Financial planning is very important at any phase in life. It becomes even more important when older adults have to make crucial decisions relating to long-term care. Pre-planning helps when the time comes to seek long-term care.
Jordan Smith, a financial planner for senior citizens, explained that many times people may suddenly enter a long-term care facility without any financial pre-planning. In those instances, financial advisors for senior citizens could provide crisis planning.
“We just go in simply and develop strategies to help avoid the spend down," said Jordan Smith. "That way, they're not having to pay out of pocket the five or six grand a month the nursing home stay costs."
Smith advised that families should consult with more than one financial advisor to avoid getting scammed. Patients and families should know “the right questions to ask” to get the most out of financial planning.
When people are placed in specialized long-term care facilities for dementia and Alzheimer’s Disease, pre-planning becomes crucial.
Financial pre-planning is often as important as preparing a living will. It is all about preparing for a time when one may not be able to make independent decisions.