When you become the primary caregiver for a loved one, you also often become the caretaker of their physical property and finances. Balancing these obligations can be extremely challenging. Identify and utilize all sources of caregiver support that are available to you. This will allow you to maintain balance in your own life and also provide the best possible care for your loved one.
Being the caretaker of a loved one’s assets can be overwhelming. As a start, make sure that you have access to all the information that you need. This information includes, but is not limited to, bank account information, a list of required regular payments, and ownership and maintenance records for physical assets such as the patient’s home and car. The financial situation of a patient with a severe of chronic illness is often complex. It is important that the patient’s caregiver reach out for assistance in managing the patient’s finances. Often, this assistance can come from the patient herself, if her memory and other cognitive functioning is not affected significantly by her illness. Activities such as tracking finances and paying bills allow the patient to stay productive without a large amount of physical stress.
If the patient is unable to participate fully in the management of his own finances, asking for caregiver support is essential. Medical treatment comes with a large volume of financial paperwork, and is often highly complex. Insurance statements must be examined for errors, and often lengthy communication is required to resolve issues. Some patients may be eligible for public assistance such as disability payments and Medicaid, or may benefit from switching insurance providers or plans. Researching these options can be time and energy consuming. A knowledgeable friend or family member may be able to help with these tasks.