by Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
Once you pass age 65 you have a 70% chance of needing care before you die. Eighty percent (80%) of us want to continue to live at home for the rest of our lives. The fears about housing for retired people include: being a burden, not knowing how to pay for the added expense of care, and being forced to move from home to a new place where they know no one, are told what to do, and have no control over their daily life.
There are only two housing choices.
- Stay in your home. Some call that “age in place” where you live by yourself or with the help of others.
- Move to a community setting ranging from independent living to full nursing home care.
These choices balance the concerns of being a burden vs. having more money to leave after your death.
Age in Place: If you want to stay in your home and continue to be safe, independent, and not a burden to your family and friends, here is checklist of items to consider.
- Is the house age friendly [one story, barrier free, grab bars…]
- in a safe neighborhood
- close to services
- close to named health care and financial agents
- having funds to pay for additional expenses [maintenance that you did in the past plus hire helpers to cook, clean, drive, help with bathing, be a companion…]
- your named agents understand and buy into your plan to say in your home.
Continuing Care Retirement Community [CCRCs} for life:
There are only two in Ada and Canyon Counties, The Terraces of Boise and Karcher Estates Retirement and Rehab Community. Residing in a CCRC ensures you will not be a burden on your family. They are expensive. In addition to the initial fee usually required to buy into a facility, there is a monthly charge from $3,000 to over $10,000 per month.
Conclusion: What is your best housing for the rest of your life? You decide how to use your assets to access care in housing of your choice without going broke and without being a burden. You decide and you will have the future you want. If you don’t decide, who knows where you will live out your days.
Do you have a written estate plan that protects your future and your loved ones? Call to schedule a meeting with Susan Graham to give you peace of mind that your affairs are in order (phone 208-344-0375 or Contact Us on our website).
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