CareOptions Analytics (CAP) and CareOptions OnLine –COOL- are powerful education and planning tools. As education tools, both programs help me educate clients about the new world of long term care. Long term care is no longer received just at skilled nursing facilities. Aging at home technologies, adult day care facilities, assisted living and continuing care retirement communities are just a few of the innovations that have changed the way long term care is delivered.

The majority of my clients, however, still equate long term care with an extended stay at a nursing home. The power of the CAP and COOL is this: not only am I able to show my clients the potential cost of long term care and help them plan financially, but the programs also illustrate the progression of care their loved one may need. The CAP Cost of Care Report lays out for them, in an easy to understand format, the progression of care that may be needed from the value of uncompensated family care at home (a factor often overlooked by planners and clients) to paid home care, adult day care, assisted living and skilled nursing facility care.

As every good planner knows, successful financial planning begins with client education – only then can the numbers be understood. CAP and COOL are indispensable education and planning tools that every advisor should have access to.

James Sullivan, CPA, PFS, MAS, is an investment counselor at Core Capital Solutions LLC. He has almost 25 years of experience in individual tax, investing and personal financial planning. Before joining Core Capital Solutions, Sullivan spent 20 years at Arthur Andersen LLP. James serves on the American Institute of Certified Public Accountants (AICPA) PrimePlus/ElderCare Task Force, a national task force on aging. He is a member of the Alzheimer's Association/FINRA Financial Advisory Council, and for the past 5 years he has been a state of Illinois volunteer long term care ombudsman. James also writes on aging issues for a number of AICPA publications. His primary focus today is assisting his clients to enhance their overall retirement through proper investing, goal setting and tax planning.

As a Geriatric Care Manager (CMC) I am asked to provide assessments, evaluate living options, narrow the scope of long-term care choices for family members, and prioritize their action steps. Today, as I was writing this e-mail, I was called by an out-of-state care management company that needs a local person to assess one of their clients who is in a nursing home. The client’s trust officer (from Wells Fargo) is concerned that too much money is being spent on 24/7 skilled care in a nursing home and wants to know what alternatives are available. The trust officer requested a local geriatric care manager to assess his client and provide care options so he can effectively manage her resources.

Using the Care Options Analytics Program allows me to provide the trust officer and care management company a professional summary of the levels of care, the costs in our local area, and to compare the costs of nursing home care vs. the cost of other levels of support. Having the ability to quantify family support also helps the trust officer to refrain from making assumptions and to consider the value of informal support.

I appreciate having access to the Care Options Analytics Program – it allows me to produce professional, research-based reports that enable me to provide a more comprehensive service to my clients.

Althea West, LTCP, GCM, Gerontologist is a member of the National Association of Geriatric Care Managers and is a long-term care consultant for insurance and financial professionals as well as individuals and their families (She is also the long-term care specialist for AAA). Althea is an Elder Care Coordinator for Senior & Special Needs Solutions, LLC and develops Life Care Plans for older adults so they can stay home as long as possible, and gain access to all the services needed to successfully achieve and maintain a quality life. She has taught continuing education classes for the National Association of Insurance & Financial Advisors, local community colleges and is currently an adjunct professor at Webster University and University of Missouri, St. Louis.

Watch a YouTube Testimonial of COOL from Cliff Morris, Marketing and Sales Director for a successful long-term care insurance captive agency here.