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Brad Wheller
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Brad Wheller   My Press Releases

Everyone Gets Old, Plan for It

Published on 12/16/2014
For additional information  Click Here

It is difficult to accept the physical and financial challenges as we and our loved ones grow older; however, it is important to have a plan for long-term care.  This article is designed to help you understand some of the challenges you may face so that you may develop a plan before the onset of a health or financial crisis. 

Example below, from my experience so far.

 We use the team approach to long-term care for my parents.  My parents asked us to handle their long-term care.  Asking family members to help together will make the challenges seem less daunting to any one individual.

We split the duties between those best suited to help with particular issues. One helper has good financial knowledge, and another has better experience with medical concerns and another for household maintenance issues.

We all understood their wishes and goals for the future.  So far we have kept them at home as they wish it so.

We all have different circumstances to deal with in long-term care.

 You may want to live independently, find an assisted living community that meets your needs or live with a family member.  Consider all your options and gauge their desirability and feasibility.  A serious health or financial change might alter plans and you may need to develop a plan “B”.

 Listen and consider feedback from your team, while the final decision is your own, it is important to consider the opinions of those who will help with your care.

Review your finances carefully. You may not be comfortable discussing finances with everyone, but it is important to review your long-term care finances with someone you trust. Prepare a comprehensive summary of assets and benefits, including all bank accounts, savings accounts, CDs and other assets together with all benefits for which you are or may be eligible.

Review your insurance coverage. Health and disability insurance does not cover long-term elder care. Long-term care insurance can be impossible to obtain or prohibitively expensive if you are already sick. Carefully review the terms of your current coverage.

Determine your eligibility for government benefits. Do research to find out which benefits you may be entitled to receive, including life and health insurance, government assistance programs, private pension and benefit plans. Make sure you receive the maximum benefits to which you are entitled. The best thing you can do is to arm yourself with knowledge – find out what benefits your state or province provides.

Make sure your last will and testament, power of attorney and living will are in place and up to date. Your estate plan will help you control distribution of assets and help you give legal authority of financial and medical decisions to someone you trust.


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