Wednesday, March 4, 2020

Where Do You Plan to Live When You are "Old"?

It's never too early to start making plans about where you will live once you are "old".  According to the Washington Post, Even in midlife, it’s smart to start thinking about where you’ll live when you’re old.

According to AARP, people turning 65 these days will probably live another 20 years — and 70 percent will need some level of long-term care. I needed a plan — actually a revised plan, because until then [the author] expected[the] husband to be part of [the] plan. But ... [divorce happened and the need] to think about an aging plan ... [With]contemporaries .... now approaching (or passing) Medicare age, [the author] asked for their thoughts on senior living. [A]  former work colleague [responded]  “Denial, Steven. Sheer denial.” A high school friend, ... hit the nail on the proverbial head: “Call me Peter Pan. My plan is to never grow up and need senior living.” ....

Like 90 percent of older Americans, [the author]  hoped to “age in place” — until [seeing] how difficult it was for [the author's] parents (and worrisome for their kids). And expensive: premiums for long-term care policies ... now average $2,700 a year, according to the industry research firm LifePlans, which AARP reports “puts the coverage out of reach for many Americans.”

The author, undertaking due diligence, visited examples of some housing options, ultimately sending in money to be placed on a waiting list. 

"I understand better now why my parents couldn’t make a plan: It’s scary to contemplate one’s own old age. I love my current house (with a ground-floor master, making it feasible for aging in place), but I’m glad to have a Plan B with that deposit check as my safety net. Without a spouse (at least for now), I’m guessing my three 20-something nieces will be pleased, too."

https://lawprofessors.typepad.com/elder_law/2020/03/where-do-you-plan-to-live-when-you-are-old.html

Consumer Information, Current Affairs, Health Care/Long Term Care, Housing, Other | Permalink

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