Insurance matters can be confusing when trying to look after the best interests of an elderly parent who now needs help with these matters. You can start making this less confusing for yourself by first understanding what exactly your elderly parent’s various policies cover. If at all possible, try to get the original copies of all the documents. Very often people find that there are multiple policies, duplicate policies or policies that are simply no longer needed. This is most common with personal property that has lost its value over time.
You should take the time to determine what is exactly covered and what the level of the coverage is. There is a very real possibility you may find an insurance policy that will let you hire an aide, a geriatric case manager, registered nurse, or a licensed social worker. Ask questions and comparison shop when appropriate, once you do this full accounting you should eliminate any excess or overlapping insurance. Make sure to fill out all paperwork in an accurate and timely manner. The paperwork that is involved with doing this can and probably will take a lot of time. But the amount of money, time and headaches that will be saved in the future will make it well worth it. Take the time to familiarize yourself with how exactly insurance monies are dispersed when care is needed for your elderly parent. Understand the differences between all of your options for insurance and choose accordingly.
Most people would agree that their elderly parents are satisfied with how they lived their lives. However, it is very common that if they discover that they could possibly run out of money during their later years, they can feel like a big failure. This huge blow can lead to a depression. It is important to remember that your elderly parent has fought through wars, disease and many other challenges of life, but they can become heartsick by something like that possibly happening.
Many people find it valuable to hire and elder care lawyer, Medicare patient advocate, accountant or tax consultant to guide you through this long and complicated process. It is well worth the cost to completely understand exactly how to manage all of the assets and papers in a timely and accurate manner. Professional help in these matters can help you avoid a lot of stress but also help your elderly parent save a lot of money and get exactly the care they need.