A powerful tool ElderCounsel members often utilize is the Return on Investment (ROI) Calculator. This calculator will demonstrate to the client:
- How long it would take the client to run out of money without long-term care Medicaid benefits
- How long their money would last if they obtained Medicaid benefits
- How the attorney fees in their case are an investment towards protecting their assets
One side of the calculator lists the case facts if the client doesn’t plan and qualify for Medicaid benefits. You would enter the client’s current liquid assets, their monthly income, and projected monthly medical expenses. This would result in a monthly shortfall amount. In turn, the calculator would compute how long the client could private-pay for their nursing home care before they were broke.
On the other side of the calculator, you can show the client how much money they could save if they plan. You enter the potential patient liability, the projected Medicaid benefit, and the amount you plan to charge for attorney fees. The calculator will output the monthly shortfall or surplus with Medicaid benefits.
At the bottom of the calculator page, is a summary that tells the client how long it would take in each scenario (without or with Medicaid benefits) before they would run out of money. The calculator would show that without planning, the client would spend all of their savings on their care. But with proper planning, their savings could be protected. The point of which is that the attorney fees are an investment and provide a hefty ROI.
Even better, you can generate a graph that shows the ROI at 6 months, 12 months, and 5 years. You can also download the whole plan as a PDF document to remit to your client.
The output from the ROI Calculator is a concrete way in which you can show your client how valuable it is for them to plan and protect their assets. It also demonstrates the value of your services. It’s just another way ElderCounsel provides meaningful resources to help your practice succeed!
To see the ROI Calculator in action, click here to request a demo.