Is your relative no longer paying bills on time? Perhaps you’ve noticed an overdue utility bill, a missed insurance notice, a stack of unopened mail. These can add up to a lot of stress and late fees. But you don’t have to take over everything all at once. There are several options to reduce risk while respecting your loved one’s independence.
Collaborate. Meet monthly or bimonthly to review bills and due dates. Your loved one can make payments while you provide a second set of eyes. Have them add you as a “trusted contact” on financial accounts. That way the bank can reach out if something looks amiss, but your relative doesn’t have to give you access to their money.
Automatic bill pay. Help your loved one set up autopay for recurring expenses such as utilities, insurance, phone/Internet bills. Autopay ensures essentials are covered no matter what. Potentially pair this with paperless statements so bills arrive by email, as those continuing to arrive by mail may cause confusion about what’s actually been paid.
Use financial tools. Find out if their bank offers “convenience accounts.” This arrangement entitles you to deposit or withdraw money and write checks, but the money still belongs to your relative. Unlike a “joint account,” you do not own the money upon your family member’s death. Also sign up for any available banking apps that can alert you to missed payments or unusual activity.
Hire help. If you live far away or don’t want to get involved with handling bills, see if there’s a licensed and bonded daily money manager in your loved one’s area. These professionals help organize and pay bills and track expenses. Some services are available at low or no cost through nonprofits. Check with the local Area Agency on Aging.
Does your loved one need more and more help with things that used to be simple?
As the Delaware, and Delaware and Chester Counties in PA experts in aging well, we at Delaware Palliative find that situations such as a loved one’s difficulties with bills are more common than many families imagine. And they’re often easier to address early on. We can help you sort through options and reduce risk so that everyone feels more confident about what comes next. Give us a call at 302-478-5707.
