You may have planned for retirement, but have you given the same amount of attention to what happens to your finances after retirement? Most people do not realize they should continue to review their financial picture to manage their assets, monitor their income, and protect their interests for the years to come. Seniors especially can benefit from an annual financial review or meeting with an elder law attorney to make sure they have a financial plan for the future. Three aspects of financial planning to consider are:
- Medical Expenses
As you probably already know, Medicare may not cover your medical costs for hospital or physician care, outpatient services, or prescriptions. Changes to Medicare and supplemental plans can happen every year, so it makes sense to review your beneficiary information, assets, and insurance to account for any new laws or regulations. While you consider how to manage those expenditures, you should also look over your revenue sources to be sure you are managing your funds efficiently.
- Understand Your POA
Having a traditional power of attorney may not offer enough protection for your senior. Other options to consider:
- Financial POA, for issues directly related to your income and resources
- Durable POA, which allows someone to act on your behalf if you become incapacitated
- Medical POA, for medical decisions when you cannot make them yourself
These specific powers of attorney are also different than an advanced directive, such as a living will, or a do not resuscitate order. The truth is that you can and should have all of these documents prepared before you need any of them.
- Find an Elder Law Attorney
When a senior needs assistance navigating the many possibilities for financial planning, they can turn to an elder law attorney for guidance. This specialized field of law is devoted to geriatric issues and can include financial planning as well as legal services. A good elder law attorney can advise you or your loved one on retirement assets management, medical, life, and long-term care insurance, legal documents, and more to ensure that your nest egg is not only safe for your estate, but also that needs are met during golden years.
Planning to effectively manage the situations that may arise can protect not only your finances, but medical needs as well. Home Helpers can be part of your team to assist you and your loved one with care, companionship, resources, and other services to preserve your dignity and quality of life. We have resources for guidance in financial and legal aspects of your life. Contact us to learn more about what we can do for you and your family.