Financial tips for caregivers

If you find yourself caring for your aging parents or another relative, you might not know where to start. Becoming a caregiver may be an emotional transition for you and your parents—and it can be difficult financially, too. Here’s a list of a few key steps you can take to make the transition a little easier.

• Learn about housing options: Figure out where your parents will live as they get older. Depending on their health, they may be able to stay in their home with a few changes and some extra help, or, they may need to consider other options. From assisted living residences to continuing care retirement communities, there’s a wide variety of choices today. Financially, some may be more feasible than others. If your parents have long-term care insurance, check their policy to see what care options may be covered.
• Understand their health insurance: Talk with your parents about their health insurance. Does Medicare provide sufficient coverage for their needs? What type of private insurance do they have? Do they need to purchase supplemental medical or prescription drug coverage? Ask to review their benefits together—to make sure that both of you understand the ins and outs of their coverage. You can also visit www.medicare.gov to learn about the benefits Medicare does and doesn't provide.
• Document finances: Work with your parents to create a financial profile that puts important information all in one place. Make a list of their income sources (such as Social Security, pensions, and 401(k) accounts), their expenses (such as mortgage and insurance payments), and their bank accounts. Be sure to include account numbers, contact information and important paperwork—including the location of any safe deposit boxes.
• Address legal needs: Find out what legal documents your parents already have—and what they might still need. For example, do your parents have up-to-date wills? Do they have a living trust? What about advance directives, like living wills and health care powers of attorney? Help your parents collect and file legal documents like these, as well as their birth certificates, a home deed and insurance policies.
• Create a key contact list: Help your parents gather names and contact information for the important people in their lives. The list should include their personal support system of close family, friends, neighbors, and others with whom they interact with regularly, such as housing managers or apartment front-desk staff. In addition, include their physical support system (doctors, pharmacists and dentists) and their financial support system (financial advisors, lawyers, insurance agents and others). Make a copy of the contact list for yourself. 

Get a helping hand from Hewlett Packard Enterprise

It’s natural to find these steps overwhelming, and it’s OK to ask for help. Take advantage of your Hewlett Packard Enterprise benefits, including:

• Legal Services: You’ve got optional benefits through HPE for financial, legal, and estate support from multiple providers. Learn more.
• HPE Concierge: At no cost to you, get help to find and arrange almost anything you need. HPE Concierge is available 24/7 at 1-888-759-0351. Learn more.
• Dependent Care Flexible Spending Account (DCFSA): The Dependent Care FSA lets you save up to $5,000 each year for eligible child and elder care expenses while you work. And, you save taxes on every dollar you contribute to a Dependent Care FSA: All contributions are exempt from federal income taxes, Social Security and Medicare taxes, and, in most cases, state income taxes. To participate, you must enroll during annual enrollment or as a result of a qualified change in status. Learn more.
• Backup Child and Adult/Elder Care Program: If usual care arrangements fall through, take advantage of the Backup Child and Adult/Elder Care Program. The program offers eligible employees a certain number of days of back-up care (for child care and adult/elder care combined) at no charge. Learn more.
• EAP Counseling and Coaching: Sometimes it’s hard to find the right resources. Your Employee Assistance Program, or EAP, can help by providing referrals for adult/elder support services, including home health care, housing, homemaking and housekeeping, legal support, and more. Learn more.

With the help of your family and friends—and your Hewlett Packard Enterprise benefits—you’ll be able to give your loved ones the support they need, while feeling supported yourself.

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