Travis Financial Services–

Crafting a Caregiving Strategy for Affluent Families

More than 100 million American adults currently care for a parent or other elderly relative in their home.¹ These arrangements are often more by necessity than choice, as paying for outside caregivers or a long-term care facility can cost thousands or even tens of thousands of dollars a month. For many families, taking on this care themselves is the only viable option.

However, the options expand for high-net-worth families, who often have more freedom to tailor a loved one's care routine to their wants and needs. Below, we discuss a few strategies affluent families may want to consider when caring for their elderly loved ones.

Hire Professional Caregivers

Families with significant assets often hire professional caregivers for in-home care for their elderly relatives. These caregivers can assist with activities of daily living, medical care, companionship, and household tasks. You can choose caregivers with specialized training and experience to meet your loved one's specific needs.

Invest in High-Quality Care Facilities

You can choose from among the best when you have money to pay out of pocket for a care facility. Many families opt for upscale assisted living communities or luxury nursing homes, which offer a broader range of amenities, personalized care plans, and a higher staff-to-resident ratio.

Use Technology to Your Advantage

Advances in technology make many aspects of elder care easier than ever. From remote monitoring systems and medical alert devices to smart home technology for seniors, and telemedicine services, you can stay connected with your loved ones even when you can’t be there in person. These adaptive technologies can also allow loved ones to "age in place" in their home without needing in-person care (either through visiting nurses or at a long-term care facility).

Hire Geriatric Care Managers

One underutilized component of elder care is the geriatric care manager. These professionals specialize in coordinating and managing elder care. You can enlist their services to oversee your loved one's care plan, coordinate medical appointments, advocate for their needs, and provide ongoing support and guidance.

Access Concierge Medical Services

Some affluent families may opt for concierge medical services that provide personalized healthcare services tailored to their loved one's needs. In exchange for an annual fee, your loved one will gain 24/7 access to physicians, comprehensive health assessments, coordination of specialist care, and priority scheduling for appointments and procedures.

One of the biggest benefits of concierge medicine is the extra time it provides the patients. Many physicians are limited to 15-minute appointments, which leaves little time for patient questions or a thorough analysis.² But because concierge doctors have a much lower patient load, they're free to take as much time as they need to get to the root of any medical issue.

Plan for Future Care Needs

It's important to proactively plan for your elderly relative's future care needs, including potential decline in their health and mobility. This usually involves consulting with healthcare, legal, and financial professionals to develop comprehensive care plans, advance directives, and estate planning strategies.

More money often equals more options, and elder care is no exception. High-net-worth families should focus on ensuring your loved ones receive high-quality care that aligns with their preferences, values, and lifestyle while leveraging their financial resources to provide the best possible support.

Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
LPL Tracking #577116

1 “Standing Up and Stepping In,” Guardian Life,

2 “Time to Change the 15-minute Limit for Doctor Visits,” Forbes,

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.

The financial consultants at Travis Financial Services are registered representatives with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA / SIPC). Insurance products are offered through LPL or its licensed affiliates. Travis Credit Union and Travis Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Travis Financial Services, and may also be employees of Travis Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Travis Credit Union or Travis Financial Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or any other Government Agency

Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations

May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

The "Contact TFS" and "Login to Your Account" links are provided as a convenient connection between the websites belonging to Travis Credit Union and its business partner. The policies and procedures in use at our business partner may differ from those in use at Travis Credit Union. Travis Credit Union is not responsible for the content contained in our business partner website.

Forbes Top 10 Credit Unions in California Award
Desjardins Financial Education Award, 1st place nationwide, adult and youth
US Air Force Distinguished Credit Union of the Year
Travis Credit Union footer small logo

Routing 321170839

© 2024 Travis Credit Union. All Rights Reserved.

Privacy Policy | Third-Party Sites | CCPA | Notice at Collection | Home Mortgage Disclosure Act Notice 
Avoid Foreclosure | Disclosures | Online Security & Safety and How We Protect You | Service of Process

By continuing to use this site, you agree to our use of cookies as described in our Online Privacy Policy.

If you are using a screen reader or other auxiliary aid and are having problems using this website,
please call 1-800-877-8328 for assistance.

NCUA logo footer

This Credit Union is federally insured by the National Credit Union Administration.