Dec 21st, 2013
Building an Elder Care Financial Plan
Senior financial planning is very important. As a caregiver, you should not wait until your beloved senior is too old to contribute; do it early enough so that all opinions are considered before financial decisions are made. Also, planning early helps you to be more prepared. One of the best approaches to senior financial planning is to use a financial advisor for seniors. These are professionals who work with seniors to ensure that their financial affairs are in order.
One of the most important things that they will help to do is to get the right kind of care as you get older.
Today, there are 3 options for senior care in America;
1. You can go into a nursing home,
2. You can get in-home elder care
3. You can get senior home care where you family takes care of you.
In terms of finances, these 3 options are very different.
Going into a nursing home is the most expensive and leaves many families broke after just a few years.
In-home senior care is less expensive but it still requires financial planning years in advance. Do you want, for example, to pay when the time comes or do you want to take up in-home elder care insurance out now?
Having home senior care is the least expensive but it requires a lot of managing; you have to make sure that you are insured properly because Medicaid doesn’t insure some common conditions in seniors.
You may have to take out private insurance but this also costs money. All these are decisions that a financial advisor for seniors can help you navigate.
Early financial planning allows you to anticipate and be prepared for the future and what you may need to plan for.
One of the most common things that caregivers find themselves facing is issues that they were not prepared for. If the beloved senior has a heart condition, for example, it is safe to assume that it will get worse and that they may need to be hospitalized as days go by. Planning early allows you to plan for medical expenses in advance and avoid surprising financial strains.
When you are doing senior care planning for your loved one, you should not forget yourself.
Most caregivers today are children of baby boomers and they are well into their 50’s and early 60’s.
If you fall in this category, you should assume that your ability to give care will fall as years go by and you may need help.
Help requires money so plan in advance for it.