Aging in Place? You Have Choices to Make!
When it comes to living independently as you age, you have several options. You will need to make a decision someday, maybe sooner than you expect. How can you choose the safest, happiest, most cost-effective option for you?
Let’s explore some (not all) options:
Assisted Living in a community is a common next step for aging adults when they become ready for some help remaining independent. Assisted Living communities allow for apartment type living with community meals and activities along with 24 hour, on call assistance. Assisted Living costs vary significantly but will start at $4000.00/monthly and can be significantly higher depending on the facility and amenities. Prices are increasing significantly due to the changes in the economy. Most facilities perform employee screening such as drug screens, background checks and require credentials such as fingerprint clearance cards, valid driver’s license, CPR/First Aid and annual TB testing*.* Additionally, most communities will be appropriately insured and manage the employment, payroll and general liability associated with their employees.
In-Home Care through an insured agency is another common next step for aging adults short and long term when they need some assistance aging in place. Non-medical in-home care allows clients to live in their own home with an attendant helping them in that environment according to their requested schedule and according to their individual needs. This includes assistance with activities of daily living such as bathing, dressing, meal planning and preparation, light housekeeping and transportation. In home care costs can start at $36.00/hour and can be significantly higher depending on the complexity of care. Prices are increasing significantly due to the changes in the economy. Most agencies perform employee screening such as drug screens, background checks and require credentials such as fingerprint clearance cards, valid drivers license, CPR/First Aid and annual TB testing*. * Additionally, most legitimate agencies will be appropriately insured and manage the employment, payroll and general liability associated with their employees. **DISCLAIMER: These credentialing requirements and insurance standards are per Blue Rose Legacy Home Care policy and do not necessarily reflect the policies of any other agency.
Private in-home care is another option for those that cannot necessarily afford care through an insured employer. This option also allows clients to live independently with an attendant helping them in their home environment. The services are the same as caregivers employed through an agency. Independent caregivers generally run about half the cost of one employed by an in-home care agency. **CAUTION: This option requires the client to assume the burden as an employer. The client engaging in this option is responsible for insurance, payroll compliance, payroll taxes, social security contributions, etc. All employment and general liability associated with this relationship belongs to the client.
Planning for what will certainly become necessary for most of us is essential. Let’s talk about some ways to prepare and pay for assistance.
Private Long Term Care Insurance is an option that can be purchased through a number of insurance companies. The benefits vary but generally the policies will pay a set dollar amount per day with a set dollar cap weekly or monthly. The costs of this type of policy vary based on individual health, age and type of benefit desired. Benefit may be used for assisted living or in home care, depending on the policy purchased.
Arizona Long Term Care System (ALTCS) is an option for those adults with disabilities and health conditions prevent them from living at home who qualify based on financial need as well as medical need. ALTCS is a program designed to pay for the expense of your care under those circumstances. ALTCS can be used for in home care or long -term care facilities depending on medical qualification.
*VA Aid in Attendance *is an option intended for homebound Veterans needing assistance with activities of daily living. Wartime Veterans and widowed spouses of wartime Veterans may be eligible for this benefit. This benefit can be used in an assisted living or for in home care.
VA Attendant and/or Respite Care is also for homebound Veterans needing assistance with activities of daily living and to support their primary caregiver. This benefit eligibility is determined by the Veteran’s VA physician and administered by a VA social worker.
*Life Insurance Cash Values *are another option for some individuals seeking care. Policies can be borrowed against or surrendered and substituted with less expensive term policies to shore up financial plans for assistance in home or in an assisted living.
Refinance or Reverse Mortgage may be an option for some. Reverse Mortgages are a bit different than refinance in that instead of taking a lump sum of money against your home, the owner receives payments from the lender which can be used for living expenses as needed. The owner doesn’t need to make payments to a lender under a reverse mortgage but ultimately the amounts “borrowed” will need to be repaid by the family or sale of the home. THIS OPTION SHOULD BE RESEARCHED CAREFULLY!
Most of us carefully planned our lives, education, careers, families and our retirement. Remember the statistic above. Most of us don’t think we will need help remaining independent as we age but most of us certainly will. We can each do some planning and make some decisions on how we want to live and how that will impact our family members.
I wish you the healthiest and happiest future. I hope that giving your next steps in life some thought sets your mind at ease and allows you to enjoy your present life completely, every day.
If I can be of any assistance, I am happy to talk to you about your plans and share ideas.
Laura Boutilier-Reed
Owner/CEO
Blue Rose Legacy Home Care
