Getting started in ElderCare/PrimePlus.

• Author: Kaestner, Beth
• Position: AICPA services

The aging of the baby boomers, the largest generation in American history, has begun. The oldest "boomers" celebrate their 58th birthday this year. With more than 70 million people born between 1946 and 1964, one American worker will turn age 55 every seven seconds for the next 20 years.

The AICPA introduced ElderCare Services in 1998 as a unique, customizable package of services offered by CPAs to assist the elderly in maintaining--for as long as possible--their lifestyle and financial independence. The AICPA's ElderCare Services brand was changed to "PrimePlus Services" to make it easier for clients to see the connection between traditional services and a global approach to the services that older clients need. The new focus on PrimePlus Services leverages existing strengths and competencies in cashflow planning and budgeting, pre-and post-retirement planning and insurance reviews and tax planning. There are basically three markets for ElderCare/PrimePlus Services:

1. Older clients with the financial resources to avail themselves of the services;

2. The children of older adults (client or nonclient) with the resources and interest to sea that their loved ones are cared for; and

3. Other professionals who deal with older adults (lawyers, healthcare professionals, etc.).

CPAs are ideally suited to provide ElderCare/PrimePlus Services. Their training brings independence and objectivity to problems and is a tremendous asset.

Developing a Successful Practice

A successful ElderCare/PrimePlus Services engagement depends on the following key factors:

* Developing an appropriate plan that addresses the level of care required.

* Maximizing a client's financial resources available to pay for the needed care and services.

* Maintaining an inventory of local organization from which the care or services will be provided.

* Having an understanding among the care team and the client as to who will provide the care or services.

Providing ElderCare/PrimePlus Services challenges CPAs to consider not only an older adult's financial needs but also, with the help of other specialized professionals, his or her physical...