Since most older adults still have a strong preference to age at home, any decision needs to be made with a full understanding of the specific older person’s needs, capabilities, and access to essential services and personnel.
That’s the thought shared by Wayne State University gerontology professor Amanda Leggett in a podcast produced for Detroit NPR Affiliates discussing the risks and benefits of aging in place.
In an episode of “Created Equal,” produced by NPR affiliate WDET, Leggett explains the need to fully understand a person’s care network — which often includes family members and may also include dedicated care professionals — and what some may not understand of intangible assets.
While most people may prefer to age in place, the loneliness epidemic may be hitting older Americans harder and cannot be ignored, she said.
“That’s another major concern for older adults, and one that we often don’t take into account when we think about aging in place because it can be very isolating,” she said. “Especially if someone has limited mobility and can’t get out and enjoy the normal social activities that they might have done before. That’s really one of the benefits that long-term care facilities can provide.
However, cost is a key consideration, Leggett explained, and this needs to be balanced against the reality of what a given person can achieve based on their financial means and the financial capabilities of their family.
“Care around aging is very expensive, and for individuals trying to figure that out, these can be really challenging. [in terms of] One that a family can afford,” she said. “What insurance, Medicare and Medicaid cover or don’t cover. Those are really challenging things, in-home care, out-of-home care, long-term care, they’re all very expensive. Trying to balance affordability, if necessary, families need to consider problem.
This is where a financial planner can come in, she explains. This person can take stock of the assets of the relevant senior personnel and help determine a path forward.
“It’s never too early to start thinking about this with a financial planner,” Leggett says. “As a family, we have to take this into consideration as we live longer and longer. It’s a bit of an unknown. We don’t have a magic ball that can tell us what crises we may face in the future, how long we have to live, what we need to prepare for any and Plan for all possibilities. From a financial perspective, this can be quite difficult.
