work and life_balance_financial_planning_for_elder_care
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Financial Planning for Elder Care
Elder Care Planning
Elder Care Planning
The average life expectancy has increased approximately 15 years since the 1930s.
The average age of our population continues to climb.
Elder Care Planning
Make sure your loved one is involved with elder care selection.
Elder Care Planning
Joy Loverde
The Complete Elder Care Planner
Help your loved ones plan to live longer lives!
Elder Care Planning
Financial Planning Options
Medicare
A state and federal healthcare insurance program.
People 65 and older, and others with specific disabilities, have minimal hospital and medical healthcare coverage.
Medicare
Medicare Supplemental Policy
This insurance picks up where Medicare leaves off.
Medicaid
Jointly funded by state and federal governments for people with low incomes.
Designed to cover custodial care for both short-term and long-term
assisted-living needs.
Long-Term Care Insurance
Long-Term Care Insurance
Premiums are based on:
• Age
Long-Term Care Insurance
Premiums are based on:
• Age
• Current health status
Premiums are based on:
• Age
• Current health status
• Chosen features of the plan
Long-Term Care Insurance
Where to Find LTC Insurance
• Senior advocacy groups• Private insurance companies• Business associations• Your last employer
Long-Term Care Insurance
Be sure the plan covers domestic help and personal care.
Long-Term Care Insurance
Be sure the policy is guaranteed renewable.
Long-Term Care Insurance
Be sure premium levels are locked in.
Long-Term Care Insurance
Ask about tax-qualified policies.
Budgeting Out-of-Pocket Expenses
Budgeting Expenses
Not all expenses are covered by financial plans.
• Living expenses
Budgeting Expenses
• Living expenses
• Home maintenance
Budgeting Expenses
• Living expenses
• Home maintenance
• Healthcare expenses
Budgeting Expenses
• Living expenses
• Home maintenance
• Healthcare expenses
• Alert telephone
Budgeting Expenses
Questions to Ask
What is my short-term and long-term financial state?
Questions to Ask
How much can I pay for out-of-pocket expenses?
Money Saving Tips
Money Saving Tips
Have routine tests done before checking into a hospital.
Money Saving Tips
Preapprove the cost of hospital and medical treatment and equipment.
Money Saving Tips
File all your medical claims with your insurance company.
Use senior citizen discounts.
Money Saving Tips
Purchase low-maintenance products.
Money Saving Tips
Consult a tax advisor about long-range financial and tax strategies.
Money Saving Tips
Selecting a Financial Advisor
Selecting a Financial Advisor
For a referral, check your Social Security office.
Selecting a Financial Advisor
What training and experience do you have?
Selecting a Financial Advisor
How much do you charge?
Selecting a Financial Advisor
Can you provide three references?
Selecting a Financial Advisor
Do you charge for an initial visit?
Selecting a Financial Advisor
Do you provide written reports?
Retrieving Cash
Retrieving Cash
Consider having your elder trade down to a smaller home.
Consider buying your elder’s home and leasing it back to him or her.
Retrieving Cash
Retrieving Cash
Consider a reverse mortgage.
Reverse Mortgage
A reverse mortgage allows residents to occupy homes while receiving an income.
Reverse Mortgage
The homeowner borrows against the value of the home and receives monthly payments or a line of credit from a mortgage lender.
Deferred Payment Loan
Permits homeowner to defer payments of all principal interest until the homeowner dies or sells his or her home.
Homeowner Equity Account
Permits homeowner to set up a line of credit secured by the value of his or her home.
“Gifting” the Home
The gift recipient supplies the homeowner an agreed upon payment for as long as the homeowner lives.
Financial Planning for Elder Care