When you think about caring for aging parents at home, you probably think “Florence Nightingale” more than “office manager.” But once you step into the role of a caregiver, you’ll quickly realize that the administrative tasks take just as much, if not more, time. If you’re hiring caregivers yourself, you’ll need to interview, schedule, manage payroll, and be on call to answer questions. You’ll also need to stay on top of your parent’s healthcare needs and information, not to mention their finances and legal matters. And let’s not forget household tasks if they continue living in their home.
If that sounds like running a business, it’s because it basically is. If you’re still in the workforce, juggling both can put you on the fast track to burnout, which is why having a system is one of the most underrated yet essential tools when caregiving for elderly parents.
The Ripple Effects of an Organized Approach
There are many moving pieces involved in caring for a loved one, which is why it’s crucial to implement a process. It’s all too easy to let important tasks slip through the cracks. For example, if you’re overseeing your parent’s financial matters, you’ll want to speak with their financial advisor. Understanding their financial portfolio can help ensure you don’t miss RMDs or trigger tax consequences that could have been avoided. You’ll also need to have a system for tracking their medications and doctor’s appointments, as well as be aware of any medical conditions, so you can monitor their health more effectively. This is especially important if multiple people are providing care for your loved one.
There’s another, equally important, person to consider when you become a caregiver for your parents: you. If prioritizing your own needs seems selfish or counterintuitive, it may be time to reframe your perspective. If you fail to take care of your own physical, mental, emotional, and financial needs, you won’t be able to care for Mom or Dad as effectively. Not only that, you may be creating a need for your children to become your caregivers down the road, which is why a proactive approach to preventing burnout is essential. Effective time management and task structuring can reduce the mental load of caregiving while increasing efficiency. Once you have a full picture of what needs to be done, break down your list by priorities. Delegate what you can. For the things you need to take care of personally, try task management systems like time blocking. Having a system in place for administrative tasks can help expedite your to-do list, leaving more time to prioritize yourself.
Tasks and To-Dos of Caring for a Loved One
Caregiving for a parent is no small task, and if you assume the responsibility all at once due to a medical emergency, it’s nothing short of herculean. Here are four areas to consider when identifying documents, tasks, and individuals associated with elder care:
Legal and Financial Matters
One of the first things to do is ensure the proper designations have been made and locate the associated paperwork. Find out who is the designated agent under the Financial Power of Attorney and who is named to help with medical matters in the Healthcare Power of Attorney. Make a list of bank accounts, brokerage accounts, tax records, etc., and determine what is involved in assisting with each one.
Bills
When is the mortgage due? What about utilities? Are there any subscription services? The easiest way to help your loved one stay on top of bills is to go through their checking account and credit card statements (this is a great time to weed out any unused subscription services). You may be able to access these records more easily if you are named as the Financial POA. Once you’ve identified what needs to be paid and when it’s due, use autopay wherever possible.
Healthcare
If you are named as the Healthcare POA, ask your parent’s healthcare provider to add you to their patient portal. This will make it much easier to communicate with their medical team, especially when monitoring ongoing concerns or requesting prescription renewals. Make sure you have a full list of medications and medical conditions, as well as contact information for all healthcare providers. Helping your parent navigate Medicare or Medicaid can be particularly challenging. Find a list of helpful resources for caregivers here.
Service Providers
In addition to doctors and specialists, you’ll need contact information for individuals beyond the healthcare industry. You’ll also want to know how to contact anyone connected to financial matters, like your parent’s financial advisor, tax preparer, etc., along with service providers who help care for their home, such as lawn maintenance.
Make Caregiving Easier
If you’re feeling overwhelmed, you’re not alone! Helping your parents navigate a new normal brings a significant increase in responsibility, and it is challenging even under the best of circumstances. We’ve compiled an easy-to-navigate checklist of things you need to stay on top of as a caregiver so you can spend more energy on your relationship with Mom or Dad, and less on settling into an administrative role. Working smarter, not harder, means you’ll have more left in the tank for the important things–and people–in life.
Material provided, in part, by Kalli Collective, an independent third-party, Raymond James is not affiliated with Kalli Collective.
Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of the strategy selected, including asset allocation and diversification. Past performance is not indicative of future results.
