When many people think of dementia, they either think about someone who keeps forgetting where they left their keys, or they think of someone who doesn’t even recognize their own family.  But what about someone who is in between?  What about someone that cognitively is capable of performing activities, but no longer has the ability to consider consequences for their actions?  How do you financially safeguard someone with dementia?

I have heard stories from families who have loved ones trying to take out mortgages, repeatedly buying chicken rotisseries from QVC even though they don’t cook, and buying $500 worth of jelly beans on Amazon.  While it is tempting to completely take away access to the internet or access to money, it is also important to allow people with dementia to be as independent as possible.  What are some ways we can safeguard our loved ones?

Financial Power of Attorney

If you haven’t done so already, become your loved one’s financial power of attorney.  This allows you to make financial decisions on behalf of your loved one, and can help you to take steps to protect your loved one.  If your loved one is in the early stages of dementia and can understand the forms they are signing, you can get Financial Power of Attorney by working with an elder law attorney.  If your loved one’s dementia has progressed and they don’t have the capability to understand what they are signing, you will still need to work with an attorney, but the courts will need to get involved.

Freezing Credit

If you are concerned that your loved one might try to take out new lines of credit, and you are the Financial POA, consider freezing their credit.  This is easy to do, and is free.  There are 3 credit bureaus you will need to contact to accomplish this, links to freeze credit and phone numbers are below:

• Equifax (1-800-349-9960)
• TransUnion (1-888-909-8872
• Experian (1-888-397-3742).

If you request a freeze, be sure to store the passwords you’ll need to thaw their credit

Bank Accounts

If you don’t want your loved one to have access to their bank accounts for fear they will spend their money on unnecessary items, consider closing their accounts, and opening new ones they cannot access.  This can be accomplished only once you have the Financial Power of Attorney.

If you still want your loved one to have a little spending cash, consider either adding a card where they can be an authorized user with a limit, or consider a pre-paid debit card that you can reload for your loved one such as Chime, which has no fees.

Parental Controls

For many people with dementia, the internet is their connection to the outside world, but it can also lead to trouble.  Consider of the parental control software programs designed for parents to keep their children safe online.  If your loved one still has access to money and is an online gambler, parental control software can block access to all gambling sites.  Parental control software can also block access to specific sites you identify – so if your loved one just ordered $500 worth of jelly beans on Amazon, you can block that too.  If your loved one shops more when they start to sundown, Parental Controls can also limit what time the internet is used.

If your loved one has a whole pile of brand new chicken rotisseries because they watched one of the home shopping channels a little too much, consider removing that programming from their television.

It can be challenging to provide a loved with dementia the independence they crave while keeping them safe at the same time. Careful planning can help to safeguard your loved one, and hopefully reduce your stress as a caregiver as well.

This article was written by Assisting Hands Home Care, in Fort Myers Florida.  If you have an elderly loved one that could benefit from our dementia care services, please give us a call at 239-337-4263