Protect Your Loved Ones: How an Age-in-Place Plan Eases Family Stress

For many, the idea of aging in place—staying in the comfort of your own home as you grow older—is deeply appealing. But what often goes overlooked are the financial realities that come with it. Did you know that the average cost of in-home care in California can exceed $30an hour, and home modifications can quickly add up to tens of thousands of dollars? These hidden costs can catch families off guard.

Aging in place goes beyond staying home; it’s about making your home safe, comfortable, and livable. Common costs include:

• Home modifications such as installing stairlifts, widening doorways, and upgrading bathrooms with walk-in showers.
• In-home care, from light housekeeping to skilled nursing, in which hourly costs can increase significantly.
• Increased living expenses such as higher utility bills, ongoing maintenance, and emergency preparedness upgrades.

These costs can escalate quickly, making it essential to plan ahead to manage expenses effectively.

There are various ways to address these expenses while working toward financial stability. Here are three strategies:

• Self-Insurance: For those with substantial savings, self-insurance can allow funds to be set aside specifically for aging-in-place expenses.
• Long-Term Care Insurance to cover long-term healthcare services and support for a variety of care settings.
• Life Insurance with Long-Term Care or Critical and Chronic Care Riders: Certain life insurance policies provide access to funds for long-term care needs, offering flexibility for various situations.
• Annuities with Wellbeing Riders: These annuities provide income while helping cover long-term care costs, addressing unexpected expenses.

Each option has unique considerations, making it beneficial to consult a financial professional to determine what works best for your circumstances.

At Liberty Group, we help guide families through the complexities of funding long-term care. From crafting a financial plan to identifying suitable funding strategies, we provide support to help you make well-informed decisions.

Aging in place offers a way to maintain independence and comfort as you grow older, but it requires thoughtful financial planning. Understanding the costs and exploring funding options like self-insurance, life insurance, and annuities can help you prepare for the future with confidence.

Take the first step in preparing for aging in place. Download our free Age-in-Place Toolkit in the description below for valuable insights into financial preparation. To discuss your options in detail, schedule a consultation with us today.