WHAT KIND OF PLANNING SHOULD I DO IF A FAMILY MEMBER BECOMES ILL?

Illness can develop slowly and steadily, like the onset of Alzheimer's and dementia, or it can arrive suddenly after an unexpected stroke, fall or other accident. In either case, the entire family will face challenges when someone experiences a serious illness. Fortunately, there are a number of options available to help work through these issues.

Geriatric Care Manager. Hiring a private geriatric care manager can be invaluable for getting a clear and unbiased opinion regarding the situation. A Geriatric Manager has experience counseling other families in similar situations and can provide practical and direct advice regarding your issues. If there is a need for in-home care or placement in assisted living or a nursing home, a geriatric care manager is an excellent guide through the complicated health care system and can save the family much time and effort.

Legal Documents. During an illness, documents such as a Health Care Power of Attorney and Financial Power of Attorney can prove to be essential tools. Thorough and comprehensive powers of attorney will allow key family members to participate in decisions and manage financial matters. Incomplete, inadequate or missing documents can create confusion or limit what the family can do. It is a good idea to have these documents reviewed and, if necessary, updated.

Government Benefits. A family can tap into government programs that help pay the cost of long-term care such as assisted living or nursing homes. There are several government programs involved and the rules for these programs are complicated. In many cases it is not obvious whether a family qualifies for a particular program, when they can expect benefits to start or what can be done to manage and protect their assets while qualifying for government benefits. It is a good idea to review assets, income and the requirements for government benefits to ensure that you maximize the value of these benefits for the family.