Coleman Adult Day prides ourselves on affordable care for adults with developmental disorders, dementia and Alzheimer’s, with an intimate staff-to-client ratio of 6:1. From registered and licensed nurses who can administer medication, address emergencies, manage daily health needs, assist with bathing and other hygiene services to socialization, nutritious meals, activities, outings and more – clients get the services and care they need at Coleman, without a hefty price tag.
We want Coleman Adult Day to be available to all. We are happy to help you secure funding assistance through grants. Title 20 grants can help you afford three days of Coleman Adult Day visits for only $55 per week. If you and your family could benefit from our services, we want to help you receive them. Coleman also partners with Affinity Advisory Network located in Canton to educate our caregivers about protecting their assets, qualifying for state and federal benefits to cover long-term care costs and more through free seminars.
Financial planning for loved ones goes beyond making sure you can pay for the adult day services they need. It also encompasses all of their daily living needs. Learn more about financial planning for a loved one, then contact us to talk more about your options and to discuss your funding and assistance options for adult day care.
Tips for Financial Planning for Loved Ones
1. Stick to a budget
Your loved one may be on a fixed income or rely on family support. If you currently find it difficult to pay for all their needs every month, creating a written budget and spending within its limits can help to decrease financial problems. Start with your total income and subtract total expenses each month. Try using an online budgeting program to plan for all your fixed and variable expenses. These programs can also track your spending by category to help you to stay on course.
2. Plan for the future
From saving for retirement to making sure you have a clear plan for what should happen to your loved one if you pass away or become incapacitated, planning for you and your loved one’s futures is an important part of financial planning. Individuals who work in the private sector might be offered either a 401(k) plan or some other type of profit-sharing plan by their employers. In the nonprofit sector, individuals may have access to a 403(b) plan and public servants will probably have the option of participating in a 457(b) plan. These plans are important savings vehicle for retirement. In addition to a retirement savings plans, determining a set amount that you or your loved one can set aside monthly can help you save for long-term care. While a nursing home or skilled nursing services that might not currently be needed, it may be necessary later down the road.
3. Do your research
You can’t predict when your loved one will become ill and need long-term care, but knowing how much each option costs will go a long way toward planning for the future. In 2018, the national, monthly median for nursing home care was $7,441-$8,365, while the median for assisted living was $4,000. While Medicare can offer some financial relief, it is not intended to provide a long term care solution and is designed for those who need skilled nursing care for a limited time. As for Medicaid, estimates vary in the U.S., but it can pay between 45% and 65% of the total nursing home costs. Learn more about paying for nursing home care and the roles of Medicare and Medicaid. Is your loved one a Veteran? There is a pension benefit called Aid and Attendance that provides money to Veterans who need assistance performing everyday tasks. Additionally, Adult Day Health Care is part of the VHA Standard Medical Benefits Package. All enrolled Veterans are eligible if they meet the clinical need for the service.
4. Be knowledgeable of your investments
Can you name three investments in you or your loved one’s 401(k) account? Do you know the risk tolerance of your investment portfolio? It is important that you are knowledgeable and confident in your investment plan. Talk with an experienced professional to determine the investments and risk tolerance that are appropriate for you and that you’re comfortable with. A diversified investment portfolio that will help you achieve your goals and objectives.
5. Outline the care for your loved one
Make sure you have a clear plan for what will happen to your loved one if you pass away or become incapacitated. If you are able to, buy life insurance when you’re young when it could be cheaper. Set your beneficiary designations to include your loved ones who rely on your support. Often individuals are shocked when they check their beneficiary designations to be a deceased family member, ex-spouse, or even a blank line. Also make sure you have a will that outlines your wishes for the care of your loved one amongst other personal wishes. Leaving a plan and funds to be allocated to these programs that will care for your loved one after you’re gone will help ensure that they stay thriving.
What’s Next?
Now that you’ve gained some helpful tips about financial planning, it’s time to get started. Whether that means starting at the beginning by creating a budget or reading up on your current investments, reach out to the experts at Coleman Adult Day to be connected with additional planning resources.