Caregiving is not free. Even if your family is providing all the care and doing all the work – it still has an economic cost. This section of our web site will help you consider some of the costs and plan more effectively.
The cost of caregiving should not bankrupt the caregiver or the senior/disabled adult’s family. However, without careful planning and financial management, significant loss of funds can occur.
Planning for the cost of caregiving is best done as early as possible. Just as you plan for the possibility of an untimely passing and purchase life insurance, you should, if possible, shift the financial risk of long-term care to a solid and experienced insurance firm.
You may also be interested in:
- Durable Power of Attorney
- Medicare (COMING SOON)
- Special Needs Trusts
- Advanced Health Care Directive Checklist
Here are some things you should know initially about financing caregiving or long-term care services and facilities:
There are alternatives to traditional long-term care (LTC) insurance that can provide supplemental funds for this care but should not be considered the same as a properly designed LTC insurance plan. For instance, certain annuities and life insurance products can have provisions built into them that take LTC needs into consideration. Be sure to work with a specialist when designing a protection plan. Someone with a CLTC or LTCP designation has received specific and extensive training in this area.
Other approaches to funding the cost of long-term care include:
- Private pay
- Family pay
- Estate replacement plans
- Advanced inheritance plans
- Shared inheritance plans
- Family contracts
- Reverse mortgages
- Lifetime estates
- Charitable remainder trusts
- Lifetime property interests
- Supplemental needs trusts
Find out how TCF can help you start planning for your potential long-term care costs today! Contact us at (808) 625-3782 or firstname.lastname@example.org.