It doesn't have to be difficult for seniors and their families to tap into the financial resources available to them so they can afford to move into a senior living community.
However, the process can be enormously challenging for many families because they are left to do everything on their own. And when there are too many perceived financial roadblocks, those in need of assisted living, memory care or skilled nursing often decide to just stay put and try to make do. Trouble is, they miss out on all the clinical, physical, mental and social benefits of being in the right community.
It's up to providers to do more to help potential residents and their families figure out funding sources. Doing so is good business and, if the best interest of the resident is central, it displays a deep sense of compassion.
Providers have a responsibility to light the path. They too often just want the contract signed and the resident to move in as quickly as possible. Families don't make decisions like this every day and, for them, deciding to move out of their home and into a community is a huge decision with lots of financial ramifications. Sometimes they think their only option is to pay for long-term care with cash in the bank.
More than a brochure
Providers need to offer a solution more valuable than a brochure naming some ideas and resources. One size certainly does not fit all, and there's a high risk for confusion when the family is just left with a list of phone numbers and websites.
Our company, CRL Senior Living Communities, has a financial concierge program to make the entire process easier and simpler for residents and their families. Similar to how a hotel concierge offers personalized dining or entertainment services, a financial concierge finds economic solutions.
The concierge's first job is to listen. Residents and their families have a lot of concerns. The better their priorities are understood, the better an organization will be able to help them. Rather than a checklist, we find it is best to ask open-ended questions. Dialogue is essential to building rapport and credibility.
Customization is key
Working with the resident and their family, a carefully constructed financial plan can be developed. It takes time and it requires trust. The only way the plan can be effective is to be truly customized for their unique situation.
For example, proceeds from a potential home sale might be the most readily available funding source. But when the housing market is down, this particular path becomes more difficult. Understandably, the potential resident may want to postpone the sale of his or her home without delaying entry into your community. The same goes with equity investments. In cases like these, a financial concierge can provide the resident with the tools and the banking connections for feasible alternatives, such as establishing a line of credit.
These banking relationships should be well established so that there is confidence they will take good care of future residents. To make sure trust remains intact and that the resident's well being is primary, it is important that providers not receive compensation from the outside financial resources to which they refer business.
The same approach can be taken with those eligible for government benefits such as veterans aid, which can take many months to process. For example, if the resident is eligible for Veteran's Legal Assistance, the financial concierge should know exactly who to contact, what information to have prepared and what questions to anticipate when applying. With practice, it can become manageable for a provider to navigate the process, but can be a challenge for the resident and their family to figure it all out on their own.
Financial Solutions are Part of the Care You Provide
There are many other options and the point here is not to list them all, but to reinforce the concept that residents and families need to have information and access to the right people. Providers can present the options, help chart a course and encourage residents to discuss recommendations with other family members, a tax advisor and a financial planner.
In this industry, we pride ourselves on delivering great care. World-class financial solutions might be one of the best care innovations we can deliver.
Ari Weinberger is president of CRL Senior Living Communities, an organization with 16 facilities in Illinois and Wisconsin, serving seniors with needs in independent and assisted living, along with Alzheimer's and memory care.
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