Podcast Center
Video Center
Webcasts
Resource Center
Events
August 27, 2013 at 11:21 AM
Elder care planning is essentially a comprehensive strategy that helps define a senior’s wishes and assists designated caregivers and/or advocates in handling the physical, personal and financial affairs of a senior aging into the last phases of life. Long-term care (LTC) is just one, very important segment of total elder care planning.
Unfortunately, LTC as well as other elder care issues are topics of discussion often avoided or put-off by families. But planning for elder care is one of most important discussions a family can have.
When planning takes place at the eleventh hour, mistakes can happen and opportunities are lost. Helping clients become aware of what issues should be in order and how important planning is for an elder’s comfort shows the client the total value you bring as an advisor.
Discussing long-term care and elder care issues takes time and should be done step by step, with compassion. Unless you also practice as an attorney, you likely won’t be the person to implement some of the elder care plan’s steps. But you can provide a checklist your clients should consider completing, and if your clients lack the appropriate professionals to help get their plan in order, you can refer them to one of your recommended contacts, such as an attorney.
Getting paperwork in order
It is important not only for legal documents to be up to date, but also for copies of these documents — as well as other pertinent information relating to identification, health and finances — to be in the hands of a family member willing to act as an advocate. Some parents find this difficult, especially when they’re not comfortable discussing their financial affairs with the children. At the very least, parents should disclose to a trusted adult child (or other advocate) who their financial advisors are and provide information about and the location of financial accounts.
Here’s some of the crucial information that should be organized, up to date and easily available to the person who will be handling the affairs of a loved one.
| Financial checklist |
Health care checklist |
Parents’ advisors |
Basics |
| Wills |
Living will |
Financial advisor |
Driver’s license or state-issued ID |
| Trusts |
Health care power of attorney |
Lawyer |
Insurance cards |
| Durable financial power of attorney |
DNR (do not resuscitate) order |
Accountant/tax advisor |
Medicare, VA, Medicaid cards |
| Life insurance and annuities |
HIPAA release form |
Religious counsel |
Phone numbers of friends |
| Investments |
Health insurance policies |
Doctors |
Safe deposit box |
| Bank accounts |
Long-term-care insurance |
Marriage records |
|
| Charge cards |
List of medications |
Military records |
|
| Burial plots & pre-paid funerals |
End of life wishes (discussion) |
Copies of birth and death certificates |
Helping with long-term care planning
The risk of needing LTC increases with age. According to the 2012 Medicare Handbook, a person at age 65 has a 70 percent chance of needing some type of long-term care during the remainder of his or her lifetime. Yet, too many families have no plan in place.
While adult children and parents should talk together about potential LTC needs that could arise, these conversations can be unpleasant. Too often, they take place too late, after a parent’s poor health may no longer qualify him or her for a policy. Delay in taking action also runs the risk that the parent will be at an age when premiums are too high to be affordable. The results of postponing the conversation and implementing a plan can have a huge impact on the entire family.
