As financial and healthcare regulations get more and more complicated, families need the help of a resource planner more and more. Long gone are the days of a company provided pension and healthcare for the life of the retiree. Proper elder care requires financial planning and knowledge of the programs that are available. A good place to start is with an elder care resource plan.

What is a Resource Plan?

At its most basic, an elder care resource plan is an analysis of the things that the couple or individual that can assist them with handling the costs of elder care. The resource plan will take into consideration things like:

  • What does the future look like from a healthcare standpoint. Is there a projected need for long term or hospice care? This can include the relative health of the individual and any medical problems they currently have.
  • What are the wishes of the person doing the planning? Would they rather age in place or stay in an assisted care facility if long term care is needed. Getting answers before there is a need is always better than waiting until a decision needs to be made.
  • What is the financial picture of the individual? What resources do they have available to them when it comes time to pay for healthcare including things like long term or hospice care.

For assistance in legal matters or resource planning contact Stano Law group today.