November 13, 2020

What are the Financial Cues That Tell Me a Family Can Afford Me?

Many families know when providing care on their own becomes untenable. Far fewer know how much care might cost—let alone where they can find the funds to pay for it. So how can you tell if families can afford your services if they aren’t sure themselves?

Thankfully, there are a few cues that can help you determine if a prospective family can afford your services. Some are easier to spot than others, such as the level of knowledge they have of what care managers do and what kind of long-term care options their loved one might need. Others are a little more subtle, but can still help you determine what a family can afford.

Gauge Their Financial Savvy

Families that have a good sense of their own finances tend to know if they can afford care before they reach out to you. It stands to reason that these families also tend to do their homework about how much the average care manager costs, which means they already have a ballpark figure in mind for when you come to the question of costs.

Do a Financial Assessment

There are plenty of families that may be able to afford care, but simply don’t know it. In many cases, a loved one in need of care will have a life insurance policy that could be sold easily in order to make expenses more affordable. Worthright’s financial assessment tool walks care managers through a thorough examination of a family’s resources—including both conventional and unique sources of funds to help pay for your services and long-term care facilities.

Assess their Knowledge of Care Needs

If a family comes into an initial meeting with a decent sense of what their loved one needs in terms of care, they’ve likely done at least some research into their options. This may also mean that they have a general sense of what care costs, and are reaching out to you with that knowledge in mind already. This may not be a surefire way to tell if a family can afford your services, but it could be a good sign for further conversations.

No matter how you go about having financial conversations with families, the best thing you can do is work on their side to help find different ways to pay for care. That’s where Worthright can help. Our unique tool helps care managers organize their families’ financial landscape, helping them better understand what they can afford. Visit our site to sign up or learn more. You can always drop us a line with any questions as well.

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