Category: Elderly finances

Your Trusted Partner in Long-Term Care Insurance Coverage

At Dakota Home Care, we understand the importance of providing high-quality in-home care to our clients. We take pride in being one of the few agencies licensed by the State Health Department, a crucial requirement for long-term care insurance coverage. We’re excited to highlight the benefits of choosing Dakota Home Care and how we seamlessly accept long-term care insurance payments. The Importance of Long-Term Care Insurance Long-term care insurance plays a pivotal role in ensuring that individuals receive the assistance they need as they age or face health challenges. It typically covers in-home care when a client requires help with two or more activities of daily living, such as bathing, dressing, and toileting. This coverage is designed to alleviate the financial burden associated with extended care services and provides peace of mind for both clients and their families. Dakota Home Care: State Health Department Licensed and Insured Not all home care agencies are created equal, and we take our commitment to excellence seriously. Dakota Home Care is proud to be licensed by the State Health Department, meeting stringent standards to ensure the safety and well-being of our clients. We are also fully insured, as required by most long-term care insurance companies, giving you the confidence that you are choosing a reputable and reliable provider for your in-home care needs. Seamless Long-Term Care Insurance Payments Navigating the complexities of long-term care insurance can be overwhelming, but at Dakota Home Care, we strive to make the process as smooth as possible. We are pleased to announce that we accept long-term care insurance payments, allowing you to access our top-notch services without the stress of financial uncertainties. Our team is here to assist you every step of the way, from understanding your insurance coverage to processing claims efficiently. Benefits of Choosing Dakota Home Care

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Estate Planning, caregiver fargo nd

A Digital Estate Plan Is Necessary for Caregivers to Manage Your Digital Assets

I thought my husband and I were doing a pretty good job with our estate planning UNTIL I read this AARP article, “Prepare a Digital Estate Plan for Future Caregivers.” Now I realize there’s a huge hole in what needs to be done before we die or become unable to manage our own affairs, and the executors of our estate and future caregivers suddenly need access to our digital assets and data! When my dad died about 4 years ago at age 97, he didn’t even own a computer. Anything digital relating to his life and estate was already on my computer, and as co-executor of his estate, I was already managing it. The power of attorney, the family trust, his will and his death certificate were all my brother and I needed to quickly settle his estate and distribute or dispose of his assets. However, my situation is very different. My husband has Alzheimer’s, and I am already handling all of our affairs. A lot of what our co-executors will need to know and have access to is on my computer. It not only needs passwords but, in some cases I’ve learned, specific legal permission to access. I’m in good health now, but at age 76, if I’m realistic, who knows how much longer my good health and brain power will last. If I don’t want to leave a big mess for our 5 children, I need to follow the advice about a Digital Estate Plan that I’m about to share with you. You can find most of the What-and-How-To you’ll need in the 5 articles I found valuable and listed below, but hopefully my summary contains the basics and will give you the motivation and direction needed to start filling your own digital hole, if you have one.

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a stack of elderly parents' finances piling up

How to Manage an Elderly Parents’ Finances

You’ve noticed some telltale signs that your elderly parents are becoming less capable of managing their finances. They may be making mistakes or letting bills pile up. (See last month’s blog, “When to Take Over Finances for Elderly Parents.”) Now comes the biggest challenge—how to help them with money matters or talk them into letting you take over completely. The Best Approach for Your Family Talking about finances can be a touchy subject, and you may find it especially difficult getting the conversation started. Maybe your parents have been open with you about their finances, but maybe they’ve never shared anything about how much money is on hand, coming in or going out. Some ideas to help you get started might be: Share what you have done to get your finances in order. Then ask your parents if they have done similar things. Share a story you’ve heard or read that’s about what another elderly person has done, as things became more difficult for them to handle their finances alone. Ask what you can do to help them. Involve just a few family members. That can be less intimidating than a meeting with the whole family. You don’t want them to feel like you’re ganging up on them. Focus on how helping them will help you to worry less about them. Don’t focus primarily on their physical or mental decline. Make them part of an ongoing conversation. Let them give as much input as they can and make their feelings be known. Get an objective third party involved, like a religious leader, a family attorney or their financial planner. Preserve their dignity. Be aware of their need to be as independent as possible. Keep the conversation respectful and light-hearted. Ways to Transition Slowly If they haven’t already put regular bills,

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When to Take Over Finances for Elderly Parents

The National Council on Aging suggests that planning for the inevitable need to take over your parents’ finances should begin with a family meeting, ideally while they’re in their early 60s. Another watermark can be when they retire. Even if those years have passed, family caregivers should still be on the lookout for signs that “the time has come!” One thing is sure, you mustn’t let any awkwardness you feel prevent you from stepping in to assist, because if you don’t, others will, and they probably don’t have your parents’ best interests in mind. What You Need to Know Even if you currently have no worries about your parents’ physical or mental health, start to familiarize yourself with their finances. The sooner you integrate yourself into that element of their lives, the more comfortable they’ll be including you in important decisions, and the easier it will be to take full control when the time is right. It’s never too soon to gather the information you’ll need, so you will have it when your elderly parents can no longer take care of their finances. This is a list of 10 pretty standard things that all family members should know:  If they have named a durable power of attorney (POA) to manage their finances Where they keep their financial records and how you can access them Their bank account numbers and the names of their financial institutions What their monthly expenses are How they pay their bills: by check, auto pay, online banking, etc. What their annual income is, and where it comes from Who has permission to manage their Medicare, Medicaid or Social Security accounts Do they have medical health insurance in addition to Medicare Do they have long-term care insurance How to contact their accountant, financial planner or attorney Not

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