Financial Planning For Elder Care Options: Don’t Forget An Aging Life Care Manager

Many older adults have a trusted CPA, financial planner or attorney with whom they collaborate for important financial, and long term care decisions. Consider adding an Aging Life Care Manager to this team. When you include an Aging Life Care Manager in your financial planning process, you can better prepare for the cost and type of future care of your choice while preserving your independence.

Aging Life Care Managers and estate planners, both assist clients in planning for current and long term care needs. A Care Manager is a valuable part of the estate planning team due to the Care Managers ability to make recommendations, through a comprehensive assessment. After appropriate resources are identified, many families have difficulty getting the older adults to agree to care. A growing number of blended families and cases of estrangement in families can be paralyzing to the estate planning process. It can also create challenges to an older adult who will need family support later in life. The Care Manager has the ability to make recommendations related to the proper care of an older adult.  Care Managers can craft a long-term care plan that ensures the estate plan matches the reality of the clients situation at home.

Elder Law Attorneys often rely on Care Managers to determine appropriate level of care for clients and make recommendations for specific services that meet their clients’ needs. Both professions specialize in helping adults and their families with aging loved ones. A Care Manager is trained in the use of various cognitive assessments that can play an important role in determining when a person has reached the point of incompetency. A Care Managers expertise is also equipped to manage family conflict and bring much-needed neutrality to toxic family relationships. When managing family disagreements, a Care Manager can provide an unbiased, informed position on what is best for the older adult. Care Managers act as a mediator for families.

As the number of older adults grow, the options are expanding and the challenges are becoming more complex. An Aging Life Care Manager can help families sort though the large assortment of services and resources aimed at keeping older adults independent. Because of the constant interaction with various service providers, Care Managers are able to make referrals based on the need of the client and their family.

• An Aging Life Care Manager can assist with assessment and planning by providing realistic information to older adults about long-term care options and the associated costs. Aging Life Care Managers can help formulate plans suited to the older adult’s anticipated care needs, finances and personality.

• An Aging Life Care Manager can help you preserve your independence by helping older adults to develop their own future plans while reassuring family members. Often a Care Manager can act as a liaison between the older adult client and family members.

• An Aging Life Care Manager can contribute valuable information about costs and options for elder care planning. Facing the realities of one’s future care needs, being knowledgeable about what’s available, and being prepared to fund these choices is another way older adults can remain in control. In many cases, long term care insurance can cover all or a large part of the cost of ongoing in-home care and even residential care services through assisted living and nursing home care.

This year, resolve to include an Aging Life Care Manager in your financial planning process. You will be ensuring that a specialized adviser will be available for your future needs. To find a nationally certified Aging Life Care Manager in your area, visit Aginglifecare.org.  To learn more about Home Care Solutions’ Aging Life Care Managers, call 504-828-0900, or request a consultation through this website.