What Are the Main Economic Challenges for Older Adults?

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Main Economic Challenges for Seniors in Winnipeg, MB

Financial strain could harm your aging loved one’s health, which is why your family should develop ways to address these issues. To handle economic problems, you must know what applies to your parent now and what could impact him or her in the future. Continue reading to learn about the top financial challenges older adults face and how to address each issue.

Reduced Income

As seniors age, their retirement benefits may decrease, making it difficult to pay their monthly bills. Some seniors have savings to supplement the reduced income, but others don’t. To prevent the lack of income from becoming too much of a burden, your parent should consider downsizing. Moving into a smaller place or coming to stay with you and your family could help your loved one financially and make daily life less of a physical challenge.

Downsizing or moving may enable your loved one to continue living at home. Many seniors prefer aging in place over moving to an assisted living facility. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Home Care Assistance, a leading elderly home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.

High Medical Costs

Paying for prescriptions can be a challenge for the elderly, especially those who are taking multiple medications. Check with your loved one’s pharmacist to determine if a cheaper prescription is available. If not, speak with your parent’s primary care physician about an alternative treatment.

Other costly services include full-time medical care, surgical procedures, and medical devices that make daily life easier. In these cases, your loved one may qualify for grants or programs that pay for medical expenses. Check with your loved one’s caseworker and medical providers to get lists and contact information for local and federal agencies and nonprofit organizations that offer financial assistance to seniors.

Hiring an in-home caregiver can often be less costly than other forms of long-term healthcare. For many seniors in Winnipeg, MB, live-in care is an essential component of aging in place safely and comfortably. However, it’s important for them to have caregivers they can trust and rely on. At Home Care Assistance, we extensively screen all of our live-in and 24-hour caregivers and only hire those who have experience in the senior home care industry. Our strict requirements ensure seniors can remain in the comfort of home with a reduced risk of injury or serious illness.

Elder Scams

Older adults are at higher risk for identity theft than most age groups, often because of cognitive decline. The inability to determine what’s real and what’s a scam could cause seniors to compromise their financial accounts. Speak with your loved one about not sharing his or her personal information with others, ensuring he or she knows what to keep private and what to disclose. Monitoring your loved one’s mail and credit report could also reduce the risk of elder scams.

Family members, close friends, and other caregivers often scam aging adults, so it’s best to monitor your loved one’s accounts regularly. It’s imperative that you put your loved one’s personal information, insurance documents, and financial details in a safe, secure place visitors cannot access. Leaving this type of information out in the open could increase the odds of identity theft.

Debt

Many adults carry decades of debt into their senior years, and with reduced incomes, the bills can become a stressful burden. To reduce financial stress caused by debt, your loved one should speak with a financial advisor to determine what options are available. Some companies may forgive the debt based on your loved one’s income, especially if it has reduced over the years. An advisor can also help your parent develop a budget that includes paying off debt while maintaining the funds to live a healthy, fun, and secure lifestyle.

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 elder care. Winnipeg families trust Home Care Assistance to help their elderly loved ones age in place safely and comfortably. Call us today at (204) 489-6000 to learn about our high-quality in-home care services.

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