(Extending Care and Comfort beyond Your Means)

People work diligently and purposefully to secure their future. So many people have visions of peace and prosperity but in reality have their dreams it interrupted by the nightmare of outliving their means to provide for themselves. Who do they turn to — family, friends, and YOU their professional advisor?
For those clients who are outliving their money or soon will outlive their money……….what are you, their professional advisor, going to advise them.
Before answering, let’s look at what we know…
First, Realize that more and more of us should consider the fact that over 10% of all our clients will live past there expected longevity. Since the 19th century, common prolonged existence or longevity is increasing. No longer is, the average male expected to live up until the mid forties, and the average female expected to live until the late forties. Many of our older generation of people born in the 1900s are surviving today. Now, experts find people were living beyond the 70 and 80s. We can now anticipate that most people can live past 90 providing they have quality medical care and their hereditary makeup is healthy.
Second, In keeping with that we can expect that at least 10 percent of our clients needing assistance with their health conditions will run out of money. Financial planning and actuary tables have been to conservative and we could argue the investment too speculative to provide sufficient funds for even longer extended are needs.
Third, expect that in the future government payments i.e. Social security will have later and later qualifying age limits for eligibility, smaller funding levels as a percentage of living wage and thus reducing the amount of available cash flow to the client.
The professional advisor should provide suggestions to manage and budget cash flow, to provide well being care in the most cost effective manner without compromising care, to select appropriate service to meet the immediate need, to preserve the dignity and satisfaction of life.
We take note that some of the services provided by home health agencies may , just may be unnecessary. For instance, “A client wants to remain at home and doesn’t need one on one care giving during the daytime hours.”
Adult day care facilities are available that would be happy to provide supervision at their facility where the client would be in a group setting during the daytime hours along with other clients and can make new friends.
The cost is minimal and a facility can be found close by but the savings are dramatic as compared to a caregiver’s cost during those daytime hours when she/he really is needed as much for activities of daily living but more for companionship.
Some agencies require that their care managers make frequent visits to the client site.
Often a significant expense in addition to the normal costs of hourly care, periodic, necessary, cost containing schedules can be used to achieve the desired results of professional care management.
The use of friends, acquaintances and relatives to provide or supplement care giving can enhance the quality of live providing more than a warm body. With appropriate planning compensation can be provided that is budget minded and satisfies the wage and labor laws.
So, again let’s consider, “What are you, their professional advisor, going to advise the client?” “Better what is your plan today and going forward?” Find your resource make alliances with skilled, competent consultants and provider. Be prepared. Evaluate your client’s situation regularly and listen and watch for signs of pending needs and demands on the financial resource available t your client. For some, we may not be able to avoid a living nightmare but for all we can raise the curtain and let in light. And for many we can provide wisdom, compassion and effective planning to preserve and extend quality of life and care received.