5 Tips on Offering Financial Assistance to Your Senior Parents

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5 Tips on Offering Financial Assistance to Your
Senior Parents
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Since many seniors cannot work, they tend to rely
on their savings to pay for housing, food,
medicine, and personal needs during their later
years. However, rising prices or unforeseen
medical bills can make it difficult for seniors
to financially support themselves. In these
circumstances, some family members may have to
financially support their aging loved ones. There
are many ways for you to provide financial
support for your elderly parents without putting
your own finances at risk.
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1. Provide Financial Gifts
The simplest way to help your parents is to
simply provide them with money in the form of
cash or transfer of funds. However, you need to
learn the tax codes and program requirements for
your familys situation. If you are not careful,
you might end up providing too much money to your
loved one and requiring him or her to pay
taxes. Providing financial assistance is one of
the many ways to boost your loved ones wellbeing
and overall quality of life. If your elderly
loved one needs help maintaining a high quality
of life while aging in place, reach out to Home
Care Assistance, a trusted provider of Allentown
senior care. Services our caregivers provide
include transportation to and from medical
appointments and social events, nutritious meal
preparation, assistance with daily exercise, and
help with everyday tasks like bathing, grooming,
and light housekeeping.
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2. Use Government Assistance
There are many government programs your senior
parents may be eligible for, and these can pay
for a lot of healthcare and living expenses. In
addition to basic benefits like Medicare and
Medicaid, seniors may also get disability
benefits or other perks. Research nationwide and
local government programs to make your parents
financial situation more comfortable.
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3. Give Your Parents a Loan
To avoid costing your parents more money with
huge financial gifts, consider giving them a
loan. Receiving a loan allows your parents to get
the money they need without bearing high interest
payments, paying heavy taxes, or gaining so many
assets that they no longer qualify for assistance
programs. For more complicated loans like a
private reverse mortgage, it may be wise to
consult a financial advisor. 
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4. Pay for Useful Services
Many people worry about giving their parents
gifts or loans because they may spend the money
on unnecessary items. If you want to make sure
your parents are not overspending, consider
paying for things they actually need. You can
take over insurance payments, cover healthcare
bills, or take them grocery shopping. Some
families find it useful to pay for in-home
caregivers to help their parents without needing
to move them to a nursing home. Get in touch
with Home Care Assistance to find out how
an Allentown, PA, caregiver can help your aging
loved one live a longer, healthier, and happier
life. Our caregivers are available 24/7, all of
our senior care services come with a 100
satisfaction guarantee, and we never ask our
clients to sign long-term contracts. 
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5. Help Your Parents Move
Many seniors spend a lot of their budget
attempting to live in the home they have had for
years. Your parents may be able to save a
significant amount of money by moving in with you
or downsizing to a smaller home. Downsizing can
save on bills and mortgages, and you can also
take better care of your parents if they move
closer to your home. Planning a senior loved
ones finances while helping him or her with
daily tasks can be difficult at times.
Fortunately, you can rely on professional respite
care. Whether your elderly loved one needs
part-time assistance with basic household chores
or you need a break from your caregiving duties,
the Allentown respite care experts at Home Care
Assistance are here to help. All of our respite
care services are backed with a 100 satisfaction
guarantee, there are no hidden fees in our
contracts, and we never ask our clients to sign
long-term contracts. To create a comprehensive
in-home care plan for your elderly loved one,
call one of our professional Care Managers at
484-514-1500 today.
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Description
Home Care Assistance Allentown, PA, offers
in-home caregivers who promote health and well
being of seniors. We allow seniors to age at the
comfort of their home. We serve Leigh County,
Allentown, Nazareth, Easton, Whitehall, and the
surrounding areas. Our caregivers help seniors in
companionship, nutrition, medication reminders,
or household chores. We specialize in live-in
respite care for seniors. We make flexible hourly
plans for seniors to enable a purposeful life. We
offer a 100 guaranteed satisfaction and no
long-term contracts. We embrace positive approach
based on the unique needs of seniors. Call us
today at 484-350-3874 for free in-home
consultation with our care manager.
Phone [phone] Url Address 1104 S
Cedar Crest Blvd 200, Allentown, PA ,18103