Senior Spotlight: The Realities of Long-Term Care Planning

While every individual’s aging journey is different, there is one thing virtually all of us have in common: the desire to age as healthy, happy, and independently as we can. There is no one I know who enjoys talking about the day when they can no longer care for themselves or do the things they love to do without support. However, a recent AARP article affirms what we all know in our hearts to be true: denial, lack of information and fear often stop us from creating a plan for long-term care.

The U.S. Department of Health and Human Services (HHS) reports that:

- Someone turning age 65 in 2020 had a 70 percent chance of needing long-term care in their remaining years.

- The average person who needs help, at home or elsewhere, needs it for three years, but 20 percent need it for at least five years.

- One-third of older adults need nursing home care for an average of 1 year.

- Just 18 percent of adults over 40 have looked into long-term care planning for themselves.

The reality is that while it may not be an easy thing to talk about or prepare for, it is an essential piece of the retirement planning puzzle. While you never know when an illness or accident can take place, you can also almost never start gathering information too soon. Solo agers may face even greater challenges, given they are lacking support from a partner, grown child or other close kin.

We share none of this to scare you – but only to prepare you. We encourage you to focus on 3 key aspects of long-term care planning, simply by brainstorming the questions below. After that, you will no doubt extract your own next step in terms of what information you need to gather and what step to take next.

1) What retirement funds would I use to pay for long-term care? Are those monies immediately accessible? In what amount? How many months/years could I pay for at a cost of $4,500/month (avg. assisted living rate) or $9,300/month (avg. private nursing home room rate)?

2) What support system do I have in place to help me pack up my belongings in the short- or long-term? What would my moving process look like in the event my current home suddenly no longer met my needs? (Don’t forget about senior move managers and real estate agents as incredible resources!)

3) In the event I need long-term care, what would I want that setting to look and feel like? Do actual residential programs match my expectations and beliefs?

Life Care Planner Jennifer Crowley believes that “Getting past denial to action can relieve a lot of anxiety. There’s a peace of mind that comes from getting your affairs in order. … There’s never a wrong time to get started. But there’s always a right time.” And we could not agree more…

Warmest wishes,

Bobbi

Bobbi Decker
DRE#00607999

Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com


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