“An ounce of prevention is worth a pound of cure.” ~ Benjamin Franklin
Family caregivers, we see you. There are medical appointments to schedule, insurance invoices to reconcile, medication to administer, groceries to buy, meals to prepare, laundry to wash. You also have a home to maintain, and the car needs an oil change and tires rotated. There are finances to manage and bills to pay. All this in addition to caring for your partner or parent. And if you’re lucky, you can get some respite and a little self-care time.
Amid daily responsibilities and within your role as a care partner, do you also find yourself worrying about who would manage all this on behalf of the person in your care if something were to happen to you?
Do you have a plan in place if you have an accident requiring hospitalization or long-term care? A cancer diagnosis with your own appointments and medications to coordinate? An illness that requires a period of bed rest and healing? Or if you were to pass away?
We’ve helped many family caregivers who haven’t planned for contingencies. They come to us in a time of crisis, and the emotional, physical, and financial strain can be daunting.
Contrast that with those who are proactive with “What if” or contingency planning. It brings great peace of mind when their own health care needs changed while also caring for a partner, parent, or friend.
Here is a quick review of the key areas to think about as you prepare your “What if” planning:
Legal paperwork. Have you completed your estate planning documents (power of attorney, will, and advanced directives)? If so, have you reviewed them lately to make sure they still reflect your wishes? Pay particular attention to who you named to be your decision makers if either of you are not able to serve in this role for your spouse or parent.
Finances. Make sure you understand your financial situation. What is your monthly income? Do you have long-term care insurance? If so, do you understand what it covers? When does it kicks in? How much money would you receive? If you don’t have long-term care insurance, how much do you have saved to pay for long-term care costs? How many years of care would this savings cover?
Your care recipient’s living arrangements. If you are the primary caregiver, who will assume these duties in your absence? How much care would they need? If they live at home, would it be practical for them to remain at home if you were no longer there? Or would it be better for them to move? Could he/she live with family? Would a retirement community be a better match? Would memory care or assisted living be the best fit?
Your care recipient’s medical needs. If you weren’t around, who would take you’re the person in your care to medical appointments and coordinate with his/her doctors? Who would ensure their medical needs are being met and that the doctor’s recommendations are being implemented?
Daily money management. In your absence, who would pay the bills, balance your checkbook, and ensure your taxes are paid? Who would coordinate with your financial planner and accountant? Who would oversee home maintenance tasks? A professional fiduciary can help with all these tasks and can be an invaluable part of your contingency plan.
Your own mortality. End of life planning is a “to do” list task that is commonly avoided, but this planning is essential. Now is the time.
Care Management. If you need help working through these questions, possible scenarios, and developing a contingency plan, an Aging Life Care Professional (aka Care Manager) can be an invaluable resource.
At Aging Wisdom, our Certified Care Managers have the knowledge and experience to help you understand your options, the costs, and what might make the most sense given the personal needs, preferences, and the financial situation of the person in your care. We can help you make a plan and connect with allied professionals such as elder law attorneys and fiduciaries. We can also step in on your behalf: coordinating medical care, accompanying your partner or parent to medical appointments to ensure his/her medical needs are being met and that the doctor’s recommendations are followed.
Together we can create a contingency plan that will help you sleep at night, knowing there is a road map in place to ensure your spouse or parent is well cared for in your absence. Your Care Manager will also ensure you are making yourself a priority during this stressful time. You don’t have to do this alone.
Ready to map out a contingency plan? We’re here to guide your “just in case” plan and help you sleep better at night. Click here to schedule a get-acquainted call with one of our Certified Care Managers.
