Finances

financial planning
Get tips and advice to help adults and seniors manage their finances and successfully plan for long-term care.

A very common misconception is the Medicare will pay for long term care. Unfortunately it does not pay for non-medical care in the home or senior housing. It is also an unfortunate reality that senior care is expensive. The average national cost of non-medical home care is $19 an hour, assisted living communities are $39,600 a year, and nursing homes are $73,000 a year. The most successful approach is planning early. It is important to have conversations with the seniors in your life and have a general understanding of their financial situation. These can be difficult conversations, as this is an off-limits topic in many families. It is advisable to handle the conversation thoughtfully and understand that progress is often the result of a series of conversations. Once you have a clear picture of the finances you can plan for potential care needs. Consider speaking with an elder law attorney or financial planner about your options. This may include savings or the possibility of Medicaid. It is wise to speak with an elder law attorney in your state about this option. You'll also want to determine if other family members could help pay for care if needed. While your parents may be reluctant to spend their savings on their own care remind them that their comfort and safety is the priority. Many individuals plan for long term care expenses by purchasing Long Term Care Insurance. Policies can vary so it is important to fully understand what kind of care is covered (home care, assisted living, nursing home etc.), the maximum amount the policy will pay for services on a daily and monthly basis, and what the defined benefit period is, which is the total amount the company will offer coverage. Insurance companies typically have certain criteria an individual must meet before qualifying for coverage, such as assistance with bathing, dressing, transferring, ambulating, and eating. When planning financially for care it is important to research and speak with the experts.

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Financial Planning By State
Alabama-Financial Planning and Management Everything from healthcare benefits to housing costs. With some research and by talking to you loved one about their wishes, many families find that planning...
Alaska - Financial Planning and Management Can you afford to retire? Unfortunately, instead of getting simpler, your elder years are perhaps where your financial concerns get even more complicated....
Arizona - Financial Planning and Management Planning for long-term senior care is difficult without even factoring in the costs.  The best way to lessen the stress of paying for long term care is to educate...
Arkansas-Financial Planning and Management As you age, accumulating prescriptions and more frequent doctor's visits prompt the question, "How will I pay for all this?" Everyone needs help...
California - Financial Planning and Management If you are worried about the cost of senior care, it is worth looking into your options early. Investigate the senior care facilities your elderly loved...
Colorado - Legal Resources it's easy to forget that life in retirement brings forth new legal responsibilities that if neglected, can have major consequences. From elder law and estate planning to...
Connecticut - Financial Planning and Management Planning for the Costs of Senior Care Although Medicare and Medicaid can help cover some senior care costs for those who qualify for assistance, they...
Delaware - Financial Planning and Management Researching senior care is daunting and can be intimidating when the personal and financial stakes are so high. The best way to prepare for senior care is...
Florida - Financial Planning and Management In Florida, the population group (age 85 and older) is currently the state's fastest-growing age group by percentage. As people become older, the need...
Georgia - Financial Planning and Management Senior care cost is very dynamic; costs are constantly changing based on degree of care and economic times.  Familiarize yourself with the type of care a facility...
Hawaii - Financial Planning and Management Deciding a family member is in need of senior care is one thing; figuring out the financial cost of care is another task altogether. The cost of senior care...
Idaho-Financial Planning and Management Health care becomes a key financial issue as you age. Accumulating prescriptions and more frequent doctor's visits prompt the question "Can I pay for all...
Illinois - Financial Planning and Management Retirement may seem like the light at the end of the tunnel: the point where years of putting your nose to the grindstone, worrying about taking care of your...
Indiana - Financial Planning and Management As a loved one gets older it is important to discuss care options sooner rather than later. They may be resistant to these types of conversations, but in the...
Iowa-Financial Planning and Management Mounting health care costs can place a huge strain on a senior's finances. Seniors are often unprepared for the burdens they will face as they age and struggle...
Kansas - Financial Planning and Management Senior care costs are expensive and seem to change all the time. The best way to prepare for these costs is to explore each type of care and the financial aspects...
Kentucky - Financial Planning and Management Senior care costs can vary greatly and are typically quite expensive.  The best way for a family to prepare for such cost is to look into each care option,...
Louisiana - Financial Resources Before getting too far into a search for senior care, a family should look into what a senior has covered by insurance or other coverage plans, what type of care a senior...
Maine - Financial: The price of doctors' visits, long-term care,  hospital stays, senior living facilities, procedures, and insurance can add up to an enormous amount of both money and stress for...
Maryland - Financial Planning and Management Senior care decisions can be overwhelming; deciding which type of long term care, visiting facilities, and ultimately choosing the best option requires a lot...
Massachusetts - Financial Planning and Management Planning for the Costs of Senior Care Senior care costs will fluctuate depending on location, the type of care required, and he level of care required. ...
Michigan-Financial Planning and Management In the past year, retirement accounts have declined in value by 18% and retirees everywhere are hurting. In conjunction with increased housing prices, mounting...
Minnesota - Financial Planning The senior care search is difficult enough when you are trying to find a good fit for your loved one, and families are often surprised at the cost of senior care. With a...
Mississippi - Financial Planning When considering the expensive and broad-ranging senior care options for a loved one, families have volumes of information to digest and many important decisions to make....
Missouri - Financial Planning Senior care costs are expensive and fluctuate quite a bit from one facility to the next, depending on the kind of facility, the locations, and the type of care needed. For...
Montana - Financial Planning As the search for senior care begins, one of the earliest things a family will realize is that senior care is expensive.  Find out what coverage is available to your loved...
Financial Planning and Management Start thinking about finances and paying for senior care expenses. Figuring out how to pay for your or a loved one's expenses as they age can be a little daunting....
Nebraska - Financial Planning Senior care is expensive and costs can vary greatly, so it is very important for a family to familiarize themselves with the price of care before they begin their search....
Nevada - Financial Planning and Management The senior care search is not the easiest process and once cost is added to the equation, stress often increases.  The best way to deal with such an issue is...
New Hampshire - Financial Planning and Management Planning for the Costs of Senior Care Searching for senior care is certainly stressful, and the high cost of senior care is often a surprise to families....
New Jersey - Financial Planning and Management Knowing the cost of senior care is crucial to making the best decisions for your family. Once you understand how much money you will need, you can start...
New Mexico - Financial Planning and Management The words "affordable" and "retirement" aren't often used in the same sentence, and the fluctuating costs of senior care makes families...
New York - Financial Planning and Management Planning for the Costs of Senior Care As you start your search into different senior care options, it is important to understand the difference in each type...
North Carolina - Financial Planning Discussing a senior care plan is often a tough conversation to have with an elderly loved one, but it is necessary. It may be awkward to bring up, but it is important...
North Dakota - Financial Planning The search for appropriate senior care is stressful and the high cost of care sometimes comes as a shock to a family. But costs will vary depending on the type and the...
Ohio - Financial Planning and Management In today's economy, money matters seem to be all on everyone's mind, and for families trying to plan for affordable senior care, the topic is that much...
Oklahoma - Financial Planning The search for senior care can be intimidating, especially when it comes with a high price tag. By understanding the care your loved one requires and finding any existing...
Oregon - Financial Planning and Management Planning for a financially stable retirement is an intimidating and stressful concept for many when so many questions about health, rising senior care costs,...
Pennsylvania - Financial Planning and Management Paying for senior care typically covers a whole range of things including housing, medical expenses, prescriptions, caregiver wages, and transportation...
Rhode Island - Financial Planning and Management Planning for the Costs of Senior Care When you are looking for the best senior care options, many factors are important in the decision-making process....
South Carolina - Financial Planning and Management Planning for the Costs of Senior Care When considering how to pay for long-term care, it is important to consider all available options. It is best...
South Dakota - Financial Planning An early understanding of the financial side of senior care is essential to avoiding unwanted surprises down the road.  The best way to prepare for such costs is to understand...
Tennessee - Financial Planning and Management The senior care search process is not typically easy, especially once the cost of senior care comes into play. Several options do exist and costs will vary...
Texas - Financial Planning Senior care costs always seem to be on the rise, but if a family can plan ahead and become educated in the different types of care and what level of care their loved one needs,...
Utah - Financial Planning and Management Many people are shocked to find out how much senior care really costs. Senior care can become a very significant financial responsibility, but if you do research...
Vermont - Financial Planning and Management Planning for the Costs of Senior Care The right senior care option for the senior in your life depends on many factors, one of the most important being affordability....
Virginia - Financial Planning Many people are surprised to learn that senior care is quite expensive. It is stressful enough to find proper care and factoring in cost does not help. While any family works...
Washington D.C. - Financial Planning and Management Planning for the costs of senior care is challenging, but one that can be done with some research and some advance planning. Washington DC senior care...
Washington - Financial Planning and Management Retirement is notoriously difficult to plan for and it does not come cheap.  Seniors have to figure out how to maintain a comfortable lifestyle while major...
West Virginia - Financial Planning The search for senior care reveals an often-hefty price tag on options, but seniors may be covered by insurance or other health care. Senior care costs depend on many...
Wisconsin - Financial Planning and Management Senior care is one of the largest financial burdens on the family of an aging loved one. Senior care costs vary based on the type of care needed and your...
Wyoming - Financial Planning When you are not exactly sure what you need, planning for senior care costs can be overwhelming. But a little research and planning now will save you an enormous amount of...
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