Being a caregiver is a role that will fall to more and more baby boomers as we benefit from our parents' living longer and better lives. So as you celebrate the good days, here are a few things to remember.
Caregiving is more than money
A new survey by the U.S. Treasury Department finds that one in four Americans define themselves as caregivers -- with nearly 8 in 10 providing two or more hours a week of help to a parent, friend or loved one.
In addition to the burden of actually giving care, many of those family members are also handling their family member's finances. That task includes everything from getting to the bank to make deposits, to paying bills or managing investments.
So the Treasury Department figures this is a good time to remind people of the benefits of direct deposit -- for Social Security checks and Supplemental Security Income (SSI) benefits.
It seems a point almost too obvious to make. Yet, last year, more than 480,000 Social Security checks were reported lost or stolen and had to be reissued. And $64 million in Treasury-issued checks were fraudulently endorsed.
The best way to limit seniors' exposure to financial fraud is to sign up for direct deposit of benefit checks by calling (800) 333-1795 or online at www.GoDirect.org.
If the senior doesn't have a bank account, the Treasury also provides direct deposit of seniors' Social Security and other benefits onto a prepaid debit card. It works just like a debit MasterCard, allowing the senior to make purchases or withdraw cash from an ATM, up to the amount of federal benefits that have been deposited on the card.
It offers the MasterCard zero liability guarantee for unauthorized purchases if the card is lost or stolen. To learn more, go to www.usdirectexpress.com or call (877) 212-9991.
These simple but effective tools will safeguard seniors' benefits from fraud and inattention -- and make caregiving a lot less stressful for all concerned.
Caregiving is multigenerational
While it seems obvious that one day you'll be called upon to care for an elderly relative, let's reverse the situation. What happens when you are a parent with a handicapped child -- one who will have special needs -- and financial needs -- for as long as he or she lives?
The best gift you can give that family is Mary Anne Ehlert's new book, "The Gift I Was Given." Ehlert is a nationally respected financial planner who has developed a program to assist families with disabled children. Her book is partly the story of how she and her family dealt with the challenges of her sister Marcia, who was born with cerebral palsy. It is also the story of the anguish her parents faced as they grew older and realized the difficulty of planning for their daughter's care after they were gone.
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