It is never too early or too late for elder-care planning. People often think it is too early if there is not a crisis, or if a crisis has occurred, many think it is too late.

In our experience, some type of planning is always beneficial, no matter the situation.

A wide range of concerns need to be addressed with each situation being somewhat different. Common concerns are asset protection, quality of care, quality of life, protecting the healthy spouse, figuring out how to pay for needed care, determining what type of care is needed and the best place to get care.

Many times it takes a team to flesh out the issues and to determine the best course of action. This team can consist of adult children who are decision makers, family caregivers, geriatric care managers, financial planners and elder-law attorneys.

Pre-crisis planning can be done long before the crisis. As we get older, we realize some type of health crisis is likely to occur. Mark has experienced this with the recent illness and death of his father, and the prior experience of his uncle suffering from several strokes, ending up in a nursing home and dying at 58.

Pre-crisis planning can include purchasing long-term care insurance, repositioning assets and making sure the proper legal documents are in place. In some cases, the language in a legal document may be the difference in reacting effectively or not being able to do much at all.

A family health care crisis can be extremely stressful and emotionally draining. Believe us, when we say this because both of us have been through some trying times. The point is it is not too late for effective planning, even after the crisis has occurred.

One of the primary concerns seems to be figuring out how to pay for the high cost of care. With nursing home care routinely costing more than $6,000 per month, the fear is running out of money. It is a shame that it can wipe out one’s life savings and leave a healthy spouse in the predicament of not having enough money to live.

A complete analysis should be done to evaluate resources, income and care requirements. It can be tricky if Medicaid is considered as an option to help pay for care. The rules are hard to understand, and timing can be crucial in knowing what to do and when to do it.

You may be reading this article and have an ailing spouse, or maybe you are a child of aging parents, or you feel like life is passing by and it’s time to take action. Whether you like to plan ahead, are a procrastinator or the crisis has already occurred, it is never too late to plan.  A good place to start is to contact an attorney who focuses on elder-care planning. Free consultations are often available.  A good elder-care attorney will be able to refer you to a financial planner or geriatric care manager, if needed, as part of the planning process.

For more information about The Retirement Guys, tune in every Saturday at noon on 1230 WCWA and every Sunday at 11 a.m. on 1370 WSPD or visit www.retirementguysradio.com.  Securities are offered through NEXT Financial Group Inc., Member FINRA / SIPC.  The Retirement Guys are not an affiliate of NEXT Financial Group. The office is at 1700 Woodlands Drive, Suite 100, Maumee, OH 43537.

This entry was posted on Friday, June 19th, 2009 at 12:00 am and is filed under Retirement Guys, Toledo Business Link.
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