Providing grocery and spending money is one of the biggest challenges in overseeing an elderly parent’s care. When you are relying on caregivers to do the shopping for groceries, clothing, etc., how do you know the money is being spent on your parent and not being stolen?
Sometimes families are fortunate to have caregivers who they know and can trust. But that isn’t true for everyone. I don’t mean to imply that you can’t trust caregivers, but until you really know them, you can’t give them free access to Mom or Dad’s checking account. And, like me, you probably can’t be present for every purchase.
I have started using a VISA Buxx pre-paid debit card (www.visabuxx.com). I prefer this card over cash, other pre-paid debit cards, and store gift cards. With this card:
- I can follow the transactions on-line. I require caregivers to provide receipts – for every purchase – but sometimes the receipts get lost.
- I can monitor the spending and see where the money is being spent and how often.
- I can control how much money is on the card.
- The caregivers don’t have access to my client’s bank accounts or credit cards.
- The VISA Buxx card can be used anywhere VISA is accepted including ATMs.
- I add money from my computer via a debit card attached to a checking account or a credit card. I don’t have to run around to stores to purchase gift cards.
I like the monitoring that VISA Buxx allows. Recently, a client’s debit card was used at two places that were out of the ordinary for her. I immediately called the caregivers’ supervisor, gave her the dates, business names, and amounts of each transaction,and asked her to investigate. I learned that a caregiver’s son had gotten hold of the card and used it. My client was refunded in full.
I never want my clients’ funds to be used inappropriately, but I was glad I was able to see these strange transactions on-line and follow-up immediately. I would not have been able to do this with a regular pre-paid debit card.
What I don’t like about the VISA Buxx card for seniors is that it is designed for parents to provide money to their teenagers, not the elderly. Thus, when I set up the card, I am the “parent” and my elderly client the “teen.” (This could be a great tool for parents to teach their teens how to manage their money.)
There is a fee to set up the card and a fee every time you load money. Also, if cash is withdrawn from an ATM, there will be a fee.
If you decide to go with a VISA Buxx card, and you are funding it with your parents’ money, be certain that you are legally authorized to use their money for this purpose. This means you need to be named an Agent by a Power of Attorney (POA). A POA is a legal document that gives you permission to access Mom or Dad’s funds. If you don’t have such a document, consult an elder law or estate planning attorney. If you are funding the card with your own money, the POA is not necessary.
Please Note: I am not paid to promote or sell the VISA Buxx product, and I do not receive any commission or other perks whatsoever for using VISA Buxx or telling others about it. I have found it a useful tool for some of my clients.
