How Solo Agers Can Plan for Future Care Needs
The demographic known as “solo agers” is growing. Solo agers are individuals who are in their senior years and don’t have the traditional family support network that other seniors may rely on. This includes people who are widowed, childless, and/or live far from friends or family. Those in the LGBTQ community, many of whom are solo agers, may also have strained relationships with their immediate family, or no contact with them at all. Of the 70 million baby boomers, 50% are solo agers.
Planning for future healthcare needs and living arrangements is crucial for all of us, but especially so for solo agers.
The importance of planning
- Healthcare and financial power of attorney: One of the first steps in planning for the future involves designating a power of attorney for both healthcare and financial matters. These are trusted people you choose to make medical or financial decisions on your behalf if you are unable to do so. These individuals should understand your wishes and be willing to advocate on your behalf. Solo agers might consider close friends or neighbors, extended family members, or faith leaders. Share the healthcare power of attorney document with your healthcare providers.
- Financial planning: Perhaps the most daunting aspect of solo aging is figuring out how to finance long-term care (LTC) expenses. LTC is expensive, and Medicare’s contribution is very limited. Options for solo agers include purchasing long-term care insurance, life insurance with LTC riders, annuities designed for LTC care needs, setting aside savings specifically for healthcare needs, or consulting with an elder care financial advisor to map out your financial future. It’s also important to name someone who will serve as your financial power of attorney (see above) should you become unable to make those decisions or protect your assets.
You’ll find more information about healthcare and financial powers of attorney in this blog post. - Long-term care options: Solo agers should consider what types of senior living communities or care levels might suit their needs in the future, such as home healthcare, assisted living, memory care, or skilled nursing. It’s also important to visit these communities or meet with service providers to make informed decisions. Share your plan with your healthcare and financial powers of attorney.
Learn about long-term care costs and how to create income to help pay for these expenses in this blog post. - Social support networks: Building and maintaining a social support network is also crucial. This network can include friends, community members, or even professional caregivers. Social connections can provide emotional support and practical help in managing day-to-day activities and making critical decisions.
- Legal considerations: Finally, don’t overlook legal planning. This includes creating a living will, making an estate plan, and ensuring all your legal documents are in order. Share these documents with the people you have appointed as your healthcare and financial powers of attorney as appropriate.
Professionals who can help
Of course, we at Longevity Income Solutions provide support and guidance to our client families whether or not they have other outside support. Our financial expertise is just one part of the planning solo agers need to consider.
We recommend our friends at Motivity Care, a care management service that helps its clients plan for future care needs. When those needs arise, Motivity Care’s concierge managers help you put your plan into action. From vetting potential in-home aides to coordinating life transitions, their team is with you every step of the way.
The Motivity Care technology allows you to securely have everything you need for any care challenge or emergency. You get professional support when you need services and the peace of mind having everything in your hand when the unexpected happens. “For almost all of us, we will either need to make caregiving decisions for those we love, or someone will need to make them for us,” says Mim Senft, a managing director at Motivity Care. “Being prepared means saving time, money and stress and gives you back more time for your career and those you love.”
Why it matters
For solo agers, these preparations are not just about ensuring that their specific needs and wishes are respected as they age. It’s also about maintaining independence and dignity. Being prepared can make all the difference in enjoying a secure and fulfilling later life.