Creating a Family Financial Plan for Caregiving
I recommend starting by addressing the following questions:
1.What is the current cost of home care or assisted or nursing home care? How will this change over time?
2. Do you have healthcare benefits from an employer or medicare?
3. Have you reviewed your eligibility for benefits such as Social Security, Medicare, and Medicaid?
4 . Who is managing the coordination of your benefits?
5. Do you have a pension plan, i.e. 401(k) and other retirement assets?
6 . Which family members are positioned to lend financial support, if necessary?
7. Who is empowered to make financial and healthcare decisions if you are not able to make financial decisions.
8. Have you had the conversation on owning a personal long-term benefit to pay for home or care center services?
9 . Do you have an updated medical power of attorney?