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Planning Ahead for Long Term Care Expenses for Assisted Living Residents

2/12/2013 by jhblogger

     The key to being prepared for the future of your loved ones care is advanced planning. First things first, gather financial and legal documentation which will include:

will, powers of attorney, bank account statements, ownership statements (car/ home), pension benefit summaries, Social Security payment, stock and bond certificates, and insurance policies. All of these documents will be helpful in estimating how many years of finance your loved one may have to pay for care and to identify documents that still need to be completed. You will also want to gather these documents to complete skilled nursing facility applications, the VA pension application (if applicable), and eventually to apply for Medicaid.

The costs you will want to consider and calculate for the future will be medical treatment, prescription drugs, personal care supplies, and the cost of care for Assisted Living and Skilled Nursing Facilities. Now is also the time to tour skilled nursing facilities and place your loved one on waitlists. Although the person may not be ready for this care now, completing applications and choosing the right facility take time. This step in planning will hopefully avoid it having to be done in a crisis situation. It is best for the person to be on at least three waitlists, as your first choice facility may not have an opening when the time comes for your loved one to need placement.

You may also want to find out about financial assistance programs that can help extend financial resources within Assisted Living. There are three programs that are available to assist with the payment of care. The Connecticut Home Care Program for Elders, the Pilot Program, and VA Aid and Attendance. Choosing a new prescription plan during open enrollment may also alleviate some unnecessary expenses. For more information on any of these programs please call Kate Lubin, MSW at 860-356-8281.


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