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Checklist for Financial Planners
[By Staff Reporters]
Thousands of boarding homes cater to the elderly. Their operators promise to provide at least a place to sleep and food to eat. Beyond that, the services and assistance offered will vary from facility to facility. This checklist will help the financial planner or his or her client find a facility that is appropriate in all respects to the client’s resources and needs. Unlike nursing homes, assisted-living facilities often operate without any scrutiny from public agencies. Furthermore, Medicaid often will not be a source of funds.
The Checklist
The items the financial planner and client should consider when selecting a facility are listed below.
1. Determine the client’s willingness to live in a group environment.
2. Avoid unlicensed facilities, particularly if Medicaid-provided services may be needed in the future.
3. Review the facility’s inspection report.
4. Review the facility’s service contract and house rules. Look for answers to the following questions:
a. Where will the resident live?
Are there any types of ownership rights?
What flexibility is there with respect to furnishings?
Will the same unit be available after a hospital stay?
b. What meals are included?
Will the facility provide appropriate meals and a special diet?
c. What form of transportation does the resident currently use?
What transportation is provided by the facility?
Can residents shop, dine, attend services or visit doctors?
d. What help does the facility provide during a medical emergency?
What type of staff training is provided or required? Is there 24- hour-a-day staffing?
e. What provisions are there for privacy? When are rooms cleaned and when can staff access the rooms?
f. What is the basic cost and what are the costs for extras?
What is included in each?
What provisions for fee increases are there?
g. Can a resident see his or her own doctor?
Does the facility offer transportation for appointments?
h. Who’s in charge of administering and scheduling medication?
Can medication and other supplies be purchased at the facility?
i. What happens if the resident’s health begins to fail?
Does the facility provide additional services to help with ADLs?
j. What is the procedure for transfers from one unit to another?
Does the resident have any opportunity to express an opinion?
k. What’s required if a contract is terminated by facility or resident?
What is the provision with respect to refunded fees?
Is there a required minimum stay?
Assessment
What have we missed?
Conclusion
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Filed under: Book Reviews, Estate Planning, Ethics, Financial Planning, Health Law & Policy, Insurance Matters, Quality Initiatives, Recommended Books, Retirement and Benefits, Sponsors | Tagged: assisted living, david marcinko, elder care, elder law, eldercare, extended care facilities, financial planners, hope hetico, insurance, long term care, long term care insurance, LTCI, Medicaid, medicare, nursing homes, senior advisors, senior care, senior case managers | 3 Comments »
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