For many seniors with dementia and Alzheimer’s disease, managing money can be a challenge. In general, it’s difficult for most people to handle their finances, you can imagine what it’s like when you are losing your memory. This potential for mismanagement can actually be dangerous, and seniors may fall prey to scams or even identity theft because of their forgetfulness. If you are caring for someone with Alzheimer’s, consider these financial tips:
Talk to the bank
Banks understand that people sometimes need to have added security measures in place on their accounts. You may want to have your loved one list you as an executor on his or her banking accounts. This way you can write checks, use a debit card and make deposits in lieu of the senior. Paying bills and addressing taxes is much easier when you can handle the money yourself without requiring the presence of the individual you care for.
Have his or her mail forwarded
Many seniors don’t use online banking or automatic billing. Instead, they receive monthly invoices in the mail. Keeping track of all this paperwork can get very confusing for people with Alzheimer’s. They may forget to pay or even double pay a bill, leading to financial chaos. You can have your loved one’s mail sent directly to you by forwarding it to your address. This way you can act on necessary financial paperwork. You’ll also be able to spot any potential scams that come in the mail. Fraud may occur in the form of fake charities, health scams, contractor schemes or even threatening letters. Unfortunately, some criminals target the elderly and ask for money this way, but you can greatly minimize this risk by sorting through the mail yourself.
Engage in loss prevention
We’ve all had that terrifying, “I lost my wallet!” feeling. People with dementia lose things frequently, which can cause major stress. Don’t take your loved one’s wallet or purse away entirely. Instead safeguard these important items against being lost. Ask the senior to show you everything he or she has in a wallet or purse. Remove and store any items that are too important to carry around on a daily basis, such as a social security card or birth certificate.
Limit the person to a small amount of cash, a debit card and perhaps a credit card. You know how responsible the individual is and can base these decisions on what you think the person needs. For seniors with late-stage Alzheimer’s, many caregivers provide only enough money for the person to purchase groceries for his or her assisted living home or memory care community. This takes away the chance that the senior will lose vital information and potentially become the victim of identity theft. You’ll rest easier knowing the person isn’t accidentally placing him or herself at risk. Plus, the senior and any staff at the person’s senior community will feel more at ease not having to track down lost cards, money or belongings.
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