A Care Planner has to have a genius for innovation. You do not have to be Steve Jobs but you must be able to take a complex problem in a family and come up with a really creative way to solve that problem.This is a geriatric care management tool that is hard to learn to use.You not only have to know your resources in the community and the family you serve but be able to shuffle them like a hand of cards and like a good poker player, come up with a hand that really wins for the family.
Ms. Full Charge our trusty Wonder Woman care manager/ geriatric social worker has come up with a totally innovative way to help the Sterling family who was stuck between the needs of the daughter and the unstated needs of the aging mother.
RESOURCES FOR THE STERLING FAMILY:
Financial Planning Resources
The discussion around financing Mrs. Sterling’s long-term care needs is one that Jane would prefer to avoid. Mrs. Sterling owns her own home worth $700,000, as well as having another $800,000 in savings. Her income is ample to cover her current expenses but in order to pay for additional care, Mrs. Sterling would have to “dip into” her principal assets. Mrs. Sterling has not been willing to do that since, after all, she and her husband worked very hard so that they would not have to be dependent on others. Additionally, Mrs. Sterling wants to be able to leave a legacy to her grandchildren and make sure her son Michael will always be taken care of. Just thinking about how she will approach this topic with her mother contributes to Jane’s procrastination. Understanding this dynamic, the care manager customizes the recommendations.
Mrs. Sterling admits she can no longer take care of her finances. Her eldest son had stepped in at the time of his father’s death to manage her finances. With her son’s agreement, the care manager recommended a certified financial planner (CFP) who has worked with similar families to help Bob devise a plan. The goal is to ensure that additional revenue is generated to help pay for the needed care without having to touch the principle or equity in the home. The plan also included providing his mother, in the form of a loan, with a monthly stipend to ensure that she will have enough to pay for the appropriate level of care. His siblings understand that although Bob is willing to “lend” his mother a monthly stipend, once she dies, he will be repaid by her estate.
Bob and Jane understand the expenses involved in long-term care. While it is too late for their mother to take advantage of the value of a LTC insurance product, both Jane and Bob may benefit from learning about their options. The care manager provided them with referrals to qualified long-term care insurance agents.