Home is a special place. It provides not only comfort but also familiar surroundings. For most, their friends, community partners, doctors, and pharmacy are nearby. After all, home is where the heart is. When discussing aging, most of your clients would prefer to remain in their home should they require long-term care. Aging in place allows your client to receive care in their own home when they need assistance with activities of daily living and other support. However, receiving care at home and aging in place takes some forethought and planning.

Planning for Aging at Home

The best time to plan for aging in place is before your client needs care. Planning ahead allows your client to make important decisions and express their preferences before their health declines. If your client has any chronic conditions now, they should consider how those will affect them as they age. By researching home-based care options and other services in their community, they will be able to better plan for the cost of these services. Making these plans ahead of time also allows them to make any necessary safety modifications to their home, such as a stair lift or grab bars in the shower.

Discussing Care Plans with Their Support Team

Your client should speak with their support team (family members and friends) about their care plans, including whether their loved ones may be able to provide support and how often.

In many cases, home-based support is provided by informal caregivers, such as family members, friends, and neighbors. This care may be supplemented by formal caregivers, like home health care agencies or community services. If your client plans to supplement their support team with a home health care agency, they should plan for the costs.

Here is a sample list of assistance your client may need as they age in place:

• Personal care: help with activities of daily living, including bathing, dressing, eating, using the toilet, continence, and transferring
• Household chores: cleaning, grocery shopping, laundry, and similar chores around the house
• Meals: shopping for food and preparing nutritious meals
• Money management: tasks such as paying bills and filling out health insurance forms
• Health care: help with different aspects of health care, including giving medications, caring for wounds, helping with medical equipment, and providing physical therapy
• Transportation: assistance getting around, such as rides to the doctor’s office or grocery store
• Safety: installing home safety features and help in case of a fall or other emergency

Source: Aging in Place: Growing Older at Home | National Institute on Aging

How Will Your Client Pay to Age in Place?

A crucial part of preparing for aging in place is considering how your client will pay for the help they need. Home care services can be expensive, but they may cost less than moving into a facility, such as assisted living or a nursing home.

Your client may have a few different options to cover these costs, depending on their financial situation, their eligibility for assistance programs, and the kinds of services they require. They may 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, or VA
• Private financing, including long-term care insurance, reverse mortgages, certain life insurance policies, annuities, and trusts

Source: Aging in Place: Growing Older at Home | National Institute on Aging

Where Does Long-Term Care Insurance Fit In?

Transferring your client’s risk to a long-term care insurance carrier is a vital option for them to consider.  Long-term care insurance (LTCI) is an affordable pre-planning tool for individuals looking to secure their financial future and set aside funds for a long-term care crisis. LTCI provides coverage in the event a person requires professional care and allows for flexibility in choosing the type of care and where care is received. Some LTCI policies include a cash benefit that allows for payment to a family member or friend who is providing care, and policies also include a home modification benefit for necessary safety improvements. LTCI is not only a strategy for preserving assets but also a solution to provide peace of mind for their whole family.