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Crafting a Caregiving Strategy for Affluent Families

Joseph-Walsh_071824

More than 100 million American adults currently care for a parent or other elderly relative in their home.1 These arrangements are often more by necessity than choice, as paying for outside caregivers or a long-term care facility can cost thousands or even tens of thousands of dollars a month. For many families, taking on this care themselves is the only viable option.

However, the options expand for high-net-worth families, who often have more freedom to tailor a loved one's care routine to their wants and needs. Below, we discuss a few strategies affluent families may want to consider when caring for their elderly loved ones.

Hire Professional Caregivers

Families with significant assets often hire professional caregivers for in-home care for their elderly relatives. These caregivers can assist with activities of daily living, medical care, companionship, and household tasks. You can choose caregivers with specialized training and experience to meet your loved one's specific needs.

Invest in High-Quality Care Facilities

You can choose from among the best when you have money to pay out of pocket for a care facility. Many families opt for upscale assisted living communities or luxury nursing homes, which offer a broader range of amenities, personalized care plans, and a higher staff-to-resident ratio.

Use Technology to Your Advantage

Advances in technology make many aspects of elder care easier than ever. From remote monitoring systems and medical alert devices to smart home technology for seniors, and telemedicine services, you can stay connected with your loved ones even when you can’t be there in person. These adaptive technologies can also allow loved ones to "age in place" in their home without needing in-person care (either through visiting nurses or at a long-term care facility).

Hire Geriatric Care Managers

One underutilized component of elder care is the geriatric care manager. These professionals specialize in coordinating and managing elder care. You can enlist their services to oversee your loved one's care plan, coordinate medical appointments, advocate for their needs, and provide ongoing support and guidance.

Access Concierge Medical Services

Some affluent families may opt for concierge medical services that provide personalized healthcare services tailored to their loved one's needs. In exchange for an annual fee, your loved one will gain 24/7 access to physicians, comprehensive health assessments, coordination of specialist care, and priority scheduling for appointments and procedures.

One of the biggest benefits of concierge medicine is the extra time it provides the patients. Many physicians are limited to 15-minute appointments, which leaves little time for patient questions or a thorough analysis.2 But because concierge doctors have a much lower patient load, they're free to take as much time as they need to get to the root of any medical issue.

Plan for Future Care Needs

It's important to proactively plan for your elderly relative's future care needs, including potential decline in their health and mobility. This usually involves consulting with healthcare, legal, and financial professionals to develop comprehensive care plans, advance directives, and estate planning strategies.

More money often equals more options, and elder care is no exception. High-net-worth families should focus on ensuring your loved ones receive high-quality care that aligns with their preferences, values, and lifestyle while leveraging their financial resources to provide the best possible support.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #577116

Footnotes

1 “Standing Up and Stepping In,” Guardian Life, https://www.guardianlife.com/reports/caregiving-in-america

2 “Time to Change the 15-minute Limit for Doctor Visits,” Forbes, https://www.forbes.com/sites/brucelee/2016/09/10/time-to-change-the-15-minute-limit-for-doctor-visits/?sh=721070193477

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