Financial Health & Wellness

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Financial health and wellness-man sitting at laptop computer holding a credit card.

Financial Health and Wellness Description

Did you know that research shows there is a direct relationship between physical and financial health? Individuals with high financial stress are twice as likely to report poor health overall, and are four times as likely to report fatigue, depression or other ailments. Because of this, Benjamin Rose Institute on Aging is committed to serving all aspects of wellbeing, not only physical, mental, emotional and behavioral, but also financial health and wellness. We have free resources and services available through our subsidiary ESOP to help you achieve and maintain financial wellness and housing stability, including:

  • Housing counseling
  • Senior financial empowerment
    • Resources and referrals for financial benefits such as Medicare, legal aid or vision care
    • Property tax loan
    • Financial education workshops to help plan for unexpected life events and protect against fraud, abuse and poor credit
    • One-on-one financial counseling
  • Advocacy on your behalf with credit services and loan companies to assure your records are accurate and you are receiving a fair and manageable repayment plan
  • Income tax prep

With our support, you can empower yourself to reach a secure financial future and stay educated on the issues most important to your financial wellbeing.

Empowering and Strengthening Ohio's People (ESOP)

Resources

Resources

Tax Tips for Older Adults for the 2019 Tax Season: Understanding Qualified Medical Expenses

While most people agree that it’s hard to look forward to the paperwork and headache of tax season, for older adults managing medical bills, taking advantage of tax deductibles can be financially beneficial. According to a National Bureau of Economic Research study, Medicare, Medicaid, private insurance and other government programs on average will cover about 80 percent of an older adult’s healthcare costs; however, this leaves 20 percent of costs financed out-of-pocket, and for older adults who are from low income households, retired or on a budget, this can take a huge bite out of their savings.

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By Julie Hayes | 03/19/2020

What We Can Do about Robocalls

The term robocall has been around since the 1990s, but in the last few years, they’ve become an ever-present part of our lives. According to the YouMail Robocall Index, in 2018, 47.8 billion robocalls were placed in the US, and just in the first half of 2019, 34 billion calls were made. You’re not imagining that it’s gotten worse – it has.

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By Jessica Bibbo | 02/17/2020

Decision-Making With Your Older Loved One: Choosing a Power of Attorney Agent

Establishing a Durable Power of Attorney for Health Care or Finances can give our loved ones the ability to control who makes important health care or financial decisions for them if their physician declares they are no longer able to make decisions for themselves. Having a Power of Attorney is important because it assures our loved ones have someone who can act on their behalf and, ideally, respect their wishes. However, with this power comes responsibility, and sometimes this responsibility can be abused by those who do not have our loved ones’ best interests at heart. Before choosing a Power of Attorney agent, our loved ones should not only make sure the person they are considering is someone they can comfortably express their wishes and preferences to, but also that the agent is trustworthy enough to make decisions that are best for our loved ones.

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By Tiffany Taylor and Julie Hayes | 01/15/2020

Internet Safeguards to Avoid Online Scams as an Older Adult

Over the years, the internet has grown and expanded to the point where it influences much of our daily lives. As the prevalence and everyday uses of the internet have expanded, so too has the presence of scammers and hackers who take advantage of the internet to steal personal information, deceive innocent people and spread harmful viruses. The internet is a valuable resource, and we shouldn’t let the fear of being scammed stop us from utilizing it. However, we should be cautious about where and to whom we give our information, and educate ourselves about internet scams so we don’t fall prey to people intending to mislead us.

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By Julie Hayes | 12/13/2019

Can You Actually Buy Happiness? Reflections on Emotional Spending

Have you ever felt down and out – and then headed to the mall? Have you ever felt overwhelmed, angry, or isolated – and then cheered up with a purchase on eBay? Do you use shopping as a way to celebrate an accomplishment or recover from a disappointment? Have you ever subscribed to the idea that shopping is a stress-relieving therapy and even cheaper than a visit with a psychiatrist? If so, did shopping in those moments actually make you feel better in the long run?

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By Lisa Weitzman | 11/13/2019

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