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Long Term Care / Eldercare Financial Planning: Public and Private Assistance

Page Reviewed / Updated - Jan. 2014

Planning for the financial aspects of long term care is complicated and finding professional assistance is a smart approach. There are public agencies and private organizations that offer assistance at no charge as well as private advisors that charge incrementally for their assistance. Select from the types of eldercare financial planning assistance listed below and use the links in the right column to find assistance in your area.

If you require help finding affordable home or residential care, please visit our Finding Affordable Elder Care page.

 

What They Do Pros and Cons Costs How to Find Assistance

Resource Locator Tool

Online tool that helps families identify relevant local, state, national and private assistance programs

-Fast, free and simple to use

-Cannot resolve conflicting eligibility requirements

-Provides a list of possible options. Users must take the information and develop their own plan.
Free Click here to use the Eldercare Resource Locator Tool

State Social Service Agencies

Local Area Agencies on Aging and Aging and Disability Resource Centers help families to identify assistance programs for which they are eligible.

-Strong knowledge of local assistance programs.

-Less knowledge of national & veterans assistance and larger financial planning

-Cannot legally advise on how to qualify for Medicaid or veterans benefits

-Often under-staffed. Long wait times for appointments
Free Click here to read more or to find your local social service office.

Elder Care Resource Planners

Help families identify all possible financial and assistance options and build a plan for later life care

-Provides comprehensive view of all possible forms of assistance

-Inexpensive and very thorough

-Provide a plan but clients must take action themselves to implement the plan
$500 - $1,500 Click here to learn more or be connected with a Elder Care Resource Planner in your area

Medicaid Planners

Help families, who otherwise would not be eligible for Medicaid, to qualify by restructuring their finances

-Focused only on Medicaid, might not be aware of other forms of financial assistance

-Help families preserve their assets

-Greatly increase the chance of being approved for Medicaid
$2,000 - $5,000 depends on services provided & amount of assets

Learn if you're eligible for Medicaid and find help qualifying.

Read more about Medicaid planning services.

Geriatric Care Managers

Primarily retained to manage the care of a loved one, many care managers also provide assistance on the financial planning side. 

- Very knowledgeable about care needs, local cost of care and care providers

- Typically nursing or social work background not financial planners

- Greater knowledge of local assistance programs

- Care management and financial guidance services come bundled
$50 - $200 / per hour

Search our database of geriatric care managers with financial expertise or search the national association's database of managers (though not necessarily with financial planning expertise).


Veterans Benefits Advisors

Accredited by the VA to help veterans understand benefits, eligibility and to assist them in preparing documents for applications.

-Focused only on veterans benefits, might not be aware of other financial assistance

-Can reduce time required to apply for and receive benefits

-Greatly increase chance of being approved

-Legally, they cannot charge for application preparation but can for planning help
Free - $2,500 depends on services provided.  The National Care Planning Council provides a list of local Veterans Benefits Advisors.  How to Apply guides are also available for self-planners.

Financial Planners

Trained and certified professionals help families with financial assets to prepare for aging and long term care

-Focused on middle and higher income families

-Lack knowledge of local and low income assistance programs

-Can preserve assets for future generations

-Can be expensive

$2,500 - $5,000+

 

Click here to learn more or be connected with a Financial Planner in your area.

 

 

Search our database of local, state, federal and non-profit financial assistance programs for assisted living, in-home and Alzheimer's care. Discover those programs for which your family is eligible.
Get the most from your health coverage by understanding Medicare, Medicaid and veterans benefits for home and residential care and for making home modifications which enable your loved to age in place.
Use our free service to find the most affordable, high-quality assisted living, home care, adult day care and nursing homes in your city or town.
Discover creative ideas for lowering the cost of senior living and in-home care including negotiating tactics, tax breaks, respite care, low cost or free medications and many other ideas.