How Can A Geriatric Care Manager Save Me Money?

It’s counter-intuitive, but true for many people. Hiring a GCM either for a one-time assessment or for ongoing support is likely to lower your expenses in the long run by helping you plan ahead and avoid hasty decisions that might prove unnecessary or overly expensive.

If you care for a loved one at home, for example, a GCM can help you decide which home care services may be necessary, and help you supervise that care. A GCM may help with financial planning for future care, working as a liaison with a person’s power of attorney, elder law attorney and financial planner, perhaps helping caregivers avoid costly mistakes (such as I made when applying for Medicaid for Mom). GCMs should also be able to give you information about entitlement programs and benefits for veterans.

A professional geriatric care manager can help families realize cost savings, but the biggest advantage is the emotional peace of mind knowing that a relative or loved one is being cared for with the most appropriate level of care as recommended by the GCM. Regarding the average savings from hiring a GCM, every case is unique. What we can tell you are areas that have resulted in savings when a professional geriatric care manager is in the picture. Here are some of those that we often see:

1. Saving in Care Costs – Recommending live-in care when appropriate in place of (more expensive) shift care. Recommending free or low-cost products and services that may be available in local communities. Understanding today’s medical system can save clients money while ensuring the appropriate level of care.

2. Making the Most of Insurance – Ensuring that secondary insurance had been given and billed for medical bills coming to a senior's home. Avoiding paying unnecessary bills. Realizing benefits from public programs including those from Veterans Administration (VA) benefits and from programs like Medicare and Medicaid. Helping clients enroll in the most appropriate Medicare Part D (pharmacy benefit) plans for their state (and there are many in each state from which to choose).

3. Avoiding Expensive Duplication – Ensuring that seniors aren't paying for duplicative insurance, aren't donating repetitively to a charity (when the senior forgets they just donated last week or last month), or aren't buying duplicative clothing or food when the senior forgets what they already have in the home.

4. Saving in Travel Expenses – Supervising care including medical appointments, operations of in home staff can postpone expensive travel to a relative.

5. Avoiding Lost Wages – Some adult children take leave from work after vacations have been exhausted, to check on Mom or Dad. A GCM can be the person on site to monitor the caregiving level.

6. Saving in Household Expenses – Identifying cost saving programs. Utility companies or other providers offer discount programs for seniors. PGCMs are aware of these programs and can recommend and sign up these services for the loved one.

7. Making Better Financial Decisions – Encouraging clients to speak with financial planners about whether annuities are really good investment choices, especially when clients in their 80's can't access their funds without large withdrawal penalties. Curtailing compulsive spending from shopping on line or on TV.

8. Discovering Unoticed Assets –  For instance, when a house is cleaned and put in order, often hidden money and valuables are found.

9. Savings in Time and Efficiency – While information is available (and NAPGCM recommends that consumers educate themselves), a PGCM is experienced in the wide range of resources available and can do the job in half (or less than half) the time.