Planning for Long-Term Care

The nation’s senior population is expected to double by 2050, and while government programs cover general health care costs, independent and assisted living costs fall largely on families. This is a growing issue that most families are not talking about but should be.

Ready to Support Your Parents?
A recent survey by A Place for Mom and The Mutual Fund Store revealed that 42 percent of Americans with living parents have not discussed the potential need for senior care with them.

It also showed 28 percent of Americans with living parents think they will need to support their parents financially sometime in their life, or they are currently supporting them. Of those people, 86 percent
expressed fears about their ability to financially support them.

New Hampshire has the highest median income in the nation at $65,028. The average estimated cost of assisted living in NH is $5,103 monthly or $61,236 annually. It’s clear that this is something for which families need to plan.

4 Steps to Discuss Long-Term Care
1. Discuss with Family. Have an open conversation with family about your parents’ financial assets.

Put their affairs in order by getting access to their bank accounts and sharing information about legal documents, savings and investments.

2. Speak to a Senior-Living Advisor. Whether you are seeking long-term care for a parent or not, speaking to a senior-living advisor early will help your family understand the type of living situation that you will want to pursue for a loved one when it’s time. Being proactive can save you a lot of time and energy when searching for senior care.

3. Talk to a Financial Advisor. A financial advisor will help you understand how to invest money to generate more income for you in your later years. They can also discuss ways to pay for long-term care and help you avoid senior scams. If you don’t have a financial advisor, search financial-advisors.credio.com to find experts in the NH area.

4. Budget for Senior Care. Now that you know the type of living situation your loved one needs, it’s time to set a budget and find sources of income. Investments and 401(k)s are one source, but there are other things to consider. If applicable, look into veterans benefits by calling the local NH State Office of Veterans Services.

Having this tough conversation does not have to be painful. The key is to start early, so your family can avoid making mistakes and instead make knowledgeable decisions about long-term care when the time comes.

Touring Senior Communities
If you’re ready to search for a senior community, here are things to consider:

Atmosphere
• As you enter the lobby, is the decor attractive, and will your loved one be able to feel at home?
• Do you receive a warm greeting from staff members?
• Do residents socialize with each other and appear happy?
• Are staff members friendly?
• Are visits welcome at any time?

Physical Features
• Is the community well designed for your loved ones’ needs?
• Is the floor plan accommodating to wheelchairs and walkers?
• Does a physician or nurse visit residents regularly to provide checkups?
• Are handrails available in the hallways, and are the floors easy to walk on?
• Does the residence have good lighting?
• Is the residence clean and free of odors?
• Is the temperature of the residence appropriately regulated?

Contracts, Costs and Finances
• Is a contractual agreement available? The agreement should disclose health care and supportive services, all fees, as well as admission and discharge provisions.
• Ask about the policy for refunds and/or transfers.

Services
• Is staff available to provide 24-hour assistance with activities of daily living if needed?
• Is there a written plan for the care your loved one will need?
• Does the residence provide housekeeping services in residents’ units?
• Can residents arrange for transportation on short notice?
Choosing the right community requires serious consideration, so take your time and remember that it’s never too early to start planning ahead.

Gayel Cote is a senior-living advisor at A Place for Mom, a national senior living referral service. She is located in Nashua and can be reached at
978-656-6032 or aplaceformom.com.