Eldercare Planning should start before an emergency occurs, but often it happens only when a crisis occurs. Building a plan goes beyond the Will, Power of Attorney, and Financial Plan.
What does this all mean?
Take the time to connect plans and incorporate health wishes along with both legal and financial matters. These days we need to dig a bit deeper into the weeds when it comes to older adults and aging at home. Have open conversations with children, parents, and siblings about all the ‘what if’s’.
Be aware of all things that could potentially go the wrong way and consider what your wishes would be if that were to happen. Consider things like needing to move out of your home, the monthly allowance that you can afford for your next living accommodations, or whether you could afford private home care.
With the cost of rentals rising so significantly and the cost of retirement communities being out of reach for some, we are seeing more and more older adults remaining in their homes for as long as possible. This will also mean that at some point there will be a requirement for some private pay services. Everything from lawn care to personal care needs could be required and should be considered.
What would be your budget for these types of services? Yes, there are some services available through the public care system, but they are limited. Do your research before the services are required so that you are aware of what is available in your community.
Also, consider how your situation and plan would change if your partner were no longer able to contribute to both household finances and household tasks. Would that change the plan, and would you need a ‘Plan B’?
Sometimes Plan B was Plan A all along!