Awareness and Advocacy

Caring Transitions supports raising awareness about senior living options and care and educating families about the importance of planning ahead for senior transitions. 

Senior advocacy promotes the dignity, health, and quality of life of seniors by providing a number of services and laws. These laws ensure that seniors have access to services that promote their independence, physical and mental health, and wellness.

3. Assess Available Resources 

Assessing available resources is a critical step in preparing for potential long-term care (LTC) needs. This process involves a comprehensive evaluation of personal finances, insurance coverage, family support, and community services to ensure adequate planning for future care requirements. 

1. Evaluate Personal Financial Assets: 

• Savings and Investments: Review your current savings accounts, retirement funds, stocks, bonds, and other investments. Determine how these assets can be allocated to cover LTC expenses. 

• Home Equity: Consider the value of your home as a potential resource. Options like downsizing or utilizing home equity through loans or reverse mortgages can provide additional funds for care. 

• Income Streams: Assess ongoing income sources such as pensions, Social Security benefits, and annuities. Understanding your cash flow is essential for budgeting future care costs. 

2. Review Existing Insurance Policies: 

• Health Insurance: Examine your health insurance to understand what medical services are covered. Note that most standard health insurance plans do not cover long-term custodial care. 

• Long-Term Care Insurance: If you have an LTC insurance policy, review its terms, including coverage limits, waiting periods, and types of services covered. If you don't have a policy, consider whether purchasing one aligns with your financial situation and potential care needs. 

• Life Insurance: Some life insurance policies offer accelerated death benefits or long-term care riders that can be utilized to cover care expenses. 

3. Assess Family Support: 

• Caregiving Potential: Discuss with family members their ability and willingness to provide care. This includes evaluating their availability, proximity, and the physical and emotional demands of caregiving. 

• Financial Contributions: Family members may be able to assist financially, either through direct contributions or by sharing costs. Open communication is key to setting realistic expectations and responsibilities. 

4. Identify Community Resources: 

• Local Agencies: Organizations such as the Missouri Department of Health and Senior Services offer programs like Missouri Care Options (MCO), providing information and assistance for long-term care services.

• Nonprofit Organizations: Many nonprofits offer support services, including adult day care, meal delivery, transportation, and respite care for caregivers. 

• Support Groups: Engaging with local support groups can provide emotional assistance and practical advice from others facing similar challenges. 

5. Consult Financial and Legal Professionals: 

• Financial Planners: Professionals can help create a comprehensive plan that considers your assets, income, insurance, and potential care costs to ensure financial readiness. 

• Elder Law Attorneys: Legal experts specializing in elder law can assist with estate planning, understanding Medicaid eligibility, and setting up trusts or other instruments to protect assets. 

By thoroughly assessing these resources, you can develop a well-rounded strategy to address potential long-term care needs, ensuring that you are financially and practically prepared for the future.