Affiliate Disclosure

Finance

What you need to know...

Affording care is not just an aging conversation with a "there is time to save for later" mindset, but it is also sudden life altering situations like accidents or disabilities. Understanding the cost of care translates directly into how much caregiving you will have to take on and the type of care someone receives.

Care happens; how do we afford it?

Finance

Consultants

Getting a paid professional on your team is a tremendous help. It may seem odd to pay in order to save money, but there is a reason.

Specific to the caregiver universe; a consultant with expertise and advocacy in care management for older or disabled adults knows which rocks to look under. They have the time, comprehensive knowledge and resources to help maximize all of your assets, plans and benefits. These professionals can be a family relationship saver in addition to actually saving you money.

Financial
Savings
Retirement/Pensions

E-file.com

E-file.com helps taxpayers file their income taxes faster, easier and more accurately than with traditional paper forms. They offer full featured online tax software at a significant discount to other programs.
Financial
Savings
Annuities/Investments

The Credit Pros

The Credit Pros, is a financial technology firm dedicated to educating clients on how to avoid credit-oriented mistakes in the future.
Financial
Savings
Annuities/Investments

The Harvest Plan

For caregivers, financial planning is an important part of ensuring that their loved ones are taken care of. The Harvest Plan can help by providing a comprehensive financial plan that can cover everything from medical expenses to long-term care. This can give caregivers peace of mind knowing that their loved ones will be taken care of financially.

Debt

On average, caregivers spend nearly 20% of their own income on out-of-pocket caregiving costs, totaling more than $7,400 each year or more than 25% of their personal annual income.

Even the most adept and financially savvy caregiver can be overwhelmed by the expenses of long term support for parents, a spouse or child with disabilities. To make up for shortfalls in immediate needs like medical treatments, co-pays, groceries, utility bills etc, many caregivers take on personal debt. So where will the money come from?

Personal Loans

BadCreditLoans.com

BadCreditLoans makes it simple for consumers to get the funds they are looking for online.

Fraud Protection

No matter how much you hope "they won't fall for that…", Hope is not a strategy.

People who are aging or who are disabled are seen as easy targets for a whole host of reasons. More than 369,000 cases of financial fraud of older adults are reported each year, causing an estimated $4.84 billion in losses, Know it is a real possibility and read on.

Government Benefits

Government agencies are one of the biggest resources for many people. Some people have their only savings here; by savings we mean Social Security. This is also where we need to understand all state or federal benefits for you, the family caregiver as well as things like Social Security Disability, Medicare and Medicaid.

Medicaid will not cover the cost of care and to get it people need to first significantly spend down their assets.

Heads up. Caregivers need the correct legal paperwork and rights in order to get any information from these agencies. See Care Support for information and support.

Personal Assets

The proverbial nest egg. Everyone approaches this differently. Assets that are debt free cash are things like savings accounts, 401Ks, retirement or pension accounts, as well as hard goods like jewelry, homes, cars etc. Converting these items into liquid cash can make up for the gaps that insurance and government programs do not cover.

Care costs can be wildly unpredictable and medical bills are reported to be the number one cause of U.S. bankruptcies. If YOU, the caregiver, have not yet begun to save, think about you here too. With personal assets, large debts can be avoided. Let's try.

Financial
Savings
Retirement/Pensions

E-file.com

E-file.com helps taxpayers file their income taxes faster, easier and more accurately than with traditional paper forms. They offer full featured online tax software at a significant discount to other programs.
Financial
Savings
Annuities/Investments

The Credit Pros

The Credit Pros, is a financial technology firm dedicated to educating clients on how to avoid credit-oriented mistakes in the future.
Financial
Savings
Annuities/Investments

The Harvest Plan

For caregivers, financial planning is an important part of ensuring that their loved ones are taken care of. The Harvest Plan can help by providing a comprehensive financial plan that can cover everything from medical expenses to long-term care. This can give caregivers peace of mind knowing that their loved ones will be taken care of financially.

Private Insurance

Make a plan, plan for the plan and plan some more. If you are a proactive person or are a caregiver for someone who has planned, then you likely have more options for affording care.

Non medical care (aka unskilled care) like companion care, house help, bathing, transportation etc are not typically covered by government or private insurances. Another note, most private insurance in-home skilled care is rarely covered at 100%.

But, some life insurance plans do have benefits that can be used while the policyholder is still alive. These benefits are in the form of a cash value that can be used to help cover medical expenses or everyday costs of living.

General rule of thumb, plan for care protection before you need it.

Supplemental

AAA - Auto Club Group

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