for longer. In any case, saving money to set aside for possible expenses is always a good idea.

The choices related to elder care aren't always easy, but they are very important. Many people in Georgia believe that they'll be able to rely on Medicaid for their health care in their retirement years, but that requires careful planning. Those who are concerned about finances for an elderly loved one may want to speak with an experienced attorney who can serve as an advocate for the entire family.

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