Planning for Financials and Health Care as you Age

It’s anticipated that by 2028 the cost of private nursing home care will double from current costs and the government has forecast that there could be a 50% increase in the population of those 65 or older which could put a strain the resources available for nursing home care.

While aging is inevitable, advanced planning will help make transitions in life much easier as they occur. For peace of mind, it is imperative that steps be taken to address the need for care. Spending time with family members to formulate a plan for aging in place or making a move to another private facility or family member’s home should be done well in advance of the need arising. While it is not an easy conversation to have, it relieves the burden on your potential caregivers and helps assure that you will have the care you desire as you age.

In order to make solid decisions as you age, consider:

• Finances:
  • Are you in a position to age at home with your current (or future) income?
  • Do you have family members to live with?
  • Do you prefer a private facility?
  • Do you have state or federal benefits available to pay for your care?
• Medical Care:
  • Organize your medical records and files so they are easy to review when the need arises.
  • Organize your health and life insurance policies and information.
  • Ensure that your family knows where to find these documents.
  • Prepare a living will and health care proxy so your loved ones know your wishes.
• Home Safety:
  • Take steps to make your home more secure and safe as you age.
  • Install a medical alert device in the home to make certain you have access to immediate medical emergency care when needed.