• Financial fraud by a caregiver, family member or outside contractor can damage credit history and drain financial resources.
  • Lack of understanding of the workings of Social Security, Medicare, secondary insurance and the prescription drug program can cost seniors time and money.
  • Inability to track medical bills and reconcile them with primary and supplemental insurance payments could mean that the senior will pay the medical provider more than required.
  • Incomplete or inaccurate recordkeeping may cost time, money and extra effort.
  • Lack of due diligence in the hiring or management of a caregiver or caregiving agency could result in elder abuse (financial or physical).
  • Misplacing or forgetting to pay bills can lead to expensive late fees and referrals to collection agencies, as well as causing seniors and their families anguish and wasted time in correcting errors.

Several of the difficulties specific to seniors include:

  • Loss of independence (from relinquishing: driver license, control over financial issues, control over daily living [must hire in-home support such as a caregiver]).
  • Fraud (preyed upon by caregivers, family members, contractors; identity theft).
  • Mental frailties caused by some form of dementia, medication or other physical problems (inability to: set priorities; follow through on issues; organize paperwork; pay bills; care for oneself).
  • Transportation (getting to and from appointments; shopping for groceries).
  • Depression (due to: loss of spouse, friends and family members; physical and mental infirmities; loss of independence; loneliness).
  • Physical issues (most importantly: macular degeneration which causes loss of eyesight and, therefore, inability to drive, read, pay bills, and perform other types of transactions that require vision).
Late bills accumulating for senior citizens and elderly

 

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