Children of aging parents have long struggled with how to care for their elderly parents while handling their own busy lives. Unfortunately, one aspect that is often difficult to find help for is financial tasks such as bill paying. Left unchecked, this can leave seniors in a vulnerable position. Fortunately, a managed bill paying service can fill that need. Learn more about why a managed bill paying service is ideal for children of elderly parents.
What is a managed bill paying service?
A managed bill paying service manages daily bills and invoices. This includes receiving and paying bills on your behalf. Unlike an automated bill paying service, a managed bill paying services provides personalized and customized service, dedicated bill assistants, a portal to oversee all invoices and payments, and 24/7 access.
Avoiding the conflict of handling sensitive money issues
It’s no secret that money is an extremely sensitive topic, and many parents prefer not to discuss their finances with their children, especially if there is more than one child. To avoid this sensitive issue, many seniors continue to try and handle their own bill paying in lieu of asking for help from their children, even if they recognize that they’re struggling to keep up with the task. Bringing in a professional bill management company can avoid the discomfort of talking finances between family members by having a neutral third party handle all the bill paying for the elderly parent. With some companies such as Bill Simplicity, parents have the option of giving access to family members to oversee as well, or they can keep the transactions between themselves and the company.
Children can oversee the bill payment activity without responsibility
Busy working adults want to be able to help their aging parents but oftentimes simply don’t have the time, energy, or skills to do what’s needed to assist seniors. Between busy careers, raising children and other responsibilities, children simply can’t handle the more day-to-day tasks that elderly parents need assistance with, such as bill paying. With a managed bill paying service, the activity of bill paying, and oversight is left in the hands of a bill management professional, but the children can still oversee the activity to ensure everything is being handled correctly. This can lift a huge burden off the shoulders of adult children while protecting their elderly parents.
Bill paying services can be one more way to allow aging in place
More and more seniors are looking to age in place, staying in their home for as long as possible. Nearly 90 percent of people over age 65 want to stay in their home for as long as possible, and 80 percent believe their current residence is where they will always live. For adult children, this can be challenging as they try to accommodate their parents’ desire to live at home while trying to keep them protected. There are several services that accommodate seniors looking to age in place, from in-home healthcare to cleaning services to food delivery, but there are very few options for financial assistance such as bill paying. By helping alleviate the stress and confusion that bill paying can cause aging adults, bill paying can be one more way that allows elderly parents to live in their home as long as possible while keeping their finances protected, which can be a huge relief for their children.
Adult children want their elderly parents’ lives to be free of stress and financial hardship. Bill paying services can protect seniors and allow them to live their lives with less stress, while alleviating the burden on adult children who may not have the time, means or skill to help their parents age in place comfortably.