Topic: cost of care
Financial planning. Whether it’s for yourself or for your parents, having an understanding of assets in the context of when you’re retired is essential. You’ll need money for your basic needs, money to maintain the lifestyle that you want to live, money to still travel if that’s a priority, and for charitable giving, if that’s a priority.
You will also need money to cover medical expenses and eventually for long-term care. The care that we’ll be talking about today and the money that you have saved needs to be able to cover these expenses as well. …
One of our favorite tools for getting a baseline on long-term care costs is the Genworth Cost of Care Survey. Enter your city, state, or zip code for the median cost of care for a variety of care settings (including your home) in your location.
We stress median costs, as our experience as geriatric Care Managers is that LTC costs more than the median reflected in the survey. But again, it’s a great place to start to get a realistic picture of costs, options, and levels of care. …
When we meet with families and start to talk about care and housing options, it’s not unusual for them to ask if Medicare covers what we are recommending. Typically, the answer is no. …
Do you have a plan for the time when home is no longer safe and supportive for your parent/s, your spouse, your partner, or you?
Families are usually pragmatic and understand that an older adult who is living with a dementia or Parkinson’s diagnosis, for example, will eventually need to move to a safer, more supportive environment in the future. …
Elder law focuses on the special rights, needs, and challenges that arise in the context of simply growing older and planning for possible care needs.
Attorneys specializing in elder law take a holistic perspective. …
We are growing older as a nation. Since 2011, baby boomers have been turning 65 at an average rate of 10,000 per day, a trend that will continue until 2030. And we are living longer. Fortunately, we are also healthier and more active than past generations.
However, according to the Administration on Aging, 70 percent of people turning age 65 can expect to use some form of long-term care during their lives. Thirty-five percent will spend some time in a long-term care facility, such as a nursing home or assisted living community.
…
Navigating the Overwhelming Options of Long-Term CareRead More »