Eldercare

Whether you are making arrangements for the care of elderly parents or making arrangements for your own late-in-life care, the help of an experienced financial consultant can make all the difference. There are many factors to consider when planning for eldercare. At James T. Borello & Co., our consultants are experienced in working with both children of aging parents and individuals interested in pre-planning for their own care. We explore a variety of options with our clients and work with you to make sure both your financial and care needs are met.

Eldercare Considerations

As we get older, a number of issues come into play. Chief among these are financial and medical concerns. While many people consider retirement planning essential, planning for long-term care and incapacity are often overlooked. Should you or your parents require long-term care later in life, the cost of such care can quickly erode any retirement savings. Consider the cost of nursing home care. According to MetLife, the average cost of staying in a nursing home is $213 a day, or $77,745 a year. It’s only logical to plan ahead for those high costs should they become necessary in the future.

Eldercare Planning Options

A key element in any eldercare plan is long-term care insurance. Long-term care insurance helps pay for nursing care, in-home care, adult day care and other types of assisted living services that are not typically covered by health insurance or Medicare. Unlike Medicaid, which has maximum asset requirements, a long-term care policy pays out regardless of your financial circumstances.

At James T. Borello &Co., we are familiar with the complexities of long-term care policies, and as insurance advisors, we can advise our clients about proper options. Contact us to learn how we can help you make eldercare plans for yourself or your aging parent.