Do you want to stay at home as you age? 90% of people want to. Watch this webinar replay to learn what plans you should have to comfortably age where and how you would like to.

Most people want to stay home for as long as they can. They may be fearful of change or just love the home and life they've spent years creating. To learn more about this topic, Financial Advisor Kate Moseley interviewed Brian Mitchell of Silver Companions!

Plan to Pay for the Care You Need

• 70% of the population will need some level of care as they age. That could either be in-home care or care in an assisted living facility. Both options are expensive so it's best to plan and prevent destroying your retirement nest egg. Care will be paid for in one of two ways: Long-Term Care Insurance or Out of pocket. Medicaid and Medicare typically do not cover these costs!

Activity Level at Home vs. in an Assisted Living Facility

• Assisted living facilities take care of your meals and offer some community activities!
• You cannot stick to your own schedule. For example, during the pandemic, residents weren't able to move around freely and remained quarantined in their apartments. Family members couldn't even visit them during this time. Residents have the stick by the rules of the facility.
• Facilities are understaffed right now which can affect their level of care.

Biggest Misconceptions with Aging in Place

• Medicare will pay for it... or traditional insurance like Aetna will pay. No, they will not. They will pay for certain medical visits - like  PT, speech therapists...etc, but not for an actual carer.
• "My family will take care of me." Your family will need a break. We all need to make sure that we are okay before attempting to properly care for others. Health is a priority for you family members too. A CNA is educated and trained to care for you while your family members may not be. You could also risk harming your close family relationships.
• Staying at home is the best option. Not always... Plan ahead and request a consultation with an expert. Staying out of crisis mode can help you make better decisions on behalf of everyone.

Is Home Care More Cost-Efficient? 

• As with most things in life, this is not black and white in many cases. But, staying at home could be more cost-efficient than moving into a facility based on some simple calculations. 

The Best Course of Action for You

• Make sure that you and your kids are on the same page based on what you want and what works best in your unique situation. Have legal docs in place ahead of time like POA and advanced directive. You will want these docs in writing so there is no confusion.  You and your family may decide that it's not best for you to stay at home after a consultation and discussion.

If you have questions about planning for long-term care, please schedule a call with our expert team.

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