Tips for Managing Finances for Seniors with Dementia in Hagerstown & Frederick
Author: Home Helpers Home Care
Caring for a senior with dementia presents numerous challenges, and managing their finances is among the most critical. As cognitive abilities decline, seniors may struggle with tasks like paying bills, managing investments, or avoiding financial scams. Implementing effective financial management strategies is essential to protect their assets and ensure their well-being.
If you have a loved one in Hagerstown, MD, Frederick, MD, or the surrounding areas, there are local resources available to help navigate financial planning and legal considerations specific to seniors with dementia.
1. Start the Conversation Early
As soon as a dementia diagnosis is confirmed, it's important to discuss financial planning. Maryland’s Department of Aging provides elder support services, including financial and legal planning resources. Encouraging seniors to share their financial information early can help prevent crises down the line.
Local Tip: Families in Hagerstown & Frederick can connect with local senior centers for workshops on financial and long-term care planning.
Washington County Commission on Aging
535 E Franklin St, Hagerstown, MD 21740
Website | Phone: (301) 790-0275
Frederick County Senior Services Division
1440 Taney Ave, Frederick, MD 21702
Website | Phone: (301) 600-1605
2. Organize Financial Documents
Gather important documents, such as:
- Bank statements
- Investment records
- Insurance policies
- Wills and power of attorney (POA) documents
Keep these documents in a secure location where a trusted family member or caregiver can access them if needed. For families in Hagerstown and Frederick, consider consulting a local elder law attorney to ensure all paperwork is legally sound.
Local Resources:
Salvador Law, LLC – Elder Law Attorneys
220 Key Pkwy, Frederick, MD 21702 | Phone: (301) 668-8708
Maryland Legal Aid – Hagerstown Office
110 N Potomac St #101, Hagerstown, MD 21740 | Phone: (301) 694-7414
3. Establish Legal Authority with a Durable Power of Attorney (DPOA)
A DPOA allows a trusted individual to manage the senior’s finances once they are no longer able to do so. Without this, family members may face legal barriers when trying to pay bills or access accounts.
Local Tip: Maryland law requires POA documents to be notarized. You can visit local Clerk of Court offices for notarization.
Washington County Clerk of Court
24 Summit Ave, Hagerstown, MD 21740 | Phone: (301) 733-8660
Frederick County Clerk of Court
100 W Patrick St, Frederick, MD 21701 | Phone: (301) 600-1976
4. Simplify Banking & Protect Against Scams
Many seniors with dementia become prime targets for financial scams, including fraudulent phone calls and deceptive mail solicitations. The Maryland Attorney General’s Office provides support to prevent elder fraud.
Steps to Take:
- Set up automatic bill payments to prevent missed payments
- Enroll in Maryland’s Do Not Call Registry to reduce telemarketing scams
- Add a trusted family member as a co-signer on accounts (if appropriate)
Local Resource:
Maryland Attorney General’s Office – Consumer Protection Division
200 St. Paul Place, Baltimore, MD 21202 | Phone: (410) 528-8662
5. Plan for Long-Term Care Costs in Maryland
As dementia progresses, professional in-home care or assisted living may become necessary. The cost of long-term care can be significant, but Maryland offers Medicaid waiver programs for seniors.
Options for Financial Assistance:
- Maryland Medicaid Home & Community-Based Services Waiver – Helps cover in-home care for eligible seniors
- Veterans Aid & Attendance Benefits – Available for wartime veterans needing assistance with daily activities (We can screen you for that.)
For personalized guidance, families in Hagerstown & Frederick can visit:
Washington County Commission on Aging – Medicaid Services
535 E Franklin St, Hagerstown, MD 21740 | Phone: (301) 790-0275
Frederick County Senior Services Division
1440 Taney Ave, Frederick, MD 21702 | Phone: (301) 600-1605
6. Work With Local Financial & Legal Experts
Consulting a local financial planner or elder law attorney can ensure that your loved one’s assets are protected and that long-term care is financially manageable.
Trusted Financial & Legal Experts in Hagerstown & Frederick
Equitable Advisors – Frederick Office
7101 Guilford Dr, Suite 100, Frederick, MD 21704
Phone: (301) 631-9900
Website
Maryland Legal Aid – Frederick Office
22 S Market St, Suite 11, Frederick, MD 21701 | Phone: (301) 694-7414
7. Keep Communication Open & Reevaluate Plans
Regular family meetings ensure everyone remains informed about financial decisions. As dementia progresses, financial strategies may need to be adjusted.
Local Tip: Attend caregiver support groups at Hospice of Washington County or Alzheimer’s Association Maryland Chapter for financial planning insights.
Hospice of Washington County
747 Northern Ave, Hagerstown, MD 21742 | Phone: (301) 791-6360
Alzheimer’s Association – Maryland Chapter
1850 York Rd, Suite D, Timonium, MD 21093 | Phone: (410) 561-9099
Final Thoughts
Managing finances for a senior with dementia in Hagerstown & Frederick requires early planning, strong legal protections, and trusted local resources. With the right support, families can navigate financial decisions while ensuring their loved one’s well-being.
Have Questions? Contact Home Helpers Home Care of Hagerstown & Frederick at (301) 798-9030 to discuss financial planning for dementia care.