Managing Money -- A Caregivers Guide to Finances: Part 1

If you or someone you know is facing Alzheimer's disease, dementia, or another chronic illness, it's never too early to put financial plans in place. Join us to learn tips for managing someone else's finances, how to prepare for future care costs, and the benefits of early planning. 

Chat Transcript

18:04:26     From  Steve Gurney - ProAging Community : http://talloaksal.com/know/

18:08:33     From  George Sarkees   to   Hosts and panelists : I'm a caregiver for my partner with parkinson's disease.  Can you please give me an idea of how much money I should have set aside to pay for long term care if I need to pay for it?

18:12:24     From  Angela Baker : yes, we see it

18:12:28     From  Timothy Hosek   to   Hosts and panelists : I can see it

18:20:12     From  Barbara Marple   to   Hosts and panelists : I have time to hear about finance not types of Alzheimer’s. Can this be covered at the end?

18:27:11     From  Barbara Marple   to   Hosts and panelists : I don’t see anything new in chat

18:27:16     From  Steve Gurney - ProAging Community : About Cost of Care Survey

Since, 2004, Genworth has tracked the cost of long term care services nationwide to help families understand and plan for their long term care needs. Conducted annually by the CareScout®️ research team, the survey results have become the foundation for long term care planning. Get answers to frequently asked questions and additional details into the research methodology used for the Genworth Cost of Care Survey.  https://www.genworth.com/aging-and-you/finances/cost-of-care.html

18:29:14     From  Mary Hynes : Audio is bad

18:29:20     From  Angela Baker : It impossible to understand

18:29:21     From  Christine Dolan   to   Hosts and panelists : I can’t hear the video…..

18:30:50     From  George Sarkees   to   Hosts and panelists : Can you provide references of elder care financial planners?  I've had a very very difficult time finding one and I still have not found one.

18:32:35     From  Leslye Lawson - Tall Oaks Assisted Living : To give an idea of cost of memory care in the Reston, VA area, depending on care needs and apartment styles, Tall Oaks,  offers affordable Memory Care starting at $200/ day.

18:33:09     From  Bonnie Elliott : Thank you Steve! I just looked at MD and the numbers are from 2021 - many communities have increased rates by 6% or more due to COVID impacts. Also counties differ and of course assisted living and memory care cost depends on the type of room, amenities, care level, etc.

18:34:32     From  George Sarkees : Leslye Lawson, yes that's right, and my partner and I have to pay out of pocket because we don't qualify for medicaid that's why I need to know the total amount of money I would need to pay for his care until he dies (to be honest).  Is that 400K, 300k, I have no idea.

18:40:40     From  George Sarkees : LOL can i be honest.  This is more scary than helpful.

18:43:03     From  Angela Baker : George, it is a very difficult situation to be in. Reach out to your local Capital Area Agency or Aging and also get Steve's Sourcebook and look into resources that may be available to you for little to no cost. It's never too late for some type of planning.

18:43:24     From  Leslye Lawson - Tall Oaks Assisted Living : Hi George. It is scary, but there is HOPE.  We discuss the truths about Alzheimer's and Dementia, which are hard to hear, but once we accept them we can better prepare ourselves not only financially, but emotionally  and spiritually.

18:44:57     From  Nicole Kastle   to   Hosts and panelists : Can anyone recommend a good doctor to conduct a screening for dementia?

18:47:24     From  Angela Baker : everyone!

18:48:28     From  Leslye Lawson - Tall Oaks Assisted Living   to   George Sarkees and all panelists : Our goal is to help you to provide the best quality of life for yourself and your loved one and help to prevent avoidable crisis situations in the future.   You are not alone in your fears.  I can provide you with some support groups that can help you through this journey.

18:48:29     From  Bonnie Elliott : Well said Leslye! We help families every day who haven't planned, then the crisis happens and they are put in a reactive position that is stressful and overwhelming. There are many resources out there but planning is key even though it's not easy to predict what will happen and what the needs will be.

18:50:19     From  Mary Hynes : Pretty garbled now

18:57:54     From  Leslye Lawson - Tall Oaks Assisted Living   to   Nicole Kastle and all panelists : Hi Nicole, I am happy to share the neurologist my family went to for my father.  I can also share with you Tall Oaks physicians.   What is your email?

18:57:56     From  Angela Baker : At that point, they probably have no capacity and are not in a position to make legal decisions for themselves. Then, it becomes very difficult.

18:59:04     From  Angela Baker : Try Mint

18:59:26     From  Angela Baker : Mint for financial management is pretty easy

18:59:42     From  Nicole Kastle   to   Hosts and panelists : Thank you, Leslye! It’s nicolemichellekastle@gmail.com

19:00:14     From  Aaron Schulman   to   Hosts and panelists : 800-272-3900

19:00:15     From  Steve Gurney - ProAging Community : Find a DMM (Daily Money Manager) in Your Area https://secure.aadmm.com/find-a-dmm/

19:04:29     From  Steve Gurney - ProAging Community : Brain Health & Psychiatry Center  https://www.counterpointhealthservices.com/brain-health-psychiatry-center/

19:05:07     From  Steve Gurney - ProAging Community : resource for screening for dementia

19:05:30     From  Barbara Tourtelot : Thanks, Angela!

19:05:57     From  George Sarkees : How are people paying for this care?  73K is not affordable for the vast majority of people.

19:06:33     From  George Sarkees : No one can prepare for their loved one needing 100K a year in care.

19:07:49     From  Angela Baker : Honestly, these conversations should happen well before a diagnosis when there are more options on the table.

19:08:13     From  Steve Gurney - ProAging Community : Long-Term Care Insurance: Live & Interactive Discussion https://www.retirementlivingsourcebook.com/videos/long-term-care-insurance-live-interactive-discussion

19:09:05     From  George Sarkees : Long term care eventually stops paying out.  It could be 200K they top out at but they don't pay indefinitely.  

19:09:52     From  Steve Gurney - ProAging Community : John Milton Hinkle 07:08 PM 

Buy Long Term Care insurance! I have been selling LTC insurance since 1987!   John Hinkle Financial Services

19:10:14     From  Angela Baker : George, that depends on the contract in place. Lifetime contracts are still in place for some people, but are not sold any more. The longest policies, on average, are about a 5 year term.

19:10:59     From  Angela Baker : Yes John, please consider adding some LTC insurance to your planning.

19:11:14     From  George Sarkees : Angela, that's correct.  But at my partner is 70 with parkinson's, he can't get long term care insurance. 

19:11:41     From  Angela Baker : True. Once you have health issues, you are no longer insurable.

19:12:04     From  John Milton Hinkle : Buy Long Term Care insurance! I have been selling LTC insurance since 1987!    John Hinkle Financial Services

19:12:17     From  Barbara Marple   to   Hosts and panelists : Thank you all

19:12:20     From  Angela Baker : Thank you everyone! This is so very important!!!

19:12:39     From  Bonnie Elliott : Don't forget VA Aid and Attendance for Veterans, spouses and survivors!

19:12:54     From  Angela Baker : Absolutely important!!!

19:13:21     From  Bonnie Elliott : In MD there are counties that offer a group home subsidy of $100 per month

19:13:33     From  Bonnie Elliott : 1000 per month!

19:13:46     From  Mary Hynes : Will you send the video for part 2 to all of us?  I can’t come

19:13:52     From  Angela Baker : Thank you!

19:13:52     From  Janet S. : Thank you very much for the program!

19:13:58     From  Nicole Kastle   to   Hosts and panelists : Thank you everyone!!!

19:14:02     From  Barbara Tourtelot   to   Hosts and panelists : Dan, Aaron, Leslye and Steve, THANKS!!!

19:14:03     From  Mary Hynes : thanks

19:14:03     From  George Sarkees : bye thanks.