Eldercare Financial Planners (EFPs) can help any family, even those in seemingly impossible situations, develop an affordable financial plan so their loved one receives the care they need. EFP perform the following:

  • Identify all financial and care options for which a family is eligible.
  • Explain the relationships between options as the use of one resource can make a family ineligible for another.
  • Develop a monthly or yearly plan with costs and resources that pay those costs.
  • Maximize the use of public resources to preserve a family’s assets for future generations.

For families doing longer term planning, EFPs are able to minimize caregiving hardships and create a plan that allows a senior to live in the geographic and residential location of their choosing. Public benefits counselors from the Area Agencies on Aging may help for financial planning for long term care as well. However, some AAAs are backed up with too many clients and others may only be knowledgeable about the benefits available to families through their specific AAA. EFPs are able to the look across the spectrum of options and devise the best plan.

Eldercare Financial Consultants have the same qualifications as Eldercare Financial Planners but offer a different service. Rather than develop a financial plan for the family, they educate the family on how to develop a plan themselves. By working with a consultant for a short engagement and taking on the planning responsibility themselves, families can save thousands of dollars and avoid or limit the amount of expensive elder law attorney time required. Not all Financial Planners will offer consulting.

There are 3 types of qualified financial professionals. Certified Financial Planners, Personal Financial Specialists (the designation for CPAs), and Chartered Financial Consultants (the designation for insurance agents).

How They Work
Typically an EFP will offer a free initial consultation in which they’ll ask questions about the senior’s health, financial assets and personal and family history. Based on that interview, they able to determine the time and cost necessary to create the plan. Once agreed upon, they’ll conduct a more in-depth interview, review financial documents and finally present the plan to the family and make any necessary modifications.

Also Known As
Eldercare Financial Planners are referred to by many names according to their professional backgrounds. The most common are estate planners and financial advisors. Some Geriatric Care Managers also provide financial planning.

Costs of Eldercare Financial Planners
Eldercare Financial Planners are private pay and the cost to develop a plan varies widely. A professional plan put together by a certified Financial Advisor can cost several thousand dollars. Persons knowledgeable, but not certified, typically provide the same service for 20-40% less. Geriatric care managers may include financial planning as part of their larger care management offering. Finally monthly subscription services are available for around $25 / mo. They provide email and phone access to certified financial professionals for questions but they do not develop a comprehensive plan.

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