Long Term Care / Eldercare Financial Planning: Public & Private Assistance Options
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.
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||Read more or locate a Medicaid Planning professional in your area. |
|Veterans Benefits Advisors - are 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+