Wealth Planning Insights
The Value of an Aging Life Care Manager
Keith Fenstad, CFP®, July 2024
Recently we spoke with a group here in Houston that employs Aging Life Care Managers to assist individuals and their families through the complexities of elder care.
Care Managers provide expert guidance and support to ensure that older adults receive necessary and appropriate care to maintain a high quality of life. Until meeting with them, we did not fully appreciate the value and breadth of their services.
These professionals differ from other elder care service providers through their comprehensive expertise and advocacy across several key areas:
Health and Disability: Aging Life Care Managers have extensive knowledge of healthcare services, covering physical health, mental health, and dementia-related issues. They can act as advocates by attending medical appointments with their clients and facilitating communication between healthcare providers, the client and their family.
Financial Management: Life Care Managers help manage bills, insurance claims, and other financial matters. They can work with accountants and financial advisors to ensure financial affairs are in order, thus alleviating a family’s burden of managing finances during a challenging time.
Housing: Deciding on the best living arrangement for an aging family member is often complicated. These professionals have in-depth knowledge of local in-home care options and residential facilities. They assist families in understanding these options and finding uniquely suitable living arrangements. This includes the physical move to a new living arrangement to promote a smooth transition or in the case of those remaining in their home, recommending additions or modifications for elder safety, mobility and function.
Family Mediation: Families often face conflict and disagreements when making decisions about an aging loved one’s care. Aging Life Care Managers can serve as mediators to help resolve these conflicts. Their goal is to create a collaborative environment where the family can agree on the best course of action for their loved one’s care.
Local Resources: These professionals possess extensive knowledge of local community resources and programs. They can easily connect aging adults and their families to valuable services, such as community centers, senior programs, transportation services, home healthcare agencies and senior living facilities.
Crisis Intervention: During times of crisis, such as emergency room visits or hospital stays, Aging Life Care Managers can provide 24/7 support. They can design personalized care plans based on comprehensive assessments and recommend modifications as circumstances change. This support is especially helpful for families who live further away and cannot be present during emergencies.
Many families realize they need help when they become overwhelmed taking care of an aging family member.
It is generally time to look for help when the older adult:
Has multiple medical or psychological issues.
Cannot safely manage their current living environment.
Is unhappy with the care they are receiving.
Is unable to manage their financial or legal affairs.
Has limited family support.
Families may also seek assistance when:
They are new to caregiving and need expert advice about available services.
They are exhausted or lack the time, expertise, or resources to manage chronic care needs.
They need guidance in dealing with dementia.
They live far away or are in conflict over caregiving decisions.
Aging Life Care Managers typically charge an hourly rate. Costs vary but typically are in the $100 - $200 per hour range. They can be hired for a single consultation or assessment or for as much care and help as desired.
These costs are not covered by Medicare nor most private health insurance or gap policies. Some long-term care insurance policies, however, may cover some of the costs.
Aging Life Care Managers can play a vital role in elder care. They provide comprehensive support across various areas, ensuring that older adults receive the care they need while offering families peace of mind. Their expertise, advocacy, and coordination of services make them an invaluable resource for families navigating the complexities of aging and elder care.
If you would like to learn more, we would be happy to discuss further and make an introduction to a provider. Situations like these and others related to aging are a growing focal point of Tanglewood’s planning and services. This is such an important area that we are planning client meetings this fall to introduce several of the providers and discuss options in more detail.