October is Long-Term Care Planning Month, a timely opportunity to reflect on how you want to live as you age. Planning for long-term care isn’t just about selecting a place to live—it’s about ensuring your financial, medical, and personal preferences are upheld as you grow older. At SilverSavvy, we believe in helping you age well by empowering you to make decisions that reflect your unique goals and values.
In my years of running a home care business, I’ve witnessed the profound difference that early, intentional planning can make. Families who take the time to consider their options often feel more confident and less stressed when it’s time to put their plans into action.
1. Understand the Costs
Plan Early for Financial Security
Long-term care can be expensive, and, according to a study conducted by Genworth in 2023, the costs vary based on the type of care and where you live:
- In-Home Care: Monthly costs range from $5,148 to $5,243.
- Assisted Living: The national median is around $4,774 per month.
- Nursing Homes: A private room averages $9,034 per month.
From my experience, families that start planning early have more options when it comes to paying for care. I’ve seen firsthand how Long-Term Care Insurance can alleviate financial burdens, particularly when policies are secured earlier in life. It allows for greater flexibility in choosing care options, whether at home or in a community setting.
Other options like Veterans Benefits and Medicaid can also play a role, but these require planning and understanding the eligibility requirements. In my work with families, I’ve often helped them navigate these complexities, ensuring they have access to all available resources.
2. Decide Where and How You Want to Receive Care
Living Well on Your Terms
Deciding where and how to receive care is one of the most personal aspects of long-term planning. In my experience, those who start early and explore their options—from in-home care to community living—are able to create care plans that reflect their preferences and values.
Many of the families I’ve worked with express a desire to age in place, a preference shared by 77% of adults over 50 (AARP, 2021). For those who prefer a community setting, assisted living or memory care may be better fits, providing personal care services, social connections, and medical oversight.
Planning now ensures you’re not making these decisions in a crisis. Instead, you can thoughtfully choose the environment and care model that aligns with your lifestyle.
3. Take Control of Your Medical Decisions
Your Health, Your Choices
Your medical care is another critical component of long-term care planning. I’ve worked with many families who faced emotional stress during a health crisis because key medical decisions hadn’t been made in advance. Having a plan in place can give you and your loved ones peace of mind.
Consider these action steps:
- Healthcare Proxy: Choose someone you trust to make medical decisions on your behalf if you’re unable.
- Advance Directives: Outline your preferences for life-sustaining treatments, such as resuscitation and feeding tubes.
I’ve seen families feel a deep sense of relief once these documents are completed, knowing their medical wishes will be followed. It’s a way to maintain control, even when circumstances are challenging.
4. Plan for Daily Living Support
Maintaining Independence
Many people need help with daily tasks as they age. Planning now for personal care assistance—whether it’s with Activities of Daily Living (ADLs) like bathing and dressing, or Instrumental Activities of Daily Living (IADLs) like meal preparation and financial management—ensures that you can maintain independence for as long as possible.
In my years of providing home care services, I’ve seen how preparing for these needs early can preserve a person’s quality of life. With the right support in place, individuals can continue living comfortably and independently, with the assurance that help is there when it’s needed.
5. Ensure Your Legal Documents Are in Order
Peace of Mind for You and Your Family
Estate planning is an essential part of long-term care. Today’s technology makes it easier than ever to create a will or trust, but starting early is key to avoiding unnecessary stress for your loved ones.
A Durable Power of Attorney can ensure someone you trust is managing your financial affairs if you become incapacitated. I’ve seen families experience great relief after setting up these documents, knowing their wishes will be honored and their families spared legal headaches.
6. Have the Conversation Early
Share Your Wishes with Loved Ones
Talking with your family about your long-term care preferences may not be easy, but it’s essential. In my experience, families who have these conversations early avoid confusion and last-minute decisions that can lead to stress or conflict.
Discussing your preferences—whether about where you want to live, how your care will be funded, or what medical decisions are important to you—ensures everyone is aligned and can act confidently when the time comes.
Summary of Next Steps
To ensure you’re prepared and can age on your terms, here’s a simple action plan:
- Review the Costs: Understand the costs associated with in-home care, assisted living, and nursing homes, and start exploring your financial options like Long-Term Care Insurance or Veterans Benefits.
- Explore Care Options: Consider where and how you want to receive care. Would you prefer to stay at home, or would assisted living or memory care provide a better fit? Make your choice early while options are abundant.
- Set Up Medical Directives: Establish a healthcare proxy and advance directives to ensure your medical decisions are respected.
- Plan for Personal Care: Anticipate your needs for daily living support, whether through ADLs or IADLs, to maintain your independence.
- Organize Legal Documents: Create or update your will, trust, and durable power of attorney to give your family peace of mind.
- Start the Conversation: Have a candid discussion with your loved ones about your preferences for long-term care, finances, and medical decisions.
We’re Here to Help
At SilverSavvy, we believe that aging well starts with planning ahead—and we’re here to support you every step of the way. Whether you’re just starting to explore your options or you’re ready to finalize your long-term care plan, we’d love to hear from you.
Have thoughts or questions about your own care planning journey? Leave a comment below—we’re always eager to engage with our community. Or, if you’re ready to take the next step, visit SilverSavvy.com to explore more resources, or reach out directly to [email protected] to schedule a complimentary consultation.
Together, we can create a personalized plan that aligns with your needs, preferences, and goals, ensuring that your future is in your hands.
To You Aging Well,
