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ELDERCARE FINANCIAL STRATEGIES

FOR RETIRED ONLY’s Certified Financial Planner, specializes in elder care funding strategies. We work alongside our clients to help find achievable financial solutions tailored to an individual’s financial resources and capabilities. We consider what (if any) modifications can be made to present holdings and income streams to provide additional income and to ensure a maximum of assets are retained.

Longevity, as well as life’s uncertainties, can bring with them the likelihood of increased health-costs, the need to pay for outside assistance and help with activities of daily living.

Whether elder care needs come on suddenly or slowly through the process of aging, the high costs of care must be addressed. The overriding question is how to make up the financial income short fall? Where will the funds come from to meet these additional expenses now and in the future?

Far too often I see elders and their caregivers take what I call, ‘The Band-Aid Approach,’ looking at short-term solutions, neglecting the implications of decisions made without considering long-range, expensive care needs. As conflicting interests are often at play in these difficult decisions, many families avoid the greater picture.
Some common Elder care financing questions we help to address are:

  • What are the costs now? What will be the costs in the future?
  • How can we free-up resources without selling assets?
  • Which assets should we sell if any?
  • What are our best options? (cost-of-sale considerations)
  • Do we sell the house? Do the benefits outweigh the negatives?
  • Do I/we/they qualify for outside benefits? (Insurance, Medicaid, VA)
  • And more…
Enabling quality care for the elderly may require tough financial choices. Spending-down of assets/inheritance/legacy is difficult for parents and their children on many levels. With the guidance and experience of our specialized Financial Planner, we can help negotiate the maze of options, determining the best way to pay for the high-cost of eldercare.