Senior Options for the Future
We all think and dream about the future. Our dreams can include graduating, getting married, starting a family, getting a promotion, buying a home, retiring, and more. Achieving our dreams in the future requires planning today. Understanding senior options helps you prepare for the future, so you can live the retirement of your dreams.
Importance of Planning Ahead for Senior Options
When you think about retirement, two things can come to mind first:
- It’s still a long way away.
- I’ll never be able to afford it.
Senior options, including retirement, can be expensive. However, with planning and preparation, they’re dreams that we can all achieve. Even though retirement feels far away, it’s never too early – or late – to financially prepare for retirement and other senior options.
How Planning Helps
When you start planning, you may be thinking in months, years, or even decades. The more time you have, the more likely you will be able to achieve your goals. Having a plan can help you avoid making decisions in a crisis or feeling stuck with no real choices or good options. By planning ahead for senior options, you can avoid crisis decisions and live life on your terms.
Senior Options Explained
Senior options may sound vague – and that’s because it is. You can think of it as every choice related to your wellbeing as a senior. It encompasses physical health, healthcare, mental and social wellbeing, housing, finances, end of life wishes, and more. Senior living emphasizes – and is a solution for – many of the elements of senior options. Above all, senior living creates options for you, allowing you to age and live how you want and on your terms.
Prioritizing Community as a Senior Option
If we have to pick one thing that is crucial to our as we age, it’s community. We don’t live life alone and we shouldn’t age alone either. We need community to thrive. Loneliness and isolation lead to increased risk of health problems for seniors, which is why community is important. In the Blue Zones, community is one the four main categories of what it takes to live long and well.
A strong sense of community is good for both mental and physical health. There are many senior options that can help you prioritize community. Consider moving to a senior living community, getting involved at a senior center, joining fitness classes and group activities, and finding a group of people with a similar interests. Connecting with people across generations, known as intergenerational connections, can have even bigger impacts on your wellbeing.
Community in Senior Living
One of the best options for a strong sense of connection as you age is a senior living community. When you choose to move to a senior living community, you get just that – a community. You have the option of living in a private apartment or home, surrounded by people who have similar interests as you. Plus, senior living communities offer robust calendars with activities and events for you to be involved in.
Types of Communities that are Senior Options
When it comes to senior living and weighing your options, there are some key details that should be important considerations. First, you should consider types of communities. There are different types of senior living communities and they offer different amenities and types of care. The types of communities range from a single type of care to a full continuum of care, with many options in between.
Community Types
- Independent Living – communities offering villa homes and apartments with complete independence
- Nursing Homes – senior options for 24/7 skilled nursing care and short-term rehabilitation
- Combination – communities offering more than one type of care, such as independent living and assisted living or assisted living and memory care
- Continuing Care Retirement Community (CCRC) – a rare type of community offering a full continuum of care in one location, including independent living, assisted living, memory care, long-term skilled nursing care, and short-term rehabilitation
Senior Living Contract Types
Contract types are the second key detail of senior living communities you should consider as you weigh your senior options. If you are looking at more than one community, the types of contracts offered might play a big factor in your final decision. Contract types determine how much money is due up front, how much is due each month, and how well you can budget for future expenses and care needs.
Types of Contracts
- A Type A Lifecare contract requires large upfront entrance fees with monthly fees that do not change much as your care needs change
- While Type B Modified Lifecare contracts require slightly lower entrance fees, the monthly fees do change based on the level of care needed
- A Type C Fee for Service contract may or may not include entrance fees, but pricing fluctuates each month depending on how much care or assistance is provided
- Rental contracts are the most common type of contract. These type of contracts do not require entrance fees and typically charge monthly fees based on floor plan and the level of care
- Equity contracts are the least common type of contract and work similar to purchasing a home where you have a percentage of equity and you pay additional fees for services and amenities
Planning for Senior Options
Depending on what you want for your senior options, they can have a big impact on your future and your finances. That’s why it’s crucial to plan so you can have the senior options you desire.
Have a Plan
When planning for the future, it’s important to start with a clear plan. First, take time to define what matters most to you and what you hope to achieve. From there, begin creating a list of the things you may need down the road, along with the steps required to reach those goals. This might include considerations such as healthcare, hobbies, senior living, housing, family, and finances. As you begin shaping your plan, it can also be helpful to consult with experts, such as financial advisors. They can provide valuable guidance, help you prioritize what to include, and assist in setting realistic, achievable goals.
Dream Big
Planning is practical, but it shouldn’t be the only part of preparing for senior options. It’s important to have a dream too. Your dreams about the future should guide the plans you make. Think about what your perfect retirement looks like. From there, make your plan so life as you age can be the way you dream.
Have a Backup
Having a dream and a plan is great. But, unfortunately, things don’t always go how we’d like. As you decide on your plan and dreams, think about what it might look like if things don’t go perfectly. Some things to think about:
- What happens if you or your loved one need care or assistance in the future?
- What happens if you can no longer safely drive or live on your own?
Senior Options for Insurance
Insurance is another important part of senior options. There are several types of insurance that support seniors. Each has their own requirements, costs, and cover different things though. No matter what insurance options you choose, senior living and living expenses are never covered. Insurance is there when you need it for medical situations, but it isn’t designed to help you reach your goals with senior options.
Insurance Options for Seniors
- Medicare – insurance for seniors with parts that can cover hospitals, regular medical care, prescriptions, and even more
- Medicaid – insurance for seniors based on income and covers all or a percentage of medical care needs
- Long-term Care Insurance – insurance that is optional to purchase and can be used to cover expenses with long-term skilled nursing care
Talking About Senior Options
As you plan for senior options, it’s important to talk about your options and the impact on your life.
- When/why/who – discuss early and often with children, loved ones, and/or friend, make your wishes and plans clear to avoid any confusion or vagueness
- What to discuss – financial resources and plans, general wishes, POA, end of life, living arrangements, important decisions
While having a plan is important, it’s also important to talk about what your plans are. It’s never too early – or late – to tell children, friends, and loved ones what you want your retirement and future to look like. You may even want to discuss your plans with them periodically so everyone stays on the same page. Making your wishes and plans clear can help to avoid any confusion.
Senior Options to Discuss with Loved Ones
When you discuss your future plans with loved ones, these are a few specific things that you may want to discuss with them:
- What your financial resources and plans are
- Your general wishes for retirement and aging
- Who you want your power of attorney to be and your expectations of their role and decision making
- Your wishes for end of life
- What you want your future living arrangements to be, like senior living
- Any other important decisions that you or they may need to make in the future
Senior options can be tough to navigate. Knowing what options exist is a helpful first step to making plans for your future. At The Ohio Masonic Communities, we want to help you navigate senior options and live the retirement of your dreams. We have resources available to help you plan for the future and achieve your goals. The Ohio Masonic Communities offers three senior living communities across the state of Ohio – Browning Masonic Community in Waterville, Ohio, Springfield Masonic Community in Springfield, Ohio, and Western Reserve Masonic Community in Medina, Ohio. If you are interested in learning more about one of our communities, give us a call at 1 (877) 881-1623 or contact us here.