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Financial Pre-Planning for Long-Term Care

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Dogan Kokdemir
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Financial pre-planning for long-term care can save hard-earned money.

Financial planning is very important at any phase in life.  It becomes even more important when older adults have to make crucial decisions relating to long-term care.  Pre-planning helps when the time comes to seek long-term care. 

Jordan Smith, a financial planner for senior citizens, explained that many times people may suddenly enter a long-term care facility without any financial pre-planning.  In those instances, financial advisors for senior citizens could provide crisis planning.

“We just go in simply and develop strategies to help avoid the spend down," said Jordan Smith. "That way, they're not having to pay out of pocket the five or six grand a month the nursing home stay costs."

Smith advised that families should consult with more than one financial advisor to avoid getting scammed.  Patients and families should know “the right questions to ask” to get the most out of financial planning. 

When people are placed in specialized long-term care facilities for dementia and Alzheimer’s Disease, pre-planning becomes crucial. 

031218_AssestManagement_JordonSmith_podcast.mp3
Podcast interview with Jordan Smith.

Financial pre-planning is often as important as preparing a living will.  It is all about preparing for a time when one may not be able to make independent decisions.

Anita Sharma Ph.D., LCSW, is a Gerontology and Social Work Educator, Researcher, and Practitioner. She holds an M.A. in Medical and Psychiatric Social Work from the Tata Institute of Social Sciences, a prestigious social sciences university in India, a Master of Social Work (clinical practice) and a Doctorate in Social Work from Florida State University, Tallahassee, Florida. She is a Licensed Clinical Social Worker in Louisiana and serves as a pro bono consultant to various agencies.
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