How to Finance for Longevity and Aging in Place

According to an AARP survey, 70-80% of respondents say they would prefer to live out their days in their own homes. It is understandable that people would want to be in their own home rather than re-locating to a nursing home or assisted living facility. Sometimes, the option is simply too expensive if you or a family member make this commitment to stay at home. Many matters must be considered when financing home care. Some points to take into consideration in order to adequately plan for one’s future are:

  1. Become aware of what Medicare and other public programs cover. It is a very limited scope of in-home care, not the day-to-day chores that many require assistance with, such as housekeeping, meal preparation, bathing, dressing, and grooming.
  2. Are you relying on a family member for all in-home care needed? At what point will this become too much for your family?
  3. Do you need housekeeping help?
  4. Do you need someone to drive you to run errands or to doctor appointments?
  5. Consider having a geriatric care manager perform home evaluation and provide a list of resources for you.
  6. Is long term care insurance affordable for you?
  7. Discuss your options for insurance, healthcare, finances, etc. as well as your priorities with family members and professional advisors such as an ElderCare Lawyer.

Contact the Elder Law Firm of Clements & Wallace, P.L. for more information.