Reno Gazette-Journal Sunday, August 7th, 2022
Today we are in the grips of the worst inflation in decades.
As a result, many senior adults in the Reno, Sparks and Carson City area are concerned about how to pay for retired living as they age.
The range of concerns are many and varied. Some worry about how to maintain their independence while aging in the current home given the ongoing and increasing costs of maintaining the home as it also ages. For others, how to pay for in-home modifications that may be later needed for safety as well as how to pay for in home care should it be needed down the road.
While many of us would all prefer to stay in our own home as we age, this isn’t always possible nor does it always make the most sense when wanting to remain as autonomous and as independent as possible, especially when dealing with declines in physical or cognitive health. In this case, concerns center around how to pay for other forms of independent living, assisted living, long-term care, or memory care. Now the big question is “How much do these communities cost, and can I afford to live there?”
Those who are considering options for late life living put off looking because they are afraid they won’t be able to afford quality living. That’s a fear that an upcoming seminar will address head-on.
As part of the ongoing Retired Living Truth Seminar Series that provides 90 minute monthly educational seminars to address issues related to senior living, this month will focus on how to pay for retirement living.
“Knowledge is power,” said Annette Junell, co-founder of the seminar series. “I feel it is so important to educate people and help them understand their options. These seminars are designed to help seniors know what options are available to them – whether aging in place, independent living, assisted living, home health care, skilled nursing, memory care or nursing care, and a myriad of other topics covered.”
A past Truth Series seminar on this same topic three years ago generated so much interest that it has been repeatedly asked for again by attendees. As such, seminar hosts, Annette and Brett Junell, decided to offer another similar seminar on this topic.
“The room last time we did this topic was full, which tells us that we have a number of people who are preparing themselves with information for possible future circumstances,” said Brett Junell who moderated the panel event.
Paying for senior living is a challenge for many families, and often not a conversation people are eager to have.
“Studies have shown that people are one of two types: 1) they are overly optimistic, believing they will never need to make a move or need care; and 2) those who believe they will die of a sudden event before requiring any sort of ongoing higher level of care,” Annette explained.
“Naturally, we all want to do our best to ensure that we have enough money to live life to the fullest for as long as we are able to do so,” Annette said. “The reality is, many people are unsure as to whether they have the funds necessary should they need medical care, personal support or for the upkeep of their home.”
Annette said that the goal for many retirees is to either remain in their home, downsize or relocate into a community where they can continue to stay independent and make their own decisions.
“We want to make sure that seniors are armed with the right information and tools to be able to live the lifestyle they desire and be prepared should plans change due to health or other circumstances. It’s all about educating and empowering people to stay in control,” said Brett.
Annette added that often she will speak with prospective clients who appear surprised by the many options available for senior living, as well as the ways to pay for it. Unfortunately, there are also some who are in shock because they may have underestimated costs or overestimated their savings.
“Paying for senior living doesn’t need to be so overwhelming.” Brett said. “When you approach this topic with your eyes wide open, paying for senior living is doable for most people as long as they are proactive.”
The seminar panel is comprised of industry experts who can speak to the myths and realities associated with funding retirement living, whether that be aging in the current home, independent living, assisted, skilled nursing or long-term nursing care. Topics will include living in a high inflation economy; government programs, social security, Medicare, Medicaid and Veterans Aid and Attendance; insurance coverage, such as long-term care insurance and self-insurance.
The free seminar, “The Truth about Paying for Retired Living” seminar will be held on Thursday, August 18 from 10-11:30 a.m. at the RSAR Building at 5650 Riggins Court, Reno (near Meadowood Mall).
The seminar is free for seniors and their guests. Pre-registration is required because seating is limited.
Seat reservations can be made online at www.RetiredLivingTruthSeries.com or by calling (775) 432-6398.
by Eddie Roach