That you for addressing this issue. It may not be optimistic, but sometimes being realistically prepared is more important. None of the options you describe are right for everyone. There are drawbacks to every one that you list. It does your readers no service to apply a slur such as “ghetto” to senior housing.
My partner and I moved to a CCRC three years ago at 70 and have not regretted a day. We are less isolated and more active that we were in our small (multi-generational) town, and our housing costs are comparable to living in our previous home. Long term care insurance was out of our reach, but the financial arrangement here compensates for that. Our entry fee: about 3/4 of the proceeds from selling our home can be used to pay for high levels of care, if needed. If not used, 90% of that fee goes to our survivors. (Or back to us, if we decide to move elsewhere.) If we exhaust those funds, there is a fund that pays the difference; our contract guarantees that we will never be forced to move out of the community. And it is a multigenerational community. Besides staff members who range in age from their teens to their seventies, residents’ children, grandchildren and great grandchildren are in and out every day. Finally, there are people here who are in their 100s, old enough to be our parents. You, of all people, should know that elders are diverse in age.
Thank you for bringing attention to this issue. Topics related to our very late years of life are too often ignored, which sets most of us up for challenges.
I used to work for hospice and have learned the value and importance of having conversations about end of life with people we trust.
Our society and media frame aging and dying as though they are parts of life we can avoid or should ignore.
I'd like to see more media coverage about our last years and months of life that focus on the benefits of self reflection.
Let's talk with people we trust about what brings meaning and purpose to our lives.
Let's reflect on the reality that we have a finite amount of days on earth. What matters most to each of us regarding how we spend our days?
Your words were practically my script for offering Long Term Care insurance to my clients when I was a registered financial adviser. Many clients agreed it was a good addition to their financial plan especially when they learned most LTC claims are paid for in home care including nursing, psychotherapy and even home cleaning. A ramp for wheelchair access to the door is many times covered.
A policy holder can claim benefits when they are unable to perform 2 activities of daily living or are suffering from dementia.
Of course, you are correct that due to age it is too late for many of your readers to purchase a LTC policy.
Disclaimer: Since I am retired and no longer a licensed agent, I suggest you check with a licensed health insurance agent for complete information about long term care insurance.
I can attest to that - two and a half years ago, when my husband was in memory care, I was paying $12,000 a month. We did not have insurance but we had set aside a fund for such an eventuality. I say this only to add that although I paid for his care, there was a substantial tax rebate.
Don, I believe this is a very important topic to address, and all of us need to make sure we have planned financially. In addition, making sure family members (those we want involved) know where to find our estate documents. Interestingly, I interviewed a home health care manager this month for my newsletter. One of the companion articles is about longterm care options and related costs. I would add to your excellent discussion, in-home healthcare doesn't have to be full-time. Some folks can get by with a couple of hours a day or less. According to The Administration on Aging, women need an average of 3.7 years of care compared to men who average about 2.2 years. With the annual cost of care options you outlined, it is essential that we all have financial and other plans in place. I'm glad that you are using your influence to help other aging adults to take care of business now! Of course as research suggests, we can reduce the likelihood of needing longterm care by practicing healthy living, engaging socially, keeping our medical appointments, and other evidence-based lifestyle activities.
Thank you for meeting this challenge head-on. My mother lived to the age of 99 and watched her money vanish. Have you written about the folks who advise older people and their families about care and payment options? I've never been clear about what credentials they have and what they charge. There certainly seems to be a growing need for this service.
Kris, thank you for your wise response. Self-reflection is a worthwhile activity any time, but especially in our later years.
That you for addressing this issue. It may not be optimistic, but sometimes being realistically prepared is more important. None of the options you describe are right for everyone. There are drawbacks to every one that you list. It does your readers no service to apply a slur such as “ghetto” to senior housing.
My partner and I moved to a CCRC three years ago at 70 and have not regretted a day. We are less isolated and more active that we were in our small (multi-generational) town, and our housing costs are comparable to living in our previous home. Long term care insurance was out of our reach, but the financial arrangement here compensates for that. Our entry fee: about 3/4 of the proceeds from selling our home can be used to pay for high levels of care, if needed. If not used, 90% of that fee goes to our survivors. (Or back to us, if we decide to move elsewhere.) If we exhaust those funds, there is a fund that pays the difference; our contract guarantees that we will never be forced to move out of the community. And it is a multigenerational community. Besides staff members who range in age from their teens to their seventies, residents’ children, grandchildren and great grandchildren are in and out every day. Finally, there are people here who are in their 100s, old enough to be our parents. You, of all people, should know that elders are diverse in age.
Too important not to read and too depressing to read! Advice?
Thank you for bringing attention to this issue. Topics related to our very late years of life are too often ignored, which sets most of us up for challenges.
I used to work for hospice and have learned the value and importance of having conversations about end of life with people we trust.
Our society and media frame aging and dying as though they are parts of life we can avoid or should ignore.
I'd like to see more media coverage about our last years and months of life that focus on the benefits of self reflection.
Let's talk with people we trust about what brings meaning and purpose to our lives.
Let's reflect on the reality that we have a finite amount of days on earth. What matters most to each of us regarding how we spend our days?
Don,
Very informative column.
Your words were practically my script for offering Long Term Care insurance to my clients when I was a registered financial adviser. Many clients agreed it was a good addition to their financial plan especially when they learned most LTC claims are paid for in home care including nursing, psychotherapy and even home cleaning. A ramp for wheelchair access to the door is many times covered.
A policy holder can claim benefits when they are unable to perform 2 activities of daily living or are suffering from dementia.
Of course, you are correct that due to age it is too late for many of your readers to purchase a LTC policy.
Disclaimer: Since I am retired and no longer a licensed agent, I suggest you check with a licensed health insurance agent for complete information about long term care insurance.
I can attest to that - two and a half years ago, when my husband was in memory care, I was paying $12,000 a month. We did not have insurance but we had set aside a fund for such an eventuality. I say this only to add that although I paid for his care, there was a substantial tax rebate.
Don, I believe this is a very important topic to address, and all of us need to make sure we have planned financially. In addition, making sure family members (those we want involved) know where to find our estate documents. Interestingly, I interviewed a home health care manager this month for my newsletter. One of the companion articles is about longterm care options and related costs. I would add to your excellent discussion, in-home healthcare doesn't have to be full-time. Some folks can get by with a couple of hours a day or less. According to The Administration on Aging, women need an average of 3.7 years of care compared to men who average about 2.2 years. With the annual cost of care options you outlined, it is essential that we all have financial and other plans in place. I'm glad that you are using your influence to help other aging adults to take care of business now! Of course as research suggests, we can reduce the likelihood of needing longterm care by practicing healthy living, engaging socially, keeping our medical appointments, and other evidence-based lifestyle activities.
Sobering. Lucky enough to have long term care insurance but the price continues to increase significantly……scary stuff.
Thank you for meeting this challenge head-on. My mother lived to the age of 99 and watched her money vanish. Have you written about the folks who advise older people and their families about care and payment options? I've never been clear about what credentials they have and what they charge. There certainly seems to be a growing need for this service.