How Bill Paying Services May Protect Seniors
As we age, everyday activities that used to be simple to handle can become more challenging. Not only do physical activities become more difficult, but other activities such as bill paying. When seniors struggle with cognitive issues as they get older, bill paying accuracy and timeliness can suffer. Learn how bill-paying services may protect seniors and give family members peace of mind.
What is a bill-paying service?
While different companies offer different assistance options when it comes to bill paying services, the basic concept of a bill-paying service is having all your bills managed, reviewed, and paid on your behalf. Essentially, a client would engage the services of a bill management company, provide them access to all accounts in need of payments, and then give them access to draw funds to cover bills each month. A reputable bill-paying service should provide ongoing monitoring of bills to ensure all are paid correctly and in a timely fashion. They examine each bill for consistency, discrepancies, and any changes that would flag a client account. If they find any issues or discrepancies, their job is to send the client an alert. They should also send notifications to keep a client up to date on all managed accounts, letting them know when new bills have arrived, payments have been sent, or other alerts and messages are received.
Why do seniors need a bill paying service?
As mentioned initially, as we age, our cognitive abilities decline, making everyday tasks such as bill paying difficult if not confusing. A senior who struggles with keeping track of which bills need to be paid, when payment is due and how much is due runs the risk of negatively impacting their finances if bills are missed and the accounts become delinquent. Other times, seniors may forget that a bill was already paid, and may pay it a second time, spending money unnecessarily. For many seniors, monthly budgets are tight, and such extra expenditures can cause hardship. Seniors with multiple bills arriving each month may also overlook if a statement never arrives and therefore the payment is missed.
Unfortunately, seniors are also at higher risk for unsavory billing practices that may fraudulently appear to be a legitimate bill but isn’t. The statistics on senior citizen scams are alarming and fraudsters are becoming more sophisticated in how they scam seniors. Phone scams are the most common types of scams affecting senior citizens. These generally involve payment with credit cards, gift cards, or wire transfers. These scammers may threaten victims with arrest, foreclosure, or even deportation if payments aren’t made.
All these situations can come with negative financial repercussions that can impact or even drain a senior’s financial assets if left unattended. Senior bill-paying assistance can help protect seniors and provide peace of mind that bills are being managed in a timely fashion.
Maintaining independence while protecting finances
Many seniors are looking to age in place as long as possible, avoiding moving to assisted care or other senior facilities. By using a bill-paying services, a senior’s independence is protected, allowing them to stay in their home while their finances are professionally managed. Bill management companies also can relieve the burden of caregivers or family members who may otherwise be tasked with bill payment oversight, relieving possible tension between family and seniors.
Seniors are living longer lives and are looking to live those lives free of stress and financial hardship. Bill paying services can protect seniors and allow them to live their lives with less stress.