As we discussed last week, trends in senior care are changing. “Aging in place” is now the preferred choice of 90% of seniors over 65. This means staying in the home, after making the necessary accommodations for the needs of aging bodies and minds. For help evaluating and planning for continuing life at home for aging seniors, many turn to agencies such as https://www.aginglifecare.org for professional advice.
“Whose turn is it this week?”
80% of aging-in-place seniors are cared for by family, which is a great option if there is enough support in place to manage the load. In New York State, Medicaid can even pay care providers from the senior’s community—whether they be family, a neighbor, or a friend—through the “FreedomCare” (www.freedomcareny.com) CDPAP program. While this option is likely to be the least expensive, AARP reports that family/community caregivers can expect to pay at least $7,000 out of pocket each year, on average.
Help with a heavy load
Even with all the right planning, “caregiver burnout” is all too common, and it can sneak up gradually or suddenly. Fortunately, there are assistance options. An adult day care facility can provide caregivers a few hours away from home, if facilities are available in your area. Another option is contracting with a visiting nurse or home health care aide/personal care aide service. These professionals can provide assistance on a schedule that fits the senior’s needs, whether it’s a few hours a week or round-the-clock care.
Not your grandfather’s nursing home
New models for senior care are rapidly evolving as the most influential generation in a century continues to disrupt conventions and break new ground. Seniors today are more active and healthier than ever and living decades longer than their predecessors. To meet the needs of this rapidly growing cohort, a variety of choices have arisen, including retirement enclaves, senior communities and tiered continuing care retirement communities (CCRCs).
Paying for it all
Needless to say, professional care at this level can be quite expensive, but the costs can be managed with careful planning. Medicare, Medicaid, VA programs like “Aid & Attendance and Housebound” (which supplements military pensions with additional funds for personal care), life insurance policy payouts, home equity cash-outs, tax credits and private long-term care insurance can all be a part of a comprehensive financial solution. Here also, getting an early start is critical, because many of these options take time to begin working for you.
For more information:
New York State has some of the best-developed senior care options in the nation. Find out more about how to pay for a senior’s care in New York at https://www.payingforseniorcare.com/financial-assistance/new-york.html
Bottom line: there are many options for senior living and just as many ways to pay. Start early to plan for a safe, healthy, secure future.
Contact us today for more information.