Financial Caregiving

Woman helping senior woman with finances.

When it comes to engaging assistance as we age, the focus weighs heavily on the physical end of the spectrum. Creating safe environments that allow us to age in place while managing new and changing health status dominates the conversation. Home health aides, caregivers and companions offer a host of solutions and assistance that create a seamless transition into our senior years.


Yet, very rarely is any emphasis placed on the finance of the household during this period of transition. Many believe that if they have engaged a wealth manager or financial planner to oversee savings, IRAs or investments that all is secure and sound.   Overlooking the day to day finances of health and home can create even greater implications on the individual as they age.

There are five areas where we seek professional guidance to protect our lifestyle and future –

Investment/Savings – CPAs, CFPs, Wealth Managers, etc.

Healthcare – From doctors to in-home assistance

Insurance – Agents supplying policies that cover health, property and life.

Estate – Lawyers and professionals who create “firewalls” to protectholdings and interests.

Home & Lifestyle – Who is protecting and advising on household budgets, household spending, tax documentation preparation, Medicare enrollments and the host of other details that clog our inboxes and mail slots? Who is insuring that the other four stakeholders, listed above, are working in concert?


The stakes of household and healthcare finance advance as we age. Keeping accounts current, meeting bill deadlines, assessing the validity of charges, navigating online billings, recurring charges can all create significant damage to our lifestyle if not managed correctly. Additionally, without outside assistance, understanding and navigating the health insurance can have detrimental effects, both financially and physically.

In the same way we engage home health aides to insure physical safety at home, the need for daily money management to protect our cash flow and access to healthcare is vital.

  • Establishing a reasonable budget that anticipates expenditures and can clearly track changes as they occur.
  • A living record of healthcare spending that follows the life of each claim and captures out of pocket spending.
  • Clear communication with all other custodians, e.g.doctors, CFPs, CPAs, lawyers, etc. so enrollments, taxes and distributions are completed with minimum stress and uncertainty.

Engaging a professional to assist with the business of household and healthcare insures peace of mind that daily cash flow and access to care are secure and protected.

Contact us today to discuss how we may assist you and your loved ones.

Published by SrChecksandBalances

Native of Chicago's North Shore, Jill is the Founder of Senior Checks and Balances - a one on one consultancy that works with the senior community to insure financial security and efficiency. Jill is a graduate of Miami University (OH) with a degree in Economics, is a Certified Senior Advisor and member of the Association of Daily Money Managers.

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