You might be on this page if you want to learn more about the Living Care Plan. Remember, the Living Care Plan is only relevant in cases in which we are trying to pay for care without going broke.
You also might have landed here because you did not want to watch a video on the topic. So, you reader you, here is a little summary of the concept. Short and to the point. At the bottom of the article, there is a form to request a FREE consultation with an attorney.
The Living Care Plan has three components: 1) medical; 2) financial and 3) legal.
Medical Component: The most important aspect of the Living Care Plan is the plan for medical care. It is important to assess the health of the client, not from the clinical perspective but from a needs or care perspective. What is the difference you ask? It is one thing to know that a client has been diagnosed with Parkinson’s disease or cancer for instance. The real question is what care needs does the client currently have? To answer this, the assessment determines care issues such as hospital risk, nutrition needs, depression, cognition, risks of fall and so on. From there, a course of care is charted based on the values and resources of the client.
Three scenarios are identified for each client. The first scenario is the best case scenario in which treatment goes as well as can be expected. The second predicts mild complications and the third scenario predicts severe complications to include underemployment or loss of employment as a result.
The idea of the Living Care Plan is to prepare the client for all scenarios, not just the scenario that is ideal.
Financial: The second most stressful aspect of a diagnosis is the fear that it will also lead to financial ruin. Let’s face it, many diseases are also financially toxic. It is only natural to ask: will I run out of money? If so, is there anything I can do to prevent it? The Living Care Plan addresses these concerns by first verifying monthly income, non-medical and medical expenses down to the penny month by month. When care is required, costs usually go up and income often goes down. This is a financial crisis. The Living Care Plan then tracks the rate assets are depleted. The goal is to determine if assets are ever reduced to zero. If that is the case, recommendations are made to prevent it.
The Living Care Financial Plan does not stop there. The Plan forecasts asset depletion in each of the three scenarios. As level of care increases, so do costs and the rate of depletion. Put differently, the more sick you are, the faster you go broke. You need to know what the risks are as soon as possible to take preventative action.
Finally, we try to find funding sources and forecast the impact.
Legal: The legal aspect identifies “Critical Decision Points” and lays out, in advance, the decision that will be made. This includes decision making systems. For example, advanced directives are implemented that customize a client’s end of life preferences with clear directions to person authorized to make those decision pursuant to a Power of Attorney.
Another good example is the asset to debt ratio. The Living Care Plan would determine a point of “no return” and implement actions when certain financial benchmarks are met.
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If appropriate, we may suggest a follow up meeting to the free consultation in our Kirkland or Tacoma office. This meeting will take 60 to 90 minutes. There is no obligation and you may run out of the office screaming at anytime you want. But, this is serious business and we believe you need to know your options.
We firmly believe….
that no one should ever hire an attorney to help them plan and pay for care unless it is absolutely clear that the law firm can save or make the family more money than the cost of fees.
If we can not help you finance care, don’t hire us and we will help refer you to resources that are more efficient for your situation.