The golden years can be some of the best of your life, but they also come with new considerations that you might not have addressed until now. If you’re lucky enough to be active and in good health, you maintain plenty of independence and still run the show. But as you age, there may be unexpected expenses and additional costs of living that you didn’t prepare for. Your family may not be in the position to handle these costs and newfound responsibilities. So, what do you do?
Preparation for senior care costs can bring both you and your loved one’s peace of mind. While you may never require full-time care, there may come a day where you need supportive health therapies or daily living assistance. Planning for your future will give you a greater sense of security and control as you continue to enjoy life to the fullest.
Every period after 50 is a transition. New health problems are more likely to arise, and even side-effects of natural aging can make it more difficult for you to live like you used to. Staying both mentally and physically active can help ward off these effects, but it’s still worthwhile to consider how your healthcare might change in the future.
You may need more prescription medication or access to specialists as you age. Is your Medicaid or other health insurance equipped for this transition? Carefully review your current plan and make sure that you have a savings strategy in place to cover additional costs. Even great health insurance may not cover everything, so it’s always a good idea to know your policy’s exclusions and limits.
End of Life Planning
It’s not a pleasant thought, but what will happen if you become unable to voice your wishes toward the end or your life? In the event of an emergency, an end-of-life checklist will provide your family with an outline of your wishes. Do you want to be resuscitated in the event of heart or respiratory failure? How should your finances be managed? Who do you want to plan your funeral? All of these important decisions should never be handled at the last minute. An end-of-life list will explain your medical and financial decisions to loved ones or care providers.
Now that you’re retired or planning to leave the workforce soon, how do you plan to live? If you move in with a child or relative, are there finances in place to help make any necessary home modifications or cover your living expenses? You may decide to move to a retirement community or to a new destination. In that case, is the home you plan on residing senior-friendly? Even if you’re aging in place, you may want to start thinking about what type of senior home modifications you need to be as comfortable and safe as possible. Some options include:
- Non-slip mats and liners in the tub/shower
- A stair lift
- Medical alert devices
- Tap or motion-sensor lighting
- Touchless faucets to ease strain on joints
- Home security systems with cameras