There’s more to retirement planning than financial projections and savings accounts. Having frank conversations with loved ones about expectations and preferences for senior care and support should also be a part of any retirement plan. The right conversations and planning can not only guide your family members as they advocate for your wishes but also help you save money and stay healthier for longer, depending on how you choose to age. Here’s what you need to know about the importance of planning ahead for the need for senior care.

Why consider proactive planning for senior care?

There are many ways to plan for your health and wellness goals, and that should include talking about senior care. While it might seem strange to discuss care options when you are only 65 or 70, the reality is that at any given time, more than 800,000 seniors live in assisted living communities and approximately 1.5 million seniors reside in skilled care communities for either short- or long-term care. 

Whether you plan for it or not, there is a high chance that residential senior living or in-home senior care might be in your future. Opening up the conversation about what you want if your health becomes compromised or if you need more support has benefits. Let’s look at some of those benefits now.

Maintain better relationships with adult children and family

Perhaps one of the greatest benefits of proactive planning is that the right conversations can enhance the relationship between seniors and their adult children or family members. When everyone is on the same page about what Mom and Dad want, it is easier for adult children to make decisions confidently. It can also help family members maintain their relationships with one another by avoiding disagreements about care for their aging loved ones.

Consider talking with your family members about not only your goals for your health and wellness but also what you would want them to help you with (and not help you with) if you need support in the future. For example, telling your child that you don’t want them to help you with personal care tasks can be very freeing for them and will help you preserve your dignity should you ever need that type of support. Your child will feel confident they are making the right decision if they need to hire an in-home agency to take care of your personal care support.

Have better control over where you’ll live

When you talk to your loved ones about your health and wellness goals, be sure you talk about how you want to get the long-term care that most older adults will eventually need. You can choose to live in your home for as long as possible (otherwise known as aging in place) and get home care services if needed. You can also choose to move to a senior living community. You have many options, but those options can significantly decrease if you don’t plan for what you want and need. 

Planning might mean preemptively installing grab bars in the bathroom and making other simple modifications that support aging in place. It may also mean preemptively downsizing and moving to a continuing care retirement community’s independent living neighborhood. On the other hand, a lack of planning might require you to make a quick decision to move to a community that you didn’t get to tour if, for example, you are in a skilled nursing facility for short-term rehabilitation to recover from an injury or illness and now need the round-the-clock support available in a senior care facility. 

You’ll feel empowered knowing you are in the driver’s seat with your future plans, including where you might want to live should you feel lonely, unsupported, or unsafe at home. You can even make your transition to senior living easier by attending meals and activities at the community you eventually want to call home well before moving in.

Give yourself time to plan your finances

Paying for long-term care can be costly but possible with the proper planning and financial tools. An adult in their early 60s can likely purchase a long-term care insurance policy for a decent monthly premium, whereas that same person may find it challenging to purchase a plan 10 years later without paying a much higher premium.

Similarly, working with a trusted financial planner can help an individual create a plan to fund long-term care while still setting aside assets and resources to leave to one’s children and other beneficiaries. Without taking the time to consider your wishes and plan accordingly, a person can find themself running low on money but still trying to make ends meet with senior care expenses. 

Ensure your designees are making senior care decisions on your behalf 

Proactive planning for senior care includes ensuring you have a living will and a power of attorney (POA) designated in your estate planning. The power of attorney designee will have the authority to make decisions on your behalf if you can no longer do so. Without these designations in place, you risk having decisions about your health care and finances made by someone appointed by the court who does not know you.

For example, if you are healthy, do not have your power of attorney designated, and have a severe stroke rendering you unable to make decisions about your health care and finances, you will be appointed a guardian or conservator through the court. Even if you have a very active family ready to make decisions for you, they will be unable to do so. The guardian will be in charge of all decisions and will bill your estate for their services. It is important to note that all states are different, but generally, a court-appointed guardian or conservator will not be a family member if there is no POA appointed. Your family members can get guardianship transferred to them, but they will need to go to court to do so, which can be time-consuming and expensive.

On the other hand, having these and other estate planning documents in order before you need care will ensure that the people you trust will advocate for you according to your wishes.

How to get started

Proactively planning for your future and possible senior care options begins with a few steps:

• Start the conversation with your adult children and other family members. Bring up senior living and your expectations often without making it seem scary (because it’s not).
• Make an appointment with an elder law attorney to finalize your estate planning documents, including power of attorney designation and a living will. If you already have these documents drawn up, take time to review them for any possible changes.
• Schedule time to go out to dinner or coffee with your power of attorney designees individually. Talk about your goals, expectations, and desires so they understand. Make sure they ask questions as well so they can be confident in the decisions they make when the need arises.
• Start learning about senior living communities. Research nearby communities online and then consider making tour appointments or participating in a community event to get a taste of what senior living is like today. Consider meeting with a local senior living advisor, who will have in-depth knowledge of your area’s community options. Meeting with an advisor doesn’t mean you have to move immediately, but you’ll have a professional in your court who can educate you about senior living options.
• Speak with your physician about any chronic or progressive conditions you might currently live with. Understand their estimates of progression and the signs that you should begin looking for more support or assistance.

It’s never too early to begin speaking with family members about your future health goals, including the opportunity to live in a senior living community or invite in-home caregiving into your life. The more you talk about it in natural conversations, the less scary it will feel in the event of an emergency or medical crisis. Planning ahead will ensure your wishes are carried out while allowing you to maintain your safety and well-being.