According to AARP, 76% of Americans 50 and older intend to remain in their current home as they age. Programs that allow older adults to enjoy their current home along with personalized support and perks have developed as a new alternative to traditional retirement community living. Here are six myths about aging in place, and the truth about this popular retirement option.
Myth: I’m young and healthy now, so I don’t need to plan for aging in place yet
Fact: It’s always best to start planning for your future retirement goals sooner rather than later.
While you’re healthy today, a sudden health event could leave you and your family in a tough situation without a plan in place for the future. Also, planning early ensures that you have the most options. Long-term care insurance companies and Continuing Care at Home providers require a health screening. If you’re unable to live independently, you may not fit the parameters to enroll.
Planning early also provides peace of mind, and allows you to enjoy your retirement while knowing you’re prepared for whatever may happen in the future.
Myth: My home is unsafe for me to age in place
Fact: With simple modifications, a home can be made safer with mobility and accessibility in mind.
Being proactive with some basic home modifications can help you maintain a level of safety and mobility throughout the years, while adding increased comfort and convenience to your lifestyle. Some easy and common home modifications include:
- Install grab bars for tubs, showers and toilets
- Add a shower safety seat or wheelchair shower platform
- Use non-skid mats in the bathroom
- Apply non-slip tape to uncarpeted stairs
- Install lever-style door handles and faucets
- Install extra lighting
Sun Health At Home members receive in-home functional and safety assessments to ensure that their home is a safe environment conducive to aging in place. If any additional modifications are needed, their Wellness Coordinator can recommend supportive technology and devices that can help each member live safely and independently at home.
Myth: Aging in place is lonely and isolating
Fact: Continuing Care at Home programs provide opportunities for socializing and making new friends.
Aging in place doesn’t mean aging alone. As Arizona’s first Continuing Care at Home Program, Sun Health At Home members can attend exclusive members-only social events and activities, as well as fitness classes and more opportunities to keep both the mind and body active.
Myth: Long-term care insurance is the only option for financing aging in place
Fact: Long-term care insurance and Continuing Care at Home Programs (CCaH) programs are two popular methods of funding plans to age in place.
Like traditional health insurance, long-term care insurance is a policy you can purchase. However, relying on long-term care insurance has a number of drawbacks, including:
- If you wait until retirement age to buy a policy, premiums can be extremely expensive.
- Many plans don’t offer a guaranteed rate and therefore the premiums will inflate over time.
- Given the pace at which healthcare costs are growing, your payout may not cover  what you need.
- Most plans have a waiting period (commonly 90 days to 180 days) before benefits can begin, and impose either a time limit or dollar limit on benefits payouts.
The American Association for Long-Term Care Insurance recommends applying in your mid-50s to get the best premiums and greatest benefits, but many older adults don’t begin planning until much later. If you’ve waited until your 60s or later, a continuing care at home (CCaH) program may be a much better option. Compared to long-term care insurance, a continuing care at home program like Sun Health At Home can offer:
Greater flexibility
CCaH programs can provide more personalized benefits that change with age. Because the requirements to receive care are less stringent than those of a LTCI policy, a CCaH plan is also appealing to a wider variety of people.
More extensive benefits
LTCI is often limited to services necessary for health care. A CCaH plan is more likely to cover additional services, such as wellness services, education, social activities, companion care or transportation needs.
Fewer limits
It’s impossible to know what kind of care you’ll need (or when). Many LTCI policies contain monetary and time limits that could leave you without coverage in the future, depending on the amount of care you need and the time frame in which you need it. On the other hand, a CCaH plan is much more likely to offer care for life.
Myth: I can age in place without budgeting for future care
Fact: HHS estimates that 70 percent of people 65 or older will need some form of long-term care.
Additionally, many people underestimate the costs of aging in place. For many people, aging in place involves relying on a child or other family member to provide care. But this scenario comes with costs of its own. MetLife estimates the cost impact of caregiving on an adult aged 50+ who cares for a parent is $303,880. This accounts for things like lost wages from being unable to hold a fulltime job while caregiving, and reduced pensions/social security benefits as a result.
Along with the financial costs comes emotional costs as well. Caregiver burnout is common, and can lead to depression, anxiety and stress. In the end, planning to age in place should include cost considerations for future care expenses and long-term care needs, whether through in-home services or at a residential community.
Myth: Medicare will pay for the costs associated with aging in place
Fact: Medicare only covers some costs in some situations.
If you require skilled nursing or rehabilitation care following a hospitalization, Medicare will pay the full allowed amount for the first 20 days and part of the cost for up to an additional 80 days. After that 100 day period is up, Medicare will no longer cover the costs. Medicare also does not cover costs associated with personal health aides or home services. Because of this, many people either choose to invest in long-term care insurance or join a Continuing Care at Home program.
Explore aging in place with Sun Health At Home
Sun Health At Home is designed to help you stay happy, healthy and independent in the home you love. With the help of a personal Wellness Coordinator available 24/7, you can enjoy your lifestyle on your terms, and get support when you need it. Sun Health At Home is more comprehensive and cost-effective, protecting your assets from rising health care costs.
Contact one of our friendly membership coordinators to learn more about how you can enjoy aging in place as a Sun Health At Home member.
