Are you Prepared to Age in Place?
According to the AARP (American Association of Retired Persons) approximately 90-percent of seniors hope to age-in-place. The term age-in-place is defined as living out your life in your current residence, usually a family home. While most seniors hope to age-in-place very few are planning for it. Statistics show that 13-percent of homeowners age 62 and older require assistance with Instrumental Activities of Daily Living (IADL). Not surprisingly, that percentage increases significantly as folks reach their mid-sixties and early seventies.
The key to successfully and safely aging-in-place is to plan ahead. While no healthy senior wants to think about needing assistance, or requiring a wheelchair, being prepared could be the difference between staying at home or being in a nursing home.
Your first step should be to consult with a Certified Aging-in-Place Specialist (CAPS). A CAPS is an individual trained to help seniors modify their home for safe and independent living. Some specialists work on their own while others will be employed by a design firm or remodeling company. Home modifications can range from a hundred dollars for a grab bar to thousands of dollars for a lift. A CAPS will consider your health along with your home’s design to help your come up with a design plan and budget for your future needs.
Find your local Area Agency on Aging for a list of services, volunteer groups and in-home nursing care groups. Many Area Agency on Aging offices provide help with meals, legal and tax counseling, even household chores. Make a note of any restrictions or eligibility requirements. Once you learn what resources are available in your community you can plan ahead and budget for any other services you may require.
Get more familiar with your insurance and put together a reasonable budget for in-home care. Services like visits from a health aide are usually paid on a per hour basis and can add up quickly. A person requiring help 3 hours a day can expect to spend around $2,000 a month depending on the average rates in your area.
You should also look into something called long-term care insurance. This private insurance is meant to cover costs like a nursing home or in-home health services. If you already have a major health issue you will likely be denied for coverage, so it is best to look into a policy early in the retirement process.
American veterans can obtain long-term care if they meet certain requirements. Eligible veterans include former prisoners of war, low-income vets, and those with a service-related disability. In-home care from a health aide is included in this program.
As part of your planning, take the time to honestly assess your current home. Even after certain safety modifications are made will your home be the right place for you? Take into consideration the neighborhood. Ask yourself if you will feel safe taking walks or going out for groceries in the evening. Decide if you are going to be close enough to family and friends to keep depression at bay. Think about the size of your home as well. Will you be able to keep up with daily maintenance? If you address these issues now you and your home could soon be ready for a long and happy life together.
