Should I Stay or Should I Go? Options for Senior Living – Part One
You probably hate uncertainty, and you probably don’t like to think about becoming physically dependent, dying, or aging in a nursing home. Put all of this together, and it can be hard to even think about where you’ll live as you age, who will take care of you, or how you’ll pay for it all. Yet, if you don’t make plans in these areas, you are giving up control over some of the most important decisions you’ll ever make.
We’ve seen concern about this among our clients, and studies have shown that Americans at large are underprepared for the costs and legal implications of late-life disability and dependence. Independent living, continuing care retirement communities, advance healthcare directives, etc – just understanding the terms can be overwhelming!
But enough of the bad news. There are many good senior living options these days. If you know the terminology and who to ask for help, planning to age may be easier than you think.
In May, we hosted an educational panel of specialists to discuss the issues and decisions that arise with aging. The discussion ranged far and wide, but the definition of terms alone can be helpful. Here, we provide a paraphrased excerpt of the introduction of our panel event:
With so many options for senior living outside the home, what are the different levels of care?
Addressed by Julie Kopetsky, senior relocation specialist and president of Your Next Move:
There is a range of options – from communities with limited care and lower cost to those with 24/7 care and full service.
Independent Living: This is the starter level. Your fees cover rent, social activities, a meal allowance, and often minor transportation. While no care is covered by your fees, Independent Living homes may partner with home care companies that can be hired by residents to provide care on site.
Assisted Living: This is a level up from Independent Living. Your rent and meals are covered as well as some level of care, though 24/7 care is not provided.
Skilled Nursing Care: These communities are a step above Assisted Living and provide full-time nursing care to residents.
Continuing Care Retirement Communities: These communities roll all the levels of care into one community. Most require that you enter the community while still living independently, but as your needs change, you can access greater levels of care.
That’s a lot of options to think about! But what if you’d rather stay at home? What are your options for care if you want to age in place?
Addressed by Ari Medoff, home healthcare specialist and CEO of Nurse Care of North Carolina:
Home Health: Home health is short term care that is covered by Medicare. For example, if you have hip surgery, your doctor may prescribe home health that covers 12 visits from a physical therapist.
Home Care: Home care is longer term care and is not covered by Medicare. This is paid privately or through certain Long Term Care insurance policies and involves nurses and nurse assistants caring for you inside the home.
If you’re thinking about options for aging in place or choosing a community, what are the legal documents you might need to put in place?
Addressed by Brett Thompson, estate attorney with Thompson Estate Planning and Elder Law:
Will: Your most basic estate document, the will indicates how your property should be distributed when you die.
Durable Power of Attorney: This designates someone who can make financial decisions for you if you are unable to do so.
Healthcare Power of Attorney: This designates someone who can make healthcare decisions for you if you are unable to do so.
Living Will: Though not legally binding, this notifies the decision makers – your doctors and the person designated as your healthcare power of attorney – if you do not want to be kept alive artificially or by extraordinary means.
These are just some of the terms you’ll most often hear when discussing aging in place and senior living communities.
As always, we remind you that this blog is meant as education, not advice. Stay tuned for Part Two where we’ll dive in to some of the advantages and disadvantages of each option and the costs associated with them.