Whether you rent or own your own home; live in the city center, exurbs, somewhere in between or farther out; dwell in an apartment, condominium or single family residence – chances are you want to stay there as you age. Most people do. Here are a few things to consider in your planning. The condition […]
Whether you rent or own your own home; live in the city center, exurbs, somewhere in between or farther out; dwell in an apartment, condominium or single family residence – chances are you want to stay there as you age. Most people do. Here are a few things to consider in your planning.
In-home and community services can help you live at home longer. The following are some of the services and supports that may be available in your area. Go to (https://www.aging.ca.gov/ProgramsProviders/) to learn more about available services in your county.
Modifications can make your home safer and enhance your independence. Home modifications can make your home safer from falls and other accidents. Areas worthy of a hard look are bathrooms, steps and stairs inside or outside, and kitchens. Typical changes needed as you age include:
There may be state and local programs that provide low-interest loans or grants to help you pay for home modifications or home repairs. If you are age 60 or older, check with your local Area Agency on Aging to see whether you qualify for home modification and repair funds from Title III of the Older Americans Act.
The possibility of needing long-term care is something most of us would rather not think about. Yet, according to the U.S. Department of Health and Human Services 70% of people will need some form of long-term care at some point in their lives. Medicare does not cover extended long-term care services.
Long-term care can be very expensive and many people will use long-term care for an extended period of time (one year or more). Forty-five percent of people 65 years of age and older, who go into a nursing home, will spend between $94,900 for one year of care and $474,500 (in year 2014 dollars) for almost 5 years of care. Many more will spend even more. Â And most people who enter a nursing home have required access to home-based long-term care services before requiring residential care.
Some facts to consider:
The U.S. Department of Health and Human Services, Center for Disease Control and Prevention, National Center for Health Statistics, National Nursing Home Survey: 2004 Overview, reports the following nursing home length of stay breakdowns;
Long-term care insurance is designed to cover long-term services to assist policy-holders with activities of daily living such as bathing, dressing, or eating in a variety of settings such as your home, a community organization, or other facility.
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit). You can select a range of care options and benefits that allow you to get the services you need, where you need them. Paying for long-term care, either for yourself or a loved one, can mean sacrificing a lifetime of savings or losing your financial independence, unless you plan ahead.
The cost of your long-term care policy is based on:
If you are considering purchasing long-term care insurance the California Partnership for Long-Term Care (http://www.rureadyca.org/cost-long-term-care) is the place to begin. And start early.