Reno Gazette-Journal Sunday, October 20, 2019 ~ by Eddie Roach
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 doesn’t always make the most sense in order 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 senior living.
“Knowledge is power,” said Jim Morman, a financial advisor at Edward Jones. “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 seminar on this topic was held last year that 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 year 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 charge,” 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.”
The seminar panel is comprised of experts who can speak to the myths and realities associated with funding retirement living, whether that be aging in a current home, independent living, assisted, skilled nursing or long-term nursing care. Covered topics will include government programs, like changes to Medicare, Medicaid and Veterans Aid and Attendance; insurance coverage, such as long-term care insurance and self insurance.
“The Truth about Paying for Retirement Living” seminar will be held on October 24 from 10-11:30 a.m. at the RSAR Building at 5650 Riggins Court, Reno (near Meadowood Mall).
The seminars are 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.
The remaining 2019 seminars in the Retired Living Truth Seminar Series are:
– November 21: The Truth about 55+ Retired Living Options
– December 19: The Truth about Successful Aging
Thank you to the following sponsors who keep the seminar series free for seniors: Amada Senior Care, Cascades of the Sierra Senior Living, EB Homes, Jim Morman of Edward Jones, Debbie Wood of Flagstar Bank, Junell Moves Made Easy, Kindred Hospice, MorningStar Senior Living, Brian Wessel of PhysioSpine Reno, Plan Your Story, Promenade on the River, Prominence Health Plan, Sarah Feliz of Put It In Order, Revel Rancharrah and Schulze Law Group.
This article is sponsored by Annette & Brett Junell in conjunction with the above sponsors.