Eldercare Financial Plan

If you are dealing with a long term care crisis for an aging parent, the Eldercare Financial Plan may become your roadmap on how to pay for Home Health Care, Assisted Living or Nursing Home costs in the most tax efficient, cost effective way possible.  As an integral part of the plan, a financial planner, in coordination with an accredited elder law attorney, may investigate government programs such as Medicaid and Veterans benefits for qualifying veterans to further reduce the out-of-pocket expense for care.

The Eldercare Financial Plan is designed using a 4-step process:

1. Clearly define and understand your loved one’s care needs and associated costs.
2.  Analysis and evaluation of all sources of income, expenses, cash flow, taxes, current asset allocation, economic variables and health/longevity risks.
3. Analysis of the facts and creation of a written plan in a language that you can understand.
4. Implementation of plan:  In an effort to achieve the best results from the Eldercare Financial Plan, the financial planner will coordinate efforts with an Elder Law Attorney who may help you with the application for Medicaid and Veterans Benefits when appropriate.

An Eldercare Financial Plan addresses the specific cost concerns you have for your loved one’s care, allowing you to focus on more important areas like providing comfort and emotional support to your family member.