Family Wealth blog

Home Health Care: Part of the Plan?

A title at the top right reads Home Health Care: Part of the Plan? The photo is of an elderly woman and her daughter smiling and talking to a home health care advisor.

Dream house. Dream trips. Legacy ideas for the children and grandchildren. These are all very worthwhile goals,and often included in one’s financial plans. But what if you were to fall while planning one of your dream trips? That’s when you’d be happy if you had atleast considered setting something aside for home care as part of your potential medical expenses. In other words, one financial goal could include having additional money available to get care at home—even if your health insurance doesn’t pay for it.

Let’s use the example of a hip fracture. Unfortunately, aging makes falls much more serious, often resulting in afractured hip. This could mean a stay of six weeks or more in a rehab facility. While physical therapy and occupational therapy would be part of the daily routine, so would listening to your roommate’s choice of TV shows and eating meals that would make you miss hospital food.

In today’s world, though, you have aviable choice to recover in your own home. Home health care could include the same services your insurance might cover at a rehab facility, such as physical therapy and occupational therapy. But you might have more sessions than would be covered by insurance at the rehab. This could potentially expedite your healing process. You’d be in familiar surroundings where you get to choose the channel and volume. And, one would hope, the food would be quite good.

This is just one scenario, and we hope you can avoid this one and others altogether. But for whatever might lay ahead, having the means to pay a little extra for a lot of an “upgrade” while needing medical care should be something you plan for, just in case. We suggestyou bring this up with your financial advisor the next time you meet.


This communication is for informational purposes only and should not necessarily be regarded as legal, tax, or customized financial advice or comment or as an official statement of the firm, or any agents thereof. The information being provided is believed to be from reliable sources. The information is subject to change without notice. J.L. Bainbridge & Co., Inc. is not a broker dealer and does not offer tax or legal advice. Please consult your tax or legal advisor for assistance regarding your individual situation. The views expressed in this material and in any attachment are those of the sender and do not necessarily reflect the views of the firm.

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