Make sure you understand the financial implications involved with implementing your plan and have an understanding of how long your resources will last. You may find that you’ll have to make some changes to your plan, depending on your financial situation. It is much better to have an idea of what you can realistically afford now, than to be forced to make quick decisions later. Take inventory of your assets and determine how much you can realistically afford. Without a clear understanding of available assets, you may try to implement a plan that is financially unrealistic.
Medicare usually ONLY pays for rehabilitation services provided by a licensed professional (RN, MD, OT, PT). If you or your spouse needs assistance with activities of daily living and will need this on a long-term basis (i.e. long term care), you’ll need to develop an alternate course of action. Here are some things to consider:
- Is your home paid for, if not, what are the payments?
- Are the property taxes and values stable?
- What does insurance cost?
- What are your expected maintenance costs?
- Can you do the yard work and snow removal, or will you hire someone to do these jobs?
- What are the utility expenses?
- How much will you spend in another location?
- Will your income change over the next few years?
- Are you eligible for a subsidized apartment?
- Have you examined the costs and benefits of each housing option?
Special Note: If you’ve been in your home for a significant amount of time you have probably built up a large amount of equity in your home. If you haven’t already done some financial or estate planning, before you sell your home is a great time to do this. I can refer you to some great financial planners. You may consider looking for a financial planner with the Certified Senior Advisor certification.