長照資源 | LOVE&JOY

Financial Consideration and Guidance

There are so many options in senior care today available, and the average cost varies on a wide array of factors. Types, cost, quality, reputation, geographic location, the type of provided amenities and services offered are often some of the most important factors to those in need. Among these factors, cost may be the single most important factor for most people because it will determine eventual service package and frequency. So, financial planning ahead of time is a must. Below LOVE&JOY will provide several examples of financial sources.

Family Financial Support

In some instances, financial planning for senior care includes a senior’s family members sharing the costs together. If family members are interested in paying for their loved one’s senior living expenses, LOVE&JOY recommends organizing a family meeting to develop a collaborative plan for how to cover the cost together. Everyone’s financial situation is unique, which is why it’s important to establish an open dialogue focused on meeting the needs of your aging loved one.

Personal Savings and Investments

Personal savings and investments can provide the means necessary to cover the long term care service costs. For many older adults, their home is a nest egg and can also be the financial source once sold. Personal loans are also available to help bridge the funding gap until the home sells or other assets are made available. In others, older adults will pay through a combination of retirement funds and savings.

Long Term Care Insurances

Long term care insurance can also help defray long term care service costs. Insurance premiums will vary based upon the age of the insured, the type of coverage desired, and other factors. Call your insurance agent to learn more or contact us for more details.

Charitable foundations and organizations

A number of organizations and government agencies provide financial resources for seniors in need. These resources are available for a reason - people care. Don’t hesitate to reach out and see what help is available for you or a loved one.

Financial Advisory Services

Schedule an appointment with BRIDGECARE financial expert to learn more about the many payment options available for financing long term care services:

Connect with real estate specialists who can assist you with selling your home
Home Equity & Reverse Mortgage Options
Explore and learn about the various financial options that exist, such as an unsecured line of credit or secured lending options like a home loan
Convert your life insurance policy into a long-term benefit
Develop a personalized financial plan specific to your needs

Financial-related Frequently Asked Questions

1. Where can I find charitable foundations and organizations?

Contact your local Social Affairs Bureau to get more information.

2. Who should I talk to? Financial Advisor vs. Insurance Agent

Depends. A Financial Advisor is a professional who helps people plan for their financial future. They provide advice on investments, taxes, retirement, and estate planning. Financial Advisors assess their clients’ financial situation and goals and develop a plan to help them meet their objectives. On the other hand, Insurance Agents typically work for insurance companies or brokerages, though some may be self-employed. They help individuals and businesses choose the insurance policies that best fit their needs. Insurance Agents may specialize in life, health, property or casualty insurance. They meet with clients to discuss their needs and budget, then research available policies and present options to the client.

Tax Benefit

Please note that while LOVE&JOY cannot give tax advice, we understand that there may be some tax benefits available to residents and their family members. Please contact us directly or your tax advisor for more information.

Caregiver Support Group

Caregiving is also hard because you often see many changes in your loved one: The person you're caring for may not know you anymore. He or she may be too ill to talk or follow simple requests. He or she may have behavior problems, like yelling, hitting, or wandering away from home. Caregivers often sacrifice their self-care; juggling between the demands of their own lives, careers, and families, and the needs of the person they are caring for. It is easy for caregivers to experience caregiver burnout – a combination of stress, anxiety, depression, physical exhaustion, social isolation, guilt, resentment, and even physical health issues.

Support groups can help relieve the burden of caregivers. Recognition and timely support of caregivers will not only improve their wellbeing and ability to care, but also prevent emotional strains and mental stresses from developing into full-blown mental health conditions.

Below are some of the support groups near north district, Tainan:

1. 社團法人臺南市全人照護協會

2. 社團法人臺南市長青樹協會

3. 社團法人大臺南熱蘭遮失智症協會

Caregiver-related Frequently Asked Questions

1. What is the function of caregiver support group?

A support group is a gathering of people facing common issues to share what’s troubling them. Through the sharing of experiences, they’re able to offer support, encouragement, and comfort to the other group members, and receive the same in return.

2. What are the two common stresses as caregiver?

Studies show that 30 to 40% of dementia caregiver suffer from both depression and emotional stress. Caregivers report that they are stressed and frustrated. 16% of caregivers are emotionally strained, while 26% state that taking care of their loved one is had on them emotionally.