Should I Stay or Should I Go? Options for Senior Living – Part Two
In this post, we’ll explore costs, advantages and disadvantages of some the options in senior living, as discussed by the panel of specialists hosted by Hilltop in May. If you don’t know some of the terms we’re referencing, check out last week’s post.
It seems like a lot of folks are talking about Continuing Care Retirement Communities. What’s the advantage of these types of facilities?
The great advantage of Continuing Care Retirement Communities (CCRCs) is that they roll all levels of care into one, says Julie Kopetsky, senior relocation specialist and president of Your Next Move. In a CCRC, you can live independently, receive some level of assistance or receive skilled nursing.
Those sound great! Are there any down sides?
It is complicated and expensive to build retirement communities, so there may not be many of them near you. There may also be a long waitlist and a fee to join the waitlist. Further, being on the waitlist doesn’t guarantee a spot in the community. For most CCRCs, you must also be able to live independently at the time you enter the community.
That’s good to know. Is there anything else I need to consider?
CCRCs offer multiple kinds of contracts. At the base level, you can pay a lower fee and then pay a la carte for care as you need it. Alternatively, you can choose to pay larger upfront fees that cover care you will need to use later. You can discuss with your financial advisor which options may work best for you.
What if I want to stay at home as I get older? What are the advantages of receiving nursing care at home and the costs associated with that?
Ari Medoff, Home Health Care Specialist and CEO of Nurse Care of North Carolina, explains that there are good options if you want to stay in your home as long as possible.
Home Health, the short-term care often prescribed by a doctor after a precipitating event, may be covered by Medicare.
Home Care refers generally to longer term care. Costs will vary widely, depending on the care you need. It is usually around $20-$23/hour, so 24/7 care becomes quite expensive.
When thinking about whether to age in place or age in a senior living facility, what do I need to consider when it comes to legal documents?
Brett Thompson, estate attorney with Thompson Estate Planning and Elder Law, says there is likely no difference in the documents you need whether you age in place or in a senior living community. But there are some things you may want to consider as you put those documents in place. For example, if you have children, keep in mind that siblings sometimes want different things for their parents. Whatever plans you make for yourself, it is critical to communicate those plans as openly as possible with your family, particularly with the individual to whom you assign power of attorney.
This is a lot to think about. Are there resources I can access to help me as I make these decisions?
Yes! Many counties have departments (or “councils”) on aging to help you identify resources in your community. You should be able to find your local department with a simple web search.
As always, we remind you that this blog is meant as education, not advice. If you’d like to talk to a financial advisor about your specific situation, please contact us.
Thank you to Julie Kopetsky, Ari Medoff, and Brett Thompson for serving on our panel!