What is Preferred Method of Care by Henry Montag

What is 'The Preferred Method of Care'?

by Henry Montag, CFP, CLTC

As a Certified Financial Planner concentrating in the elder care market, I've long advocated that parents should be actively involved in the process of choosing a preferred method of care--if, and when, it became necessary for them to move into an assisted living facility or nursing home.

Indeed, I've received heartwarming phone calls from parents and children alike who thanked me for getting the entire family involved in choosing caregivers and initiating a Family Meeting, years before they were actually needed.

Often, there are two or more family members responsible for making decisions about their parents' care. If this is the case, I urge siblings or care givers to decide well in advance who will be the primary caregiver in charge of making the most important decisions regarding where the care will take place; under which circumstances will it be triggered; and by whom. There are a host of questions:

·        Are the costs paid out of the pocket of the sibling providing the care or from all the siblings equally--and then reimbursed out of a general fund, if the parent didn’t provide for long term care insurance? Should the care be along the lines of a "Chevy" or a "Cadillac" plan?

·        If the family has assets to be taken care of, who will take the responsibility for paying the bills? How should the money be managed and where should it be invested and under what style management?

·        If these issues can't be resolved among siblings, how should they be handled to assure that any disagreements don't interfere with the quality of care the parent receives while the specific details are being worked out? .

·        How should a "renegade sibling" be treated if they abdicate their responsibility? How should they be disciplined and how should the other caregivers be compensated for picking up the slack?

Perhaps most important: Make certain that the sibling having the responsibility for making health care proxy decisions knows exactly what a parent wants and does not confuse it with what the sibling would want for him- or herself. Think carefully about how the parent wishes to be remembered in the eyes of the grandchildren--and how will that wish be accomplished.

There is nothing more natural than to have the active input of each parent rather than to have them be a passive bystander without their input as to how they would like to live out their Golden years.

Last but certainly not least make certain that you’ve arranged your assets so as to insure that your assets will not be depleted, and that your or your spouse's golden retirement years will not be negatively impacted as a result of an unexpected non reimbursed medical expense for long term care .If you're both still young enough and healthy enough to qualify for a long term care Insurance contract by all means do so. Its well worth spending 1-2% of your assets to protect the other 98-99%. Doing so will not only afford your Family the luxury of having the money to provide you the quality care, independence and dignity that you deserve, but it will also allow them to care About you rather than For you.

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Henry Montag is an Independent Certified Financial Planner as well as a CLTC . He’s been in practice since 1976 with offices in Long Island, New York. He has held insurance and securities licenses for over thirty two years. He is also principal of Financial Forums Inc, which provides workshops seminars and conferences for professional and consumer markets.

He has lectured extensively on the subject of the proper utilization of Insurance and Investment products used to protect and preserve assets, to organizations such as the New York State Bar Association, the New York State Society of CPAs, and various regional and local banks. In addition he has spoken to National Organizations such as the American Association of Individual Investors, the Whitehouse Conference on Aging and the American Society on Aging.

Over the years he has developed an understanding in the overall coordination of a client’s assets, their goals as well as the features and benefits currently available in the various financial products in the marketplace today.

In addition, Henry Montag has spoken before numerous community and civic organizations. He has been quoted in The Wall Street Journal, Investors Business Daily, Newsday, Long Island Business News, The Moneypaper and Financial Planning Magazine. He has appeared as a guest on Fox News, News 12, as well as WPIX, WMCA and WABC Talk Radio.

Henry Montag CLTC
Phone: {516} 695-4662
Fax: {631} 549-2786
6800 Jericho Tpke. Suite 202W
Syosset, NY 11791
www.financialforumsinc.com
henry@financialforumsinc.com

To learn more about Henry Montag: http://www.youtube.com/watch?v=yTpACuc33fg

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