Planning for Chronically or Terminally Ill Clients

As we age, some of us may experience significant changes in health resulting in chronic or terminal illness. The life transition from relatively good health to poor health comes with sudden and increased medical costs. Understanding the nature of these medical costs and how they will be paid is a good start but only part of this life transition process. Establishing a “short term financial needs plan” for medical costs can help minimize anxiety about covering health care costs. We have several years of experience advising aging clients on how to properly plan and manage health care costs, bringing clients and their families great peace of mind.

We begin by advising and helping clients establish a care budget. This is a simple budget focusing on the short term (6 to 24 months) following initial diagnosis, identifying the estimated costs of care for serious illness. A care balance sheet is also prepared, identifying all assets and potential sources of tax-free cash that can be used to finance estimated health care costs. Identifying care-related medical expenses is the most important step in the process. We can help you identify and categorize all out of pocket health care costs.

The care budget not only to serves to identify surplus or deficits and sources of cash flow available for anticipated health care costs but also serves to track health care coverage and related changing costs as a result of transitioning from one type of coverage to another. It also records key election dates the client needs to meet.

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Being diagnosed with a chronic or terminal illness is a life changing event. We understand when this situation occurs the client and his or her family are often emotionally overwhelmed and as a result have difficulty focusing on the process of managing their health care costs. We have experienced professionals in establishing short term financial needs plans to help clients through this process that will alleviate the fear, uncertainty and anxiety clients and their families face when initially diagnosed with a chronic or terminal illness. Please contact us to discuss this, or any other issue that has occurred.

Did You Know?

You can securely upload and download confidential documents through our secure file transfer portal.  This portal can also be used to easily access your tax filings at any time.

If you would like a portal set up for your individual or business needs, please contact GCS at your earliest convenience.

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