7/24/2009

medicare part b supplemental insurance plans


To produce more income, you can convert investments to generate more cash flow or decide which assets to sell, or spend down, to meet the new financial demands. In making these decisions, don't forget to consider all costs involved, and determine the true net benefits and/or returns of any new choices made with the proceeds. Do a thorough cost-benefit analysis or ask a professional with elder care financial expertise, experience, and legal fiduciary obligation, to help you do it. You might also want to talk with an elder care attorney, geriatric care manager or financial planner.

When making these crucial care and financial decisions, avoid band-aid solutions. Denying future circumstances can be financially devastating down the road if you don't consider them now. Determining the best solutions requires comprehensive, objective planning, to ensure needs are met, resources are not exhausted, and all cost-effective strategies are utilized.

One last point: there are also strategies that can be built around incorporating the resources of the family (i.e., time and money) to take advantage of a variety of available options, such as sharing the caregiving duties and/or costs. But don't forget the bottom line: these financial decisions should be based on the needs of the individual who need care!



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