Family Support or Facility Care? Exploring Your Options


January 31, 2025

Family Support or Facility Care? Exploring Your Options

January 31, 2025

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Long-term care is a topic that often requires thoughtful consideration, especially as you approach retirement or plan for aging. Whether the focus is on maintaining care at home with family support, transitioning to a professional facility, or exploring strategies like aging in place, each option presents a chance to create a solution that prioritizes well-being and peace of mind. Aging in place, for instance, allows individuals to remain in the comfort of their own homes while receiving the care and support they need as they age, promoting independence and dignity. 

Understanding these choices is essential for creating a plan that aligns with personal values and long-term goals. With careful planning, individuals and families can make decisions that contribute to their peace of mind. This blog explores both paths—family support and facility care—offering insights into the factors that influence such a significant decision. It also touches on the concept of aging in place, examining how this option could benefit those who wish to remain in their homes with assistance from loved ones or caregivers. By outlining key considerations, this article aims to provide useful information to help you make informed choices. 

Understanding the Two Options 

When considering long-term care, families often choose between family support and professional care often in a facility. Both paths offer unique benefits and challenges. The decision-making process can be emotional and complex, but understanding the advantages and limitations of each option can help you move toward a solution that meets both practical and personal needs. 

Family Support 

Family support involves care provided by loved ones, often in the form of assistance with daily tasks, such as dressing, eating, and managing medications. It can also include providing companionship and emotional support, which is especially important for individuals who may otherwise feel isolated or lonely. This approach allows individuals to stay in their own homes, preserving a sense of familiarity and comfort during their later years. 

One of the most significant advantages of family support is the personalized care that can be offered by those who know the individual best. Family members often have a deeper understanding of the person’s preferences, habits, and needs, which can make the care more tailored and effective. However, providing care at home can place significant demands on the caregivers, especially if the individual requires round-the-clock assistance. Many caregivers find themselves stretched thin by balancing caregiving with other responsibilities, such as work, children, and personal care. This can lead to burnout and emotional stress, which can affect both the caregiver and the individual receiving care.  

Another consideration is the financial burden. While family caregivers may not receive a salary for their work, the indirect costs, such as lost income, additional medical expenses, or home modifications, can add up quickly—not to mention the physical, mental, and emotional toll caring for an aging family member can take on an individual. Families must also consider the potential impact on their long-term financial security. 

Facility Care 

Facility care includes a variety of options like assisted living, nursing homes, or memory care centers, depending on the individual’s needs. These facilities offer 24/7 professional support and medical care, including access to healthcare providers, rehabilitation, and social services. Facility care is often necessary when an individual’s medical or personal care needs exceed what can reasonably be provided at home, especially if the person has conditions like dementia or requires skilled nursing care. 

Assisted living and nursing homes provide a structured environment that can offer peace of mind for families, knowing that trained professionals are always available. Many facilities also provide social opportunities, which can help reduce the feelings of isolation that may accompany aging or serious health conditions. These environments can also offer specialized services for individuals with conditions such as Alzheimer’s disease or other forms of dementia.  

Transitioning to a facility can be an emotional adjustment for both the individual and their family. Leaving behind familiar surroundings and routines can be challenging, and many individuals may experience feelings of loss or loneliness. Additionally, the cost of facility care in California can be significant. For example, the median monthly cost for a semi-private room in a nursing home in California is approximately $11,406. 

Insurance may not always cover the full extent of these expenses, leading many families to navigate complex decisions about the level of care needed, the most appropriate facility, and how to manage the associated costs.

Factors to Consider When Deciding 

Making a choice between family support and facility care involves weighing several key factors. The ultimate decision will depend on the unique circumstances of the individual and their family. 

  1. Financial Readiness
    The costs of long-term care can vary greatly depending on whether the care is provided at home or in a facility. Home-based care may include expenses such as hiring in-home caregivers, making home modifications for accessibility, and purchasing medical equipment. In contrast, facility care typically involves costs for room and board, medical services, and specialized care.

    It’s important to evaluate your current financial situation to understand which option might be more feasible. Insurance coverage, government assistance programs like Medicaid, and personal savings all play a role in managing these costs. Families should also consider the financial sustainability of providing long-term care at home, particularly as needs increase over time. The rising costs of long-term care should be factored into retirement planning.  

  2. Health and Safety Needs
    It’s essential to consider the medical conditions and daily care requirements of the individual needing care. Individuals with chronic illnesses, mobility challenges, or advanced cognitive conditions such as dementia may require more intensive care than what can be reasonably provided at home. In these cases, facility care may be the best option, as facilities are equipped with medical staff and resources to address these needs.

    For families opting for home care, modifications to the home may be necessary to ensure safety. This can include installing ramps, grab bars, and wider doorways to accommodate mobility aids like wheelchairs. Families should assess whether these modifications are financially feasible and whether they will truly make the home a safe and functional environment for the individual in the long term.

    Healthcare planning as you approach retirement is crucial, and understanding aspects like healthcare in retirement, including long-term care, and health expenses, can help guide your decision-making process. 

  3. Family Dynamics
    The emotional and physical capacity of family members to provide care is another critical factor to consider. Providing long-term care for a loved one can be both physically demanding and emotionally taxing, and it can impact family dynamics. It’s important to discuss the responsibilities openly with all involved family members and determine whether there is sufficient support for the caregiver, both practically and emotionally.  

    Family members should consider their ability to juggle caregiving with their personal and professional obligations. Some may feel overwhelmed by the demands, leading to stress and burnout. In these cases, a professional facility may be a more suitable option to ensure the individual receives the care they need without placing undue strain on family relationships. 

  4. Quality of Life
    Quality of life is an important consideration when deciding between family support and facility care. While home care offers the advantage of remaining in a familiar and comfortable environment, it may lead to increased isolation, especially if family members are unavailable to provide regular companionship. In contrast, facilities often provide opportunities for social engagement, including recreational activities, social events, and interaction with other residents. For some individuals, the chance to make new friends and engage in social activities can significantly enhance their quality of life. Families must balance the need for independence with the desire for comfort and companionship. The right environment will depend on the individual’s personality and preferences, as well as their health status. 

A Financial Professional’s Role in Planning 

An advisor plays an important part in preparing for long-term care by offering strategies to navigate financial complexities and funding options. A comprehensive wealth management plan can help you understand your options and create a strategy to support your long-term care needs. 

A key part of this planning is creating an age-in-place plan, which focuses on enabling individuals to live at home with assistance rather than moving to a facility. This can be a great option for those who want to maintain independence and privacy, so considering an age-in-place approach may be beneficial. 

Additionally, reviewing the overall landscape of long-term care options is important.  

Key Tools and Strategies 

  • Long-Term Care Funds: Setting aside dedicated savings or investments to cover future care costs is one strategy that can help families manage expenses. These funds can be used to pay for home modifications, hire caregivers, or cover the costs of facility care. 
  • Life Insurance and Annuities: Leveraging these tools can help families manage the expenses of long-term care while providing financial stability. Some life insurance policies offer riders for long-term care benefits, and annuities can provide a steady income stream for care costs. 
  • Estate Planning: Making sure that assets are organized, and transitions are as seamless as possible for loved ones is an essential component of financial planning. Working with an estate planner can help families navigate complex legal and tax considerations, particularly when it comes to transferring assets and managing inheritance. 

By exploring these financial options, individuals and families can better prepare for the challenges of long-term care. 

Taking Steps Toward the Right Decision 

Navigating long-term care decisions involves multiple considerations, and starting early can help simplify the process. Families may benefit from researching care options, identifying the specific needs of their loved ones, and discussing priorities with all stakeholders. This proactive approach allows for better preparation and helps avoid making rushed choices under pressure. 

Consulting professionals can also offer valuable support. Financial professionals, for instance, can provide insight into managing care expenses, while elder care specialists may assist in evaluating services and resources. Additionally, reviewing any existing long-term care insurance policies or researching government programs, such as Medicaid or Medicare, can help you better understand available options. 

 Open and ongoing communication is another important step. Sharing concerns and preferences among family members fosters collaboration and assists in making decisions reflect both practical needs and personal values. While long-term care decisions are complex, early planning and thoughtful discussion can make the process more manageable and aligned with individual circumstances. 


Conclusion

Deciding between family support and professional facility care is a significant choice, and careful planning is key to finding the best outcome for you and your loved ones. Whether you’re considering in-home care or a facility, taking the time to evaluate your options now can help ease the decision-making process later. 

 

Financial planning, family involvement, and professional guidance all play vital roles in crafting a sustainable care plan that aligns with your goals and resources. By understanding both the benefits and challenges of each option, you can make informed decisions that contribute to your peace of mind and well-being as you move forward. 

 

If you need assistance navigating the financial aspects of long-term care or want to explore your options further, our team is here to help. Contact us today to discuss how we can support you in making a well-informed decision for your future. 


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Standard Disclosure 

This blog expresses the author’s views as of the date indicated, are subject to change without notice, and may not be updated.  The information contained within is believed to be from reliable sources.  However, its accurateness, completeness, and the opinions based thereon by the author are not guaranteed – no responsibility is assumed for omissions or errors.  This blog aims to expose you to ideas and financial vehicles that may help you work towards your financial goals. No promises or guarantees are made that you will accomplish such goals.  

Past performance is no guarantee of future results, and any expected returns or hypothetical projections may not reflect actual future performance or outcomes. All investments involve risk and may lose money. Nothing in this document should be construed as investment, tax, financial, accounting, or legal advice. Each prospective investor must evaluate and investigate any investments considered or any investment strategies or recommendations described herein (including the risks and merits thereof), seek professional advice for their particular circumstances, and inform themselves about the tax or other consequences of any investments or services considered.   

References

National Institute on Aging. (2021). Aging in place: Growing older at home. U.S. Department of Health and Human Services.  https://www.nia.nih.gov/health/aging-place/aging-place-growing-older-home 

Alzheimer’s Association. (2023). 2023 Alzheimer’s disease facts and figures. Alzheimer’s Association. https://www.alz.org/alzheimers-dementia/facts-figures 

Van Erdewyk, K. (2024, November). The cost of nursing home care. A Place for Mom. https://www.aplaceformom.com/caregiver-resources/articles/nursing-homes-cost 

AARP. (2020). Caregiving in the United States: Family caregiving. AARP.  https://www.aarp.org/pri/topics/ltss/family-caregiving/caregiving-in-the-united-states/Â