Being proactive by giving serious consideration to long-term care planning provides peace of mind and frees you to fulfill goals as you grow older. Why is this planning important?
Nearly 70% of individuals over age 65 will become cognitively impaired or unable to complete at least two activities of daily living (ADLs) over their lifetime according to the Administration on Aging. (ADLs are activities related to personal care. They include bathing or showering, dressing, getting in and out of bed or a chair, walking, using the toilet, and eating.)
This long-term care planning review was inspired by a conversation between Lisa Mayfield, our Founder and Principal, and Wayne Baxter, Executive Director, One Capital Management, LLC. on the “3 Questions Webcast.” Wayne and Lisa looked at three of the top questions that bring clients to Aging Wisdom for consultation. You can view the full interview by clicking here.
ONE: If it is determined that I need care, is it a certainty that I need to move?
Do you have to move? No.
What you must think about, however, is this: Do you have the financial resources to stay at home? Staying at home, when you need a lot of help, can be the most expensive option.
There are a lot of things to consider:
Will your house accommodate you as needs change? Is it accessible? Are there a lot of stairs to navigate? How big a yard do you have to maintain? Even taking out the garbage should be a consideration. What’s the path to do that? Sidewalks can be a challenge.
Home maintenance of both the inside and outside of the property. How much energy and money will this take? Will you be able to manage maintenance as you age and possibly experience declining health and memory changes?
Driving considerations. Think about where your home is located. Is your doctor and shopping close by, convenient? What are the things you like to do for fun? Is that accessible? If you’re a social person, how would you feel at home if you’re isolated due to mobility and transportation issues and not able to get out and about?
Social connection, intellectual engagement, and physical activity are essential to quality of live and personal well-being, as we were reminded during the pandemic. Perhaps moving to a retirement community will provide greater options for engagement through dining options, organized activities and events, lectures, outing, and other programs.
So even though we often think that staying at home might be the right choice, there are a lot of factors to consider. The aforementioned are just a few.
Key point: There are a lot of moving parts that need to be considered beyond the comfort of living in your own home.
And that is why planning in advance is so important.
Wayne shared that a friend of his likes to say: “You either act or be acted upon!” And as Wayne goes on to say, this is not a topic on which you want to be acted upon.
Lisa agrees.
If people in their 60s and 70s were thinking ahead, they might want to meet with someone like an Aging Life Care expert like Lisa, and ask “Someday if I need help, what are the options? What would it cost? What should I be thinking about?” And then determining what would make the most sense for them, and letting their families know their plans.
This gives folks peace of mind knowing that they’ve planned, so they can go off and travel, have fun.
Not planning narrows your options and may cause poor decision making in a moment of crisis. Unfortunately, you may have a stroke, some memory changes, or a diagnosis of Parkinson’s, and that does happen, and then the care is forced upon you without consideration of your preferences.
TWO: What are the costs related to living at home or living in a facility?
Genworth Financial has a Cost of Care Survey that can help people get a sense of the average costs of care. You can link to the Cost of Care Survey here.
The Cost of Care Survey is a good place to start. The costs reflected in the survey are average costs. We find in our work as Aging Life Care Experts (AKA Care Managers) the costs are usually higher, based on a variety of variables such as location, amenities, level of care, and assistance needed.
Consult with an Aging Life Care Expert to get specifics on long-term care options, levels of care, and associated costs.
THREE: What do I have to do now to not be a burden to my family later?
First, meet with your attorney. Get your paperwork in order, such as your Living Will, Advance Directive, and Powers of Attorney (POAs) for finances and health care.
Some individuals may not have people to appoint as a Power of Attorney. Sometimes you can ask friends, cousins, or a trusted neighbor. There are professionals who can serve as POAs, and we are happy to make a referral.
Second, meet with your Financial Advisor. So much of this topic involves money. Do you have the resources? How do you make your resources work to support you? How do you create plans that are sustainable? Do you have or need long-term care insurance? A financial advisor can help you answer these questions.
Third, engage someone like an Aging Life Care Professional, (AKA Care Manager), to help you understand what services and supports are out there, what are the options, and the costs? A Care Manager can help you create a plan that suits your goals, preferences, personality, health, and finances.
Fourth, have “the talk” if you do have children, a conversation about what you want, what you’ve planned, your preferences. Share all that you’ve learned. Help them get comfortable talking about the What if’s.
What’s the best time to look at these things? Now! As Wayne encourages, “The key to planning is to not wait too long. Don’t wait for a crisis!”
Be a Proactive Planner. Don’t wait for a crisis. Thinking ahead. Engaging the right people.
Ready to get planning? Click here to schedule a get-acquainted call with one of our Certified Care Managers to jumpstart the conversation.
