Your Social Security Check Arrives Every Month. Who Could Access That Money If You Were Hospitalized Tomorrow?

A power of attorney may help someone manage certain financial accounts, but it doesn’t automatically make that person your Social Security representative payee. SSA uses a separate appointment process for beneficiaries who can no longer manage their benefits. PeopleImages/Shutterstock

Most retirees know exactly when their Social Security payment reaches the bank, but fewer have considered what would happen if they suddenly couldn’t manage that money themselves. A serious illness, stroke, accident, or extended hospitalization can leave ordinary bills arriving while the person who normally handles them is unable to log into accounts, write checks, or make financial decisions. The Social Security Administration has a specific system for situations in which beneficiaries need help managing their monthly payments, and it isn’t as simple as handing your adult child your banking password. So, who would be able to access your Social Security money during hospitalization? Planning for both before an emergency can prevent a financial scramble at exactly the wrong time. Here’s what every retiree should consider.

A Hospital Stay Doesn’t Automatically Change Who Controls Your Money