Extended care planning is more than planning to go into a nursing home.
5 Pillars of Joyful Aging
- Health is the most precious thing that we have. As we grow older, health can be compromised. We want to age gracefully with happiness and joy. It gives us freedom.
- Family is the most affected if you have a long-term care scenario or not. If you don’t, then family will have to reallocate their lives, their families, and their money to help with your care.
- Social relationships are so important to our health and engagement in our community and society.
- Financial security is about retirement funding, where the money is coming from.
- Peace of mind is about strong mental health as we move into retirement.
Now is the time to prepare. You have choice, options and control.
Costs associated with long-term care.
- 70% of people age 65 and older will need some form of care.
- Most people think LTC is about them – but it is really about their family.
- Planning correctly is about helping people stay in their homes, not going to a nursing home. Of course, chronic conditions may be a different situations needing different levels of care.
- Long-term custodial care is not paid for by Medicare.
- Considering the cost of care today is significant. And, when the care is needed, in 10-20 years from now, the costs will be even more significant.
- Typically women will age alone.
Considerations for an extended care plan.
- Where do I want to receive care? My home, adult daycare, etc. It is important to know the differences.
- By whom would you want someone to provide care? Family. Licensed nurse or caretaker.
- Make a plan with your family about your long-term care needs.