What exactly is a “Care Cost Advisor” and why should I work with one?

Traveling the caregiver road alone is never easy. Maybe it’s time for help.

When families faces health care issues and realize they need help for at-home or community based care, one of the first concerns is the financial burden to be faced. Because costs can be high, families may seek the lowest cost care plan to provide the longest possible time frame available. This type of plan may include tag-team coverage from family members who are trying to help mom or dad while working a job and trying to keep their own family happy. This family may contact a home care provider or visit an assisted living community to see what’s available or affordable. When they find the right level of care or assistance, the concerns frequently settle on “How can we afford this?”

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The family may feel like they have nowhere to turn. But they do. Care Cost Advisors are expert in navigating the web of public benefits and personal options for care. Because the problem appears to be financial, the first step is to inventory the available assets. This may include investments, insurance policies, home equity or long term care coverage. Next, health issues are reviewed to understand where assistance will be needed and at what cost. Then the process will discover what Veteran’s benefits or public programs may be available to assist with care costs.

Care Service Solutions

Next, the Care Cost Advisor will lay out a plan to optimize current assets and qualify for additional benefits, if available. This may include changes to current IRA accounts, insurance and investments or the need for estate planning changes. Required services may include an attorney or tax professional or a care service locator. The Care Cost Advisor has identified those providers who understand the planning and provide the family consistent understanding of their needs and charge fees that are reasonable.

Implementing the Plan

As the proposal is put in place the Care Cost Advisor serves as the point of contact throughout the process. Rather than have advisors who may not understand the “Big Picture”, the team of service providers are all moving to the family’s goal of getting the most care for a reasonable cost. This requires a talented team leader who understands insurance, financial, tax  issues, and national care benefits including VA, Medicaid and estate planning concerns; the Care Cost Advisor.


Editor’s Note: Submitted by Chuck Shaw, VA  Accredited  Agent & financial advisor. He is a Care Cost Advisor with Capital Wealth Strategies and may be reached at (719) 638-1319 or capitalwealth@ymail.com.