If you ask the average person about where they plan to live as they age, you’ll likely hear “I plan to live at home until I die.” While this is an understandable sentiment, it’s as simple as it sounds. If you, or a parent, is planning to live at home into the golden years, there is planning that has to be done.
Who will care for you at home?
Let’s be realistic, few people die peacefully in their sleep without going through some type of aging related physical or mental illness. While hopefully you or your loved one will be one of the lucky ones, odds are you will need some sort of assistance with daily tasks later in life. Who will assist you? Is there a child that will move back home, and has this been discussed? Has it been discussed with all family members, and is everyone is in agreement with the plan? Will a caregiver be hired? Is there enough money or insurance to pay for the caregiver? These questions are not often easy to answer.
What is your Plan B?
Some medical and psychological conditions are simply outside of the skills of a well meaning family member. Have you considered at what point a nursing home is an acceptable option? More importantly, how will you cover the cost of a nursing home?
In the next few blog posts, we’ll delve into the uncertainties and costs associated with aging, estate planning and long-term care.
