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COVID-19: Were You Prepared, What Will You Change?

| July 15, 2020
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The impact of COVID-19 is colossal and everyone is feeling the impact. We all know someone who needs extra care during this pandemic. Do you have the financial resources and peace of mind in place to help?

Perhaps you are a child taking care of a parent or a parent calling on your children for help. Emotions play a large role in these situations: siblings often don’t agree, anger emerges over responsibilities, parents become frustrated at needing care, and eventually sadness and frustration cloud everyone’s judgement and decisions. 

Peace of mind starts with documenting the information that will be critical to your care—regardless of your stage in life. A power of attorney and living will are both documents everyone should have, but the daily essential information such as doctors’ names, bank account information, passwords and even the name of a trusted neighbor are often overlooked. While COVID-19 is an unexpected occurrence, there are sure to be other life altering events in your future and it’s comforting to know the resources to get help quickly.

Financial resources to look to for assistance:1

  1. Medicare: Your loved one’s state of residence may help pay for premiums as well as coinsurance, deductibles, and copayments. Another program called Extra Help is also available to minimize costs associated with prescription drug plan costs.
  2. SupplementalSocial Security: This federal government program provides seniors and blind or disabled individuals with supplemental income payments. This is a needs-based program and eligibility requires meeting specific income and asset requirements. 
  3. Administration on Aging: They can walk you through specific eligibility requirements and even help prepare the necessary applications and gather supporting documentation for benefits.
  4. Veterans Affairs: While the application and approval processes can be lengthy, you may find assistance with health care services, long-term care services, pensions, disability compensation, burial benefits, and other benefits to eligible veterans and their qualifying family members.
  5. Medicaid: Applicants must meet stringent financial requirements to be approved for Medicaid coverage; however, if eligible, Medicaid covers various types of long-term care and home- and community-based care services.

Caring for the sick can be overwhelming as can being the patient and needing care unexpectedly.  Now is the time to reevaluate your financial situation and talk with your financial planner about any changes you may want to consider. Call us and let us help you prepare for tomorrow.

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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

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[1]https://www.agingcare.com/articles/10-government-programs-caregivers-can-access-for-their-elderly-parents-120513.htm

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