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Some facts about aging…

Some facts about aging…. 10,000+ of us turn 65 every single day We’re the biggest, most diverse cohort of “old people” our country has ever seen. More facts…. Only about 5% of us live in facilities that serve older adults

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Some facts about aging…

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  1. Some facts about aging… • 10,000+ of us turn 65 every single day • We’re the biggest, most diverse cohort of “old people” our country has ever seen

  2. More facts… • Only about 5% of us live in facilities that serve older adults • Increase in life expectancy has flattened a bit – in the US, our average life expectancy is 78.7 years. • The longer you live, the longer you’re likely to live

  3. And some myths • Old people have old ways of thinking • Genetic health conditions can’t be avoided as people age • People lose their memory as they age • Elderly people are less adaptable to change • Old people are crabby and depressed • Old people are incompetent

  4. How on earth can you predict?

  5. Does your home suit your needs?

  6. Your current home How does your home size up in terms of • Accessibility • Affordability • Ease of maintenance • Geography – access to errands, friends, family • Features that support aging in place

  7. Housing Options • Stay put – no change needed • Invest in changes/upgrades to stay put • Downsize and move locally • Move to be closer to family • Explore facility-based living

  8. Community-Based Living • Independent Living Facilities • Multi-level Campus • Continuing Care Retirement Community • Assisted living – 2 levels available • Nursing home

  9. How do you choose? • Health • Mobility • Other support needs • Resources • Preferences

  10. Minding Your Health • Lifestyle matters well into advanced age • Managing chronic illness has positive benefits • Relationship with medical team helps • Some problems are challenging to diagnose and treat • When the waters get rough, get help with navigation early

  11. Minding Your Resources PAYING FOR CARE • Medicare – pays for things with beginning and end – SNF, limited home care, hospice • Medicaid – pays for care for low income/asset level individuals • VA – limited benefits for qualifying vets • Long Term Care Insurance • Private Resources – savings and investments

  12. Minding Your Resources MEDICARE • Medicare A • Medicare B • Medicare Supplement (medigap) • Medicare D (prescription drug coverage) • Managed Care Options – MC Advantage

  13. Minding Your Resources MEDICAID • Designed as program for poor moms and kids • About 20% of its national budget now pays for long term care • Financial eligibility • Clinical Eligibility

  14. Minding Your Resources VETERANS BENEFITS • Aid and Attendance Program • VA Disability • VA Health Care System

  15. Minding Your Resources LONG TERM CARE INSURANCE • Elimination period • Daily benefit • Maximum benefit (time or $$)

  16. Minding Your Resources HOW MUCH DOES IT COST?? • Home Care – private agency - $30/hour • Assisted Living - $5,500-7,500/month • AL – Memory Care - $6,500-9,000/month • Nursing Home - $11,000-13,000/month

  17. Minding Your Resources YIKES! • Get advice when sizing up your options • Understand contract details – what’s included and what’s not • Bed availability tends to be tight for better quality facilities

  18. Minding Your Resources TALKING ABOUT YOUR MONEY • Are you planning for one or two people? • What is monthly income from all sources? What are the sources? • How much of your current living expenses are covered by income? How much do you need to pull from savings?

  19. Minding Your Resources TALKING ABOUT YOUR ASSETS • What is the value of your real estate, savings, investments and other property? • How are the assets titled? • How are these organized in your estate plan for use later?

  20. Minding Your Resources TALKING ABOUT MONEY IS HARD • If you’re asking for financial assistance, every person who tries to help will help • Planning to answer the questions ahead of time decreases a lot of stress

  21. Other Resources FAMILY AND FRIENDS • For practical support • To work on your behalf if you can’t – using your DPOA designations • Advocacy • Personal care and supervision

  22. What complicates planning? • Planning for “unevenly aging” couples • Planning with blended families • Ongoing responsibility for an impaired adult child, grandchild or other person • Family conflict

  23. What can you do? • Discuss your vision and wishes with your partner and/or trusted advisors to sketch out a plan • Once you feel confident, share the plan with other family members and advisors • Keep the plan up to date as things in your life change

  24. MOST IMPORTANT • You are more likely to stay in charge if you take charge • Time is your friend – few decisions need to be made on the spot • Don’t make big changes or commitments before reviewing with someone you trust • Keep your advance planning documents safe and accessible – share as appropriate

  25. I’m sorry!!

  26. But also hopeful… YOU STARTED TODAY! • Review your notes from today and discuss with your partner and/or advisor • Ask questions, brainstorm – don’t think small • Draft a useful, clear plan • Repeat this process as needed

  27. For more information Nancy Euchner – AgeQuest, LLC 195 New Hampshire Avenue, Suite 255 Portsmouth, NH 03801 nancy@agequest.com

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