Let me ask you a question: How would you feel about your parents or spouse being at home alone if you were gone for three weeks? If you were worried, would you make a plan or post the emergency phone number on the refrigerator and hope for the best?
Jeff Balleau, founder of Transitions for Senior Living, an entirely cost-free senior living placement service, says their team works with two types of families: families who receive guidance to map out a healthy aging plan and families who are suddenly faced with a crisis because they don't have a plan.
Mark Finke, Managing Partner at MSMF Wealth Management and co-author of the book, "So You Think You Are Ready To Retire," recommends creating a healthy aging plan, and money is not at the top of that list.
Jeff and Mark agree that considering the health, happiness, and quality of life of your spouse, your kids, your parents, and most importantly, yourself and your lifestyle take precedence over the cost of a healthy aging plan. These two experts discuss why and how to create a plan for healthy aging.
If you don't make a plan, life will make one for you.
Planners work with financial experts, explore options, and ensure they have something on paper with copies for designated family members. Families without a plan scramble, make rushed decisions under pressure, have fewer choices, and face higher direct and indirect costs. The Transitions team knows that it is better to have a plan in place that you may never need than to need a plan that you don't have.
How to Have the Tough Talk (Before You Need It)
Mark suggests a powerful exercise: Ask yourself, "In 10 or 15 years from now, what will happen when you or a loved one needs help getting dressed in the morning?" Mark said that, more often than not, this question is met with a blank stare. He works with individuals and families to guide them from that question to considering options and creating a plan to cover future costs. Mark advises that individuals between the ages of 50 and 60 consider long-term care insurance as part of their healthy aging plan. The average assisted living cost for one person is currently between $6,500 and $7,000 per month. Mark said the return on investment for long-term care insurance protects against the escalation of care costs.
The Hidden Cost of Family Caregiving
Are you thinking of relying on your children or family for support? Consider this: Family caregivers spend an average of 24-38 hours per week providing unpaid care. That's time away from their families, careers, and personal well-being. And let's not forget the toll on spouses—many who take on caregiving responsibilities end up with health issues of their own. The most common crisis phone call the Transitions for Senior Living team receives is from a daughter who says, "My mom's health is failing, and she is my dad's primary caregiver."
Mark and his team encourage healthy aging conversations long before a family crisis. "We want to have these long-term care conversations while everyone is healthy," said Mark. Working with the Transitions for Senior Living team and having experience and guidance toward a great plan costs nothing. Planning for your family is everything.
For more information about healthy aging and retirement, visit MSMF.com. To simplify the search for senior care options, visit transitionsforseniorliving.com