This is a major trend for all of us to pay close attention to. The National Institute on Aging provides visitors to their website (nia.nih.gov) a trove of information on aging in America, including on “aging in place” or aging at home, and not at a facility somewhere. Perhaps the number one issue facing those hoping to age at home is cost. The NIA writes about the cost of aging at home:
An important part of planning is thinking about how you are going to pay for the help you need. Home-based services can be expensive, but they may cost less than moving into a residential facility, such as assisted living or a nursing home.
How people pay for care depends on their financial situation, their eligibility for assistance programs, and the kinds of services they use. People often rely on a variety of payment sources, including:
- Personal funds, including savings, a pension or other retirement fund, income from investments, or proceeds from the sale of a home.
- Federal and state government programs, such as Medicare, Medicaid, and the U.S. Department of Veterans Affairs (VA). Visit USA.gov for more information about government programs for health care and financial assistance.
- Private financing, including long-term care insurance, reverse mortgages, certain life insurance policies, annuities, and trusts.
Action Line: Aging at home takes planning and saving. When you want to talk about planning for your retirement, email me at ejsmith@yoursurvivalguy.com.
