a Special Needs program developed by MassMutal
Educate families and caregivers of people with special needs.
a Special Needs program developed by MassMutal
A SpecialCare Planner can help
Caring for a dependent with special needs and making sure all of his or her needs are met is a caregiver’s first priority.
We can help caregivers make those all–important life care planning decisions. MassMutual SpecialCare Planners are located all across the country and have received specialized training in helping families plan for the financial future of their dependents with special needs.
A MassMutual SpecialCare Planner, or a financial services professional who has a focus on special needs will work with you and your advisors — your banker, accountant, or financial services professional, your special needs attorney, social workers, and health care providers — to help create a life care plan to maintain the quality of life your loved one is accustomed to and deserves.
Access to services to ease your worries
SpecialCare is a program offering access to products and services that can help you manage your finances and give you room to breathe.
Your SpecialCare Planner can help you:
- Access local organizations and advocacy groups
- Protect future eligibility for government benefits
- Create a Life Care Plan
- Understand the financial and legal issues in special needs planning, including special needs trusts
- Determine how much money is needed to provide for lifetime quality care
It is a team approach, to help ensure that your hopes and dreams for your loved ones are in place in the event you are no longer able to care for your dependent.
Our Client Process
We take a thorough approach to guiding our clients, from an initial discovery meeting to ongoing progress. Here is what you can expect:
SpecialCare Resources
What is a SpecialCare Planner?
- Financial professionals with specialized training in helping people with special needs and their life care plan who work by a set of core values: integrity, honesty, teamwork, and respect.
- Have earned our clients’ trust and admiration by emphasizing the quality of service and relationships.
- Our professional associates combine knowledge and years of collective experience.
- SpecialCare Planners work with you and your financial professional representative to review your financial situation and offer options that will best benefit you, your loved ones, and your entire family.
- A SpecialCare Planner receives advanced training and information in estate and tax planning concepts, special needs trusts, government programs, and the emotional dynamics of working with people with disabilities and other special needs and their families.
- A SpecialCare Planner should have or be working toward getting their Chartered Special Needs Consultant (ChSNC®) designation which is awarded to those individuals who’ve completed 120 hours of academic classes in addition to holding either Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC) or Certified Financial Planner (CFP) designations and previously completing the Special Care Planner certification program. The ChSNC designation was developed by The American College in Bryn Mawr, Pennsylvania. The certification program and the professional designation evolved from MassMutual’s SpecialCareSM Program.
Below are steps to help caregivers get started in preparing for the financial future of their dependent with special needs. Each circumstance 1s unique, so caregivers should consider their own situation carefully
SpecialCare AZ
Basic financial guidance
for Caregivers
10 steps to help caregivers get started in preparing for the financial future of their dependent with special needs. Each circumstance is unique, so caregivers should consider their own situation carefully.
01.
Plan for future medical, educational, and housing needs for your dependent.
02.
Review beneficiary designations
03.
Have a family meeting to discuss your dependent's future needs
04.
Speak with a financial professional with special needs experience and create a team of professionals to assist you in planning.
Once you have determined the current and future financial needs of your dependent with special needs, it’s important to pull together a support team that can help guide you through the variety of options available to you and your family. The composition of the team may vary depending on your unique situation, but it should include an attorney, and perhaps a health professional anda school guidance counselor, among others.
05.
Contact local non-profit organizations for additional resource support.
Your local non-profit may be able to provide resources that can help with planning or that supplement the standard services provided by government agencies. A good starting place is to first contact a non-profit dedicated to your dependent’s special need.
06.
Apply for government benefits.
Government benefits — such as Medicaid and Social Security (www.sss.gov) may help provide for your dependent’s needs in the form of medical treatments and supplies, equipment, financial assistance, and more. Visit your local Social Security Office to find out what benefits your dependent may qualify for; call or visit their website first to find out what documents you should have with you for your visit.
07.
Prepare your Last Will and Testament (review and update periodically).
A Will declares how you want your estate to be distributed and allows you to selecta guardian for your dependent when you pass away. It may be especially important to prevent automatic asset distributions directly to a person with special needs, and to be cognizant to not leave your dependent with special needs any assets in excess of $2,000 (as discussed in number two above). Speak to your attorney for additional information.
08.
Consider setting up a special needs trust/ ABLE account.
Special Needs Trusts allow care givers a way to provide for their dependent’s care and quality of life, without disqualifying them for federal assistance. Trusts can be set up either funded or unfunded, and must be overseen by a trustee — often the dependent’s caregiver and/or a bank trust officer. Funds can be contributed gradually over the years, or the trust can be designated asa beneficiary of an inheritance or life insurance policy. The money in the trust must be used to enhance the dependent with special needs quality of life, and can help to supplement standard services and benefits provided by government agencies. Speak to an attorney experienced in special needs planning for more information.
An ABLE (Achieving a Better Life Experience) account allows qualified individuals with disabilities to open tax-advantaged savings accounts. The disability must have manifested itself before the individual turned the age of 26. Funds accrue income tax free and can be used fora range of expenses related to the disability of the dependent. There are annual contribution limitations as well as maximum accumulation amounts. For more information refer to the National Able Resource Center at www.ablenrc.org.
09.
Apply for guardianship and conservatorship, if applicable
Caregivers must apply for a guardianship or conservatorship to maintain legal control over financial and health care decisions once a dependent reaches the age of 18.This can take up to a year in some states, so it’s maybe best to start this process early. There are different levels of guardianship and conservatorship available, depending on the dependent’s capabilities and needs. For example, a limited guardianship could be solely for financial or healthcare-related decisions.
10.
Prepare a Letter of Intent.
Although not legally binding, this document is important for providing direction for the person or persons who will care for your dependent with special needs and should be stored with other vital documents, such as your Will. Think of it as a “letter to the caregiver” — it can cover day-to-day care routines such as what medical assistance is needed, as well as quality of life guidance such as what entertainment and activities should be provided. Would they live in a group home or need their own space?