• Financial Planning Do's & Don'ts in Today’s Economic Crisis
• Financial Planning: What Those Professional Designations, Credentials & Titles Really Mean
• Who Can You Trust for Financial Advice?
• Advice for Seniors: Managing the Financial Market Turmoil & Economic Crisis
• Seniors: When is it Time to "Let Go" of Control?
• The Real Cost of Reverse Mortgages
• Fund Unexpected Elder Care Costs with Your Personal Resources
• Paying for Senior Care with the Inheritance
• Lessons I Learned after My Father’s Death
• Thinking of Selling Your House? Read this First!
• How Much Can You Save with Advance Planning?
• How to Pay for Long-term Care without Breaking the Bank
• What’s in Your Parent’s Wallet? (And What That Means for You)
• Financial Planning for the Elderly: Assisting Clients & Their Caregivers
• Financial Planning for the Elderly: a Personal Perspective

COMMENTS
3 Responses to “Fund Unexpected Elder Care Costs with Your Personal Resources”

1. Pamela Pope Says:
   

   Suzanne,

   Great article. Thank you for mentioning the importance of evaluating the "true costs" of reverse mortgages and seeking alternatives to financing aging in place.

   Reverse mortgages are becoming the panacea to aging in place needs and frankly it is an easy solution though for some it may be a temporary one.

   As an elder care and aging in place consultant I work to help seniors and the people who care for them pursue and evaluate a variety of options to age in place and manage elderly health care challenges.

   Thanks for offering good financial information with a holistic approach.

   All the best,
   Pamela
   Lead Elder Care Strategist

2. Tim Colling Says:
   

   You mentioned: "these financial decisions should be based on the needs of the individual who need care!"

   That's true... however, the purpose of advance planning for those financial concerns ALSO includes planning (for example, via Long Term Care insurance) to mitigate the otherwise devastating consequences of that cost of care upon the surviving spouse. Just as purchasing life insurance was a matter of fulfilling your responsibilities when you're young, buying LTC insurance is a similarly responsible action to take in your later years (or, preferably, even before then, when it's less expensive!)

   Great article, though. I enjoyed it!
   - Tim
   Co-Founder and President
   A Servant's Heart Senior Care

3. Suzanne Wolfson, MBA, CFP Says:
   

   Pamela and Tim, thank you for your comments. In regards to what Tim said I would like to clarify my point. I am a huge proponent of advanced planning. (Please see my other articles in this column.) However I am also well aware that advanced planning is also frequently difficult to convince people to do. A lack of advanced planning creates consequences that are devastating to all. In this posting and in the sentence which you reference I am merely reminding people that when they are forced to make unpleasant financial decisions that they should always consider the needs of the aging individuals and their dependents (i.e., the spouse)...first and foremost!

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