Should I Stay or Should I Go Now?
Throughout our lives, we plan for each stage of life. In high school, we plan for where we’re going to college or trade school. After that, we plan for where we’re going to live and work and whether we will marry and have a family. Once the children are grown and out of the house, many couples opt to sell their homes and downsize, moving to an over-55 community. Many of these communities have social events and amenities such as a club house, but they don’t provide care for their aging population. What many thought was their final move, often isn’t. At a certain age, people stop planning for the future, but with life expectancy increasing, it’s far better to be prepared rather than wait for an illness or an accident to occur, because then your options may be severely limited.
What is average life expectancy today?
Average life expectancy for a woman is 81 years, while for a man it’s 76 years. A 65-year old male today, who’s in average health, has a 35% chance of living to age 90, while for a woman the odds are 46%. Women generally live 6-8 years longer than men. The gap is due to a combination of biological and social differences.
Why are seniors living longer?
Research shows that seniors who choose to move into retirement communities are living longer because of safety reasons and the ability to interact and socialize with other residents. The average length of stay in an Assisted Living facility is 28 months. Many residents in Assisted Living communities received care in their own homes for some period of time before making the move to the community. So, the total amount of time in which they received Assisted Living care could exceed 3 years for many people.
How many of us will need care?
50-70% of people over age 65 will require fairly significant long term care services at some point in their life. They’ll need assistance with at least a couple of ADL’s (Activities of Daily Living), such as eating, dressing or bathing and possibly even a higher level of care.
How do people pay for long term care?
Medicaid offers long term coverage, but only after families spend down all their resources to qualify. People who have long term care insurance usually get most, if not all, of their expenses covered, whether they hire a home health aide or move into a facility. If a resident and his/her spouse served active duty in the military, there are Aid & Attendance Veterans benefits available, though there are income requirements.