From Gordon Associates – we are pleased to post this guest blog from Lisa Lipton with My Personal Bookkeeper.
This blog covers an important topic we’re hearing more and more about. We hope you find it valuable.
There is a famous saying, “The only constant in life is change.” Although we face changes frequently throughout our lives, that doesn’t make them easy to navigate — especially when we experience significant transitions later in life. Common life transitions that impact older adults include retirement, health conditions, and bereavement that may result in the need for additional care and potentially a move for greater assistance.
Some of the burden and stress that comes with these changes can be relieved by using a personal bookkeeper to deal with financial aspects so the individual can focus on adapting to their lifestyle and relationship changes. To understand how some of My Personal Bookkeeper’s clients tackle these challenges, we looked at the recent work of Client Advocates like Jill Epstein, Nancy Taxman, and Louise Langsam, who shared their experiences and insights into navigating significant life transitions and their financial implications.
The Transition from Living Independently at Home to an In-Home Caregiver
For many clients, one of life’s most significant transitions is the shift from personal independence to requiring full-time in-home care. New or evolving health conditions can cause a shift in a person’s capabilities and lifestyle. Whether it’s a temporary circumstance or a long-term change, grappling with these shifts can be physically and emotionally challenging. Understanding the nuances of this transition is crucial, with the primary goal being a smooth integration of caregivers into the client’s life while preserving their independence, dignity, and comfort.
The financial aspect of hiring in-home caregivers is a critical component of a successful transition. Choosing in-home care necessitates a comprehensive cost-benefit analysis considering factors like the extent of care required, the patient’s budget, the services provided by caregiving agencies and, if the client has long-term care insurance, what that covers.
Client Advocates are well-positioned to help clients determine the best fit for their needs and resources and tackle the financial management tasks central to caregiving transitions. They ensure client accounts are set up for auto-payment and verify that essential client documents are in good order.
As Client Advocate Jill Epstein advised, “It’s important for those facing this transition to understand the need for a patient, thoughtful approach, ensuring that adequate financial planning and the client’s wants and needs help inform the decision-making process.”
The Transition from One’s Home to Assisted Living in a Senior Living Community
It can be a complex and emotionally challenging process for clients who need to transition from living independently to a senior living community. Navigating the change can be made significantly more manageable with the help of Client Advocates like Nancy Taxman.
“Our role is to manage the logistics so clients can focus on adjusting to their new environment. We specialize in taking on key administrative tasks during the process, including shifting billing addresses, shutting down unnecessary accounts, canceling unnecessary services, completing new resident forms and easing the overall burden for our clients by managing the minutiae of the transition for them.”
Moreover, Client Advocates can shield seniors against the rising tide of age-targeted fraud scams. Having a trusted bookkeeper significantly decreases the risk of becoming a victim of financial fraud, allowing seniors to navigate their new living arrangements with greater confidence.
Client Advocates offer immense value not only to seniors but also to their family members. Transitioning a loved one into a senior living community can be stressful for all involved, and having a trusted professional can help reduce some of that burden.
Understanding and Navigating the Utilization of Long-Term Care Insurance for Caregiving Services
As clients transition to some type of care, at home or at a senior living community, unlocking existing Long-term Care Insurance (LTCI) becomes essential. Yet, the complexities of insurance claim submission, from extensive documentation to repeated communication and adapting to the insurance company’s specific requirements, can be challenging.
Our Client Advocates can play a pivotal role in bridging the gap between clients and insurance providers. They facilitate understanding of insurance policies, what they cover, and the stringent requirements for reimbursement. Their proactive engagement helps our clients activate their insurance policies effectively when caregiver services are suddenly needed.
As a Client Advocate, Louise Langsam explained, “The intricate process of submitting claims typically involves a series of documentation exchanges, the rigmarole of phone calls, and multiple rejections before achieving success. The Client Advocate’s responsibility is to patiently help clients navigate through this process, ensuring all paperwork is correctly filled, submitted, and, importantly, comprehended by the clients…over the course of the journey, the most rewarding part is the trust and strong relationships we form by helping our clients navigate this challenging issue.”
Closing Thoughts
We all journey through critical life transitions, and having advocates at every step to help ensure you or your loved ones can manage important financial matters without added stress can provide important peace of mind.
Our Client Advocates are versed in navigating the financial landscapes of these life transitions, such as moving to in-home care or a senior living community, or unlocking the complexities of Long-term Care Insurance claims.
Remember, these transitions are not a destination but a part of the journey—one that is smoother and more manageable with a trusted guide.
Lisa Lipton is the Community Outreach and Development Manager at My Personal Bookkeeper (MPB). MPB provides personal financial organization and peace of mind through services which include Bill Pay & Account Management, Tax Organization, Insurance Claim Management, Mail Review and Household Expense Tracking, Reporting and Budgeting. The MPB team has helped many clients avoid or recover from fraud. Lisa has been with MPB for 5 years and has over 25 years of marketing experience. She holds a Bachelor of Science degree from the University of Illinois and a Master of Science degree from Northwestern. Managing her mom’s care during her struggle with failing health gave Lisa a true understanding and appreciation for the services and resources My Personal Bookkeeper and their professional partners provide.
