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