• Reconciling of bank accounts is an important financial task that should not be overlooked.  This helps the elderly track their expenses and keep their financial independence under control.
  • Reviewing bills and paying them in a timely manner assists the elderly maintain their independence and ensure proper payment.
  • Although many elderly have direct deposit for their social security checks and other funds, trips to the bank can be an excellent socializing opportunity, but also by keeping the elderly involved in financial activities, it keeps their sense of independence strong.
  • Keeping organization of an individual’s financial records is an important task, which helps at year end for preparation of tax forms.
  • Although many elder individuals are good with reconciling their Insurance EOB (Explanation of Benefits), some find it difficult and confusing.  With reconciling the Insurance EOB’s, one can audit for accuracies and although it does not occur often, this is the best way to verify any insurance fraud activities.  Reports in the news sometimes reveal billings to insurance companies by doctors who the individual has never even seen.
  • At times, aging parents and their loved ones hire a paid caregiver directly and not through an agency.  When you hire a paid caregiver directly, you become an employer.  As the employer, you not only pay the wages, but also must pay all required employee and employer federal taxes, state unemployment insurance tax and state worker’s compensation insurance tax (not always applicable).  In addition, it is imperative that your tax preparer complete a Schedule H with your federal tax returns (this information is provided for you to your tax preparer).
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