SEATTLE — While it’s hard to put a price on caregiving, it also comes with some real out-of-pocket costs, as well as the need to do some long-range planning and preparation.
“From a planning standpoint, investment management is really important, making sure that your assets grow for you over the long period of time for your current needs and needs in the future,” said Linda Davenport, BECU trust services team.
A will and power of attorney (POA) documents for your loved one are also important. A POA will allow you to act on their behalf for healthcare and financial matters. You can be in control of tasks, like talking with healthcare providers, paying bills and selling real estate.
“Utilize that power of attorney document,” Davenport said. “It is important and very much underutilized.”
AARP offers a free financial workbook for caregivers. It provides information on locating all necessary documents, healthcare plans, housing and money management.
“These days we have paper documents,” said Marguerite Ro, AARP Washington state director. “We have electronic files. It’s a way to put in one place where everything is.”
Caregiving can be a long-term commitment, and it’s important to prepare for what’s to come.
“If you feel you don’t have the financial wherewithal to help your loved one as they age, there are opportunities to talk to an attorney that actually specializes in elder law or Medicaid planning,” Davenport said.
A recent AARP report shows that there are more than 820,000 family caregivers in Washington state that provide an estimated 770 million hours of unpaid care per year, at a value of $16.8 billion.
“It’s a big contribution that family caregivers are making, and that’s why we want to make sure they’re prepared and that they’re taking advantage of programs that are out there, particularly for those who are on fixed incomes,” Ro said.
You can download AARP’s free Financial Workbook for Family Caregivers and find additional financial resources on the AARP website.
Sponsored by AARP.
Segment Producer Suzie Wiley. Watch New Day Northwest at 11 a.m. weekdays on KING 5 and streaming live on KING5.com. Contact New Day.