financial
Financial Considerations
Fiscal Planning
Financial Plan- A Financial Plan helps identify and organize your goals financially. You then create a plan to achieve these goals. Your Plan should address your everyday financial life, your Retirement and the possible need for Long Term Care. A Plan may be created by yourself or in consultation with your family. In many cases it may be warranted to engage with a Financial Planning Professional to assist in the creation of the Plan, from strategy to investments. This engagement can be very helpful in planning for Retirement and Care.
Right Age for a Financial Plan (by age 35) – There is no “right” age however the earlier the better. Once an individual begins “earning a living” a plan should be developed. A Financial Plan is there to assist with everyday financial life, Retirement and the possibility of Care. Retirement and Care may be many years off, but costs will continue to rise. In addition, an adult child may be asked to supplement or pay for an older loved one’s Long-Term Care.
Senior Financial Advisor – The most reputable financial advisors for seniors are the ones who are not only knowledgeable and qualified about retirement planning and after-retirement financial strategizing, but also the ones you can trust.
Cost of Care
Assisted Living: $5,350 per month
Memory Care Facilities: $6,000 per month
In-Home Non-Clinical Services: $38.00 per hour
Skilled Nursing Facility: $9,250 per month
Payment options
Medicare
Medicaid
Private Pay
All Seniors are eligible for Medicare. Medicare Part A pays for Hospitalization and there is no cost to the Senior. Hospitals are not a long-term care option. Medicare Part B does pay for Home Health Services which include visits by nurses during recuperation from surgery or hospitalization. Part B does have a co-pay that the senior does pay, however, Part B is not an option for a long-term care solution. Another potential benefit that can help you is the new CMS GUIDE Program. This is an 8-Year program that provides care management Services along with funding for Respite Care for any person who has been diagnosed with Dementia. This innovative program will pay a monthly fee to care management companies and up to $2,500 towards respite care for the family caregiver.
Seniors must qualify for Medicaid in your state. You can qualify based on your household income or if you have been diagnosed with a disability. You can talk with your case manager under your Medicaid program to ask about an assessment to see if they will assign your Personal Care Services. If they agree to assign services to you, they will provide you with how many hours a week they will provide you with along with the Provider who service you.
Where the Financial Plan is critical. This option is available for every family when looking at a long-term care solution. However, not every family can afford this option financially. If you don’t have the financial resources to use this option, you must look at the other options.
Veteran's Benefit
Nuclear Care Partners
Longterm Care Insurance
The Veteran’s Administration (VA) provides a very viable option to pay for long term care options. There are two programs which you can apply for. One is for the actual Veteran who served, and the other is for the spouse or dependents. The program for the Veteran does not have an income threshold to qualify for the benefit. For the Veteran, this will provide the bulk of the Personal Care Services needed to age in place. Under the program for the Spouse or Dependents, the VA does provide funding for those families that qualify under the income threshold. This funding is very helpful in paying for a good portion of funding necessary for long-term care. The Veteran and their family should reach out to their local VA case managers to learn more about the programs and the application process.
More than 600,000 former atomic workers across the United States may qualify for up to $400,000 in financial compensation, plus no cost medical benefits for life through the Department of Labor. Teams are based across the country in 22 States and can help you determine your eligibility and next steps.
This insurance is very helpful in funding long term care options. If you have already purchased this plan, congratulations. When you are evaluating your long-term options, you should reach out to the insurance company to understand the benefits you are eligible for as well as the process to request them. If you don’t have a policy, you can see what policies are available by checking out the website. The younger you purchase an insurance policy, the more affordable the policy will be. However, those that have this insurance policy. However, those that have this insurance policy will have the most options they can pick for their long-term care options.
Home Modifications
As you age, the house that you have lived in during your life that was perfect for you when you were younger is not perfect when you are older. You need to reevaluate your home and make sure that you eliminate fall risks in the house. These could include:
- Throw Rugs
- Clutter on the Floor that makes it hard to walk around the house
- Stairs
- Grab bars in the bathtub/shower
- Kitchen Cabinets that are too high to reach
- Railings in hallways & entryways
