Nothing says "quality time" quite like helping your aging parent organize their finances. Bills are arriving daily. Medicare statements are incomprehensible. Automatic payments might be going somewhere (you're not entirely sure where). And your mom keeps getting scam calls she's almost fallen for.
The Overwhelming Paper Trail
Start by gathering all the bills. Prepare for your parent to have saved every piece of mail from the last five years. You'll find bank statements from 2019 mixed with current medical bills. Insurance statements from companies that no longer exist. Notices about things you didn't know were problems.
Understanding Medicare (Good Luck)
Medicare is intentionally confusing. It's designed by people who want to make sure nobody actually understands what they're covered for. As the adult child, you now get to interpret this. Call Medicare. Wait 45 minutes. Speak to someone who explains it in Medicare language, which is essentially a separate dialect.
The Prescription Drug Plan Labyrinth
Your parents have a Medicare Part D plan. Maybe it's a good one. Maybe it's terrible. You won't know until the pharmacy charges them $200 for a medication that should be covered. Call the insurance company. They say it's not on the formulary. The loop begins again.
Bill Pay Becomes Your Obsession
Your dad trusts you with account access. Now you're responsible for making sure bills are paid on time. Miss a payment and his credit takes a hit. Pay late and late fees pile up. Then your dad pays a bill himself because he forgot you were handling it. Now it's paid twice. Request a refund. Wait for it to process while two different companies have different information.
The Living Will Conversation Nobody Wants
Sometime during all of this, you're going to realize your parents don't have their financial and legal documents in order. They need a power of attorney. A healthcare proxy. A will. Bring it up gently. Watch them get defensive. They're "not ready to talk about that."
Late Fees and Penalty Interest
Despite your best efforts, something slips through. A bill gets paid late. Suddenly there's a late fee. Then penalty interest. A $50 bill becomes $75. Spend an hour on the phone requesting a waiver. Explain that this is your elderly parent. The company agrees to waive it once. They warn you it won't happen again.
What If You Didn't Have to Do This?
At Reflections Management and Care, we manage financial coordination and advocacy as part of our comprehensive care management services. We organize bills, coordinate with financial advisors, ensure prescriptions are covered, and manage the logistics of aging.
Stop Being the Manager