What Are the Primary Economic Challenges for Aging Adults?

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Main Economic Challenges for Aging Adults in Columbus, OH

Retirement planning has become more complicated in recent years. Although many seniors have tried to save for their golden years, it’s common for them to still face financial challenges once they live on fixed incomes. Facing money worries later in life can leave seniors feeling anxious, but there are many things that can be done to protect their financial security. Make sure to watch out for these common financial issues that pop up during the senior years so you can help your aging loved one find ways to handle each one.

Rising Medical Costs

Seniors today have to face not only the rising cost of medical care but also individual health issues that can drive up their medical debt. Naturally, health insurance can offset the costs, and your loved one may be eligible for assistance with paying for coverage now that he or she is older and living on a fixed income. You can also help your loved one keep his or her healthcare costs low by focusing on preventing new injuries and health conditions that require additional care.

For many seniors in Columbus, OH, 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.

Moving Costs

Older adults sometimes assume they must move to nursing homes as they advance in age. These facilities are often expensive, and moving to one also means incurring other expenses, such as renting a moving van. Fortunately, this is one expense your loved one can likely cross off the list. Aging in place is often less expensive than paying for a high-priced new residence. With assistance from a home caregiver, your loved one can continue living at home where he or she is most comfortable.

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 home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.

Scams

Older adults are also frequent targets for scammers who are constantly coming up with new ways to take people’s hard-earned retirement money. Keep an eye out for new types of scams being reported on the news, and talk to your loved one about how to prevent them. Making sure your loved one knows how to view scams with a skeptical eye can keep him or her from losing thousands of dollars.

Debt

Over the course of their lifetimes, seniors may have accumulated debt that cuts into their available spending money. Your loved one may have high credit card bills or a mortgage he or she is still trying to pay off. Sit down with your loved one and analyze whether there are any areas where he or she could cut debt down faster, such as paying slightly more on the higher-interest bills until they’re paid off.

Finances After a Loss

Your loved one may have no idea what to do after losing a spouse who handled the majority of the financial decisions. If this happens, ask if you can help your loved one sort through his or her accounts. You can also hire a caregiver to take over everyday chores so your loved one has more time to figure out his or her financial situation. Having support during this difficult time can help your loved one feel more confident about the financial choices he or she must make now.

If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a leading provider of at-home care Columbus families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. Call one of our dedicated Care Managers today at (614) 481-8888 to learn about the high quality of our in-home care services.

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