A Brief Overview and Checklist:

The Big Picture:

As the “Baby-Boom” (1946-1964) and “Generation X” (1965-1980) generations grow older, they can find themselves dealing with obtaining the proper care for elderly parents at the very same time they may be trying to enjoy their own retirement years. The primary reason for this is the dramatic improvement in life expectancy that has occurred over the last 100 years. Longer lifespans now ensure that two generations of retirees will coexist within many families. That means that most of us will retire while our elderly parents are still alive. This is due to the fact that the 85+ age group will be the fastest growing in the U.S. over the next 25 years. For this group, approximately 50% will live well beyond age 85 as their children enter their own retirement years.

A Checklist for Planning Care Issues:

***Analyze potential long-term care costs and funding alternatives

***Provide quality care and assistance (“Eldercare”) for daily living needs:

---- Organization of all personal information for easy access

---- Hospitalization oversight and assistance with payment of medical bills

---- Claims assistance for coverage under Medicare and Affordable Care Act

---- Evaluation of in-home care providers and long-term care facilities

---- Management of sale of any real estate and non-essential assets

---- Resolving any disputes among siblings regarding care choices

---- Arranging for ongoing travel, medical, and social needs

---- Reviewing and updating estate planning documents: wills, powers of

attorney, and medical directives, etc.

Cover these Areas As Needed:

Adult Day Care / Respite Care
Bill Payment / Household Financial Management
Companion Services
Financial Planning
Geriatric Assessment / Evaluation/ Care Management
Home / Safety Monitoring
Home Healthcare (Medical)
Home Renovation / Maintenance
Homecare (Non-Medical)
Homemaker / House Cleaning
Hospice Service
Insurance Services
Live-In Home Care
Meal Preparation
Personal Care (e.g. Bathing, Toileting or Grooming)
Rehabilitation Services (e.g. Physical Therapy)
Transition Services ( e.g. home sale, relocation, downsizing or asset liquidation)
Transportation (Non-Medical, e.g. errands, shopping)
Transportation (Non-Emergency)
Visiting / Private Duty Nursing
Visiting Physician / House Calls
Assisted Living Facilities
Continuing Care Retirement Communities
Hospice Care Facilities
Independent Living Communities
Nursing Home Facilities
Skilled Nursing Facilities (for recovering patients)

It can be hard work, so you may want and benefit by obtaining help from a qualified financial professional that specializes in eldercare planning. Planning for and taking care of some of these issues before they arise will improve the future quality of life for all family members.

Greg Tinaglia

(last updated 10.03.2015)