Welcome to the Home Evolutions' Blog, where you will regularly find updates, insight and professional analysis regarding independent living and the Age-In-Place movement. Long-Term Care Insurance—Part of the Aging-in-Place Solution?
For years, many people have invested in long-term care (LTC) insurance to help meet the financial healthcare needs they may face as they age. A recent article by Laurie Orlov explores whether such insurance investments will effectively cover other types of aging-in-place necessities.
According to Orlov, LTC insurance seems to be a smart strategy. She uses the personal story of AgeWave founder, Ken Dychtwald, as an example. “His parents bought it [LTC insurance] in their 70s and it has given them flexibility and care. In their late 80s now, they are in Florida (thousands of miles from either of their sons) with good care coordination and an aide caring for them six days a week.”
But she then acknowledges that her purpose is not to argue the benefits of LTC insurance or other types of long-term care. Rather, Orlov explains that LTC insurance does not guarantee a thriving situation for aging-in-place. “First of all, your own home can be a terribly isolated place with only the aide, the television, and perhaps a non-communicative spouse in the home. Even in the described situation, what happens on day six in terms of meals, bathing, and safe navigation around the home?”
As it is well known, much of how people successfully age-in-place depends on the home itself and how it was originally designed or later appropriately remodeled by a company like Home Evolutions. Orlov adds, “[A home] can be a frightening place if there are obstacles, unsafe bathrooms, stairs, etc. I particularly worry about this in Florida, where such a large percentage of the aging population resides with no family members within thousands of miles.”
She also notes that monitoring and managing the service for in-home care are a stressful long-distance challenge for family members. “Like any service, it can be done well, or not so well.” Orlov’s response to this challenge is to thoroughly check and see if your LTC insurance plan covers home monitoring technology (which can include motion sensors, web cameras, environmental designs, etc.). In addition, she suggests asking if it includes the post-Medicare coverage for telehealth monitoring as well as communications technology (video phones, personal computers, and internet plans).
If such aging-in-place technology considerations are not covered by LTC insurance, Orlov asks how children or loved ones of those who age-in-place will be able to monitor caregiving, communicate with their family members, and help make a determination that their home will continue to be a great place for safety, socialization, or obtaining care expertise.
Finally, Orlov reminds us that vision decline, stroke, Parkinson’s, or even Alzheimer’s diagnoses can turn a home into an obstacle course and make aging-in-place difficult. But with a little financial and care planning, along with some advice and help from loved ones and a remodeling company like Home Evolutions, seniors and people with disabilities can continue to live comfortably, safely, and independently as they age-in-place. Orlov concludes, “So let’s make sure that those with LTC insurance and home care also are linked in to family or friends.”
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