Financial Caregiving
Our podcast is hosted on Spotify and Anchor.
Mettle Health founder and counselor BJ Miller, MD and Kincern co-founder and CEO Jody Holt for an informal and interactive conversation on financial considerations.
On top of the physical aspects of illness and aging, there are also important financial considerations with big ramifications. A general lack of understanding about estates, pensions, life insurance or social security can make a huge difference in quality of life, dying, death or lead to unnecessary suffering. The reality is that nearly half of adults aged 53-71 manage or help manage a parent or other aging relatives’ finances, and 47% of adults aged 50-59 are simultaneously raising children and caring for aging parents. Being there for your family is a true joy, but caring for an aging loved one on top of regular responsibilities can easily become an overwhelming situation.
Show Notes:
0:00 Introduction
5:45 Where are the financial gaps that families encounter? Looking at the bigger financial picture
9:20 When, and how often, should people have financial conversations?
11:37 Who are the different financial professionals one might encounter and what do they do?
16:55 What’s the difference between Medicare and Medicaid and what they cover?
21:53 How can an elder-attorney help a family?
25:32 What should you expect to pay for long term care?
34:47 Costs to consider after a death: probate, estates and wills
38:16 What is a trust and how does it work?
44:25 Are there Medicare plans that would cover aides in the home?
45:22 How does Medicare vs. Social Security work? Can you get Medicare without paying into Social Security?
40:20 How does Health Insurance compare to Long Term Care Insurance?
48:55 Caring for an aging parent: what to expect for assisted living stays?
53:54 What happens in the probate process when there are relatives who stand to inherit? What happens when they do NOT have family?
55:40 What are some benefits for Veterans to check out?
57:30 What happens when people can’t cover the payments for long term care like assisted living?
1:00:00 What caregiver costs can be written off on taxes?
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