The COVID-19 pandemic has been difficult for people in many different ways. People are not only facing physical and emotional challenges, many are also facing financial issues. Though your older family member may not be working, their finances may be impacted if they rely on other family members and family caregivers to assist them with some bills and those people are not currently working. Caregivers and older adults who are having trouble stretching their current money over their costs may find these tips helpful to make money go farther.

 

Homecare in Orinda CA: Money Issues During Pandemi

Homecare in Orinda CA: Money Issues During Pandemic

 

Open Lines of Communication with Creditors

Caregivers may need to call the older adult’s creditors or their own to find out if help is available during the pandemic. They may be able to reduce interest rates or accept smaller payments. Creditors may have these options available, but don’t expect them to advertise them. You’ll need to call and ask.

Be sure to explain the cause of the financial hardship. If the caregiver is out of work because of the pandemic, they should tell the creditor about it. If the older adult isn’t receiving as much help from family members because of the pandemic, that’s also important information for creditors.

 

Look for Better Deals

Contact cellphone providers and other businesses that the caregiver or senior pays for ongoing services. Ask if they have a lower cost plan available or if they can reduce the cost of the current services. Be sure they know you will have to cancel the service if they cannot make it more affordable. This often leads to the provider offering a special deal. Caregivers may also need to shop around for better deals.

 

Be Willing to Let Some Things Go

Sort through the older adult’s budget and look for areas in which they can save money. For example, if the senior currently has more than one streaming service for entertainment, cut it down to just one. The other services can be resumed after the pandemic.

 

Consider Downsizing

It may be wise for caregivers to help seniors to downsize to a smaller place to live that costs less. It might even be necessary for the older adult to move in with the caregiver or another family member.

 

Use Home Care

If your older family member currently lives in assisted living or a long-term care facility, it may be less expensive for them to move home to live with family caregivers if their condition permits. Hiring home care to assist with the senior’s care is typically less expensive than the cost of long-term care or an assisted living apartment.

If you or an aging loved-one are considering hiring Homecare in Orinda, CA, call the caring staff at Aviva In-Home Care.
Call today: (415) 795-2203

Sources
https://www.aarp.org/money

Evan Loevner, CEO