Managing your finances as you age can be difficult and overwhelming. You may be trying to manage multiple accounts, bills, insurance policies, investments, and more. A geriatric care manager can provide invaluable assistance in managing all of your financial affairs. Here is what you need to know about how they can help you.
Money Management Services
A geriatric care manager will work with you to create a comprehensive money management plan that meets your needs. This plan may include budgeting tips and strategies for managing your income in retirement or helping you navigate the complexities of Medicare or Medicaid coverage. They can also provide advice on tax planning and estate planning so that your hard earned money is managed in the most efficient way possible.
Geriatric care managers are also knowledgeable about various financial products available that may be beneficial to seniors such as reverse mortgages, long-term care insurance, annuities, and more. They can provide impartial advice on which product might best suit your needs given your income level and other factors such as age and health status.
Asset Protection Strategies
Geriatric care managers are especially helpful when it comes to protecting the assets of elderly individuals who may no longer have the capacity to make sound financial decisions on their own behalf due to dementia or another cognitive impairment. A geriatric care manager can help ensure that vulnerable individuals are not taken advantage of by unscrupulous family members or strangers who may try to take advantage of them financially. They will also keep track of all assets and advise families on how best to protect those assets from being lost due to fraud or mismanagement.
Managing finances in old age can be complicated and stressful but working with an experienced geriatric care manager can make it much easier. Not only will they provide guidance on how best to manage your money but they will also ensure that your assets are protected if you become unable to do so yourself due to illness or injury. Geriatric care managers offer a valuable service for elderly individuals who want peace of mind knowing their finances are well taken care of now and into the future.