The Importance of Creating an Eldercare Strategy!
Updated: Oct 29, 2019
Dementia & Alzheimer's and Long-Term Care Financial Planning
If you are dealing with a long-term care need for an aging parent, then an Eldercare Strategy may help you design a road-map for paying for Home Health Care, Assisted Living or Skilled Nursing Facility costs in a more tax-efficient, cost-effective way.
As an integral part of this planning, a qualified financial advisor can assess government programs such as Medi-Cal and Veterans Benefits for qualifying veterans, to potentially reduce the out-of-pocket expenses for health care. A financial advisor will also explore the use of life insurance and annuity products with Long-Term Care Riders (where additional costs may apply) to assist with your qualifying health care needs.
The Eldercare Strategy is designed using a 4-step process:
Clearly define and understand your loved one's care needs and associated costs.
Evaluate all sources of income, expenses, cash flow, taxes, current asset allocation, economic variables and health/longevity risks.
Analyze facts and create a written, comprehensive plan in a language that you can understand.
Implement Plan: To help achieve good results from the Eldercare Strategy, a qualified financial advisor will coordinate with Elder Law Attorneys who can help you with the applications for Medi-Cal and Veterans Benefits when appropriate. Upon implementation of the plan, a financial advisor will carefully monitor it and communicate with you on a regular basis through periodic review and quarterly reports.
An Eldercare Strategy addresses the specific cost concerns you have for your loved one's care, allowing you to focus on more important areas - like providing emotional support to your family member when they need it the most.
If you would like to learn more, then contact Premier Wealth Advisors, Inc. at (818) 888-4646 or firstname.lastname@example.org to schedule a Free Consultation to review your financial situation. www.premierwealthcoach.com