The youngest of the baby boom generation––the largest age group in history––will turn 60 in 2024. With most between the ages of 70 and 78, it’s no surprise that there is a significant increase in the number of individuals using longterm care––services to assist with activities of daily living, such as dressing, bathing and using the bathroom. For many of these seniors, the choice to fund long-term care involves selling their home. This may be why people older than 55 accounted for more than half of all home sellers in recent years according to the National Association of REALTORS® Home Buyers and Sellers Generational Trends Report. Selling a home to enter long-term care can be complex, involving not only new and potentially unfamiliar choices in housing, but also increased costs, and emotional and lifestyle adjustments these adults have not had to make in their lives. As an SRES® (Seniors Real Estate Specialist®) designee, you can play an invaluable role in helping seniors through this challenging stage of their lives. The focus of this newsletter is to provide you with insights and considerations to help you be the “go-to” resource for this significant life event.
FAST FACTS
- 7 OUT OF 10 people over the age of 65 will require long-term care. Longtermcare.gov
- A 75% growth in the share of American elders in need of nursing home care is expected by 2030. Population Reference Bureau
- 4 IN 10 assisted living residents are diagnosed with Alzheimer’s disease or another form of dementia. National Center for Assisted Living
- By 2050, the number of individuals using paid long-term care services in any setting will be 27 million people. Family Caregiver Alliance
- Women need care longer (3.7 years) than men (2.2 years). Longtermcare.gov
- There are approximately 30,600 assisted living communities with nearly 1.2 million licensed beds in the U.S. National Center for Assisted Living
The average yearly cost for a private room in an assisted living facility: $64,000. Statista
Types of Long-Term Care Facilities Seniors have many choices for long-term care, with facilities varying widely in the care offered, the costs and who they serve. Understanding each can help you appreciate the choices your senior clients may be considering.
Nursing homes
Nursing homes offer 24-hour care, including nursing, meals and personal assistance. They primarily serve individuals with long-term physical or mental health needs, housing residents in private or shared rooms. Medicare offers a useful tool that you and your clients can use to evaluate nursing home quality.
Assisted living
Assisted living provides non-medical support for independent seniors who may need some help with daily life, offering private living spaces and communal dining and activities.
Residential care homes
A smaller form of assisted living, these homes are often in residential neighborhoods with room for 20 or fewer older adults. They are typically similar in cost to assisted living.
Memory care
Memory care is usually offered by assisted living facilities and nursing homes for older adults diagnosed with dementia and Alzheimer’s disease who can no longer live on their own.
Continuing care retirement communities (CCRCs)
Continuing care retirement communities combine different levels of care on one campus, offering the advantage of staying in one place as a senior grows older. The challenge many seniors have with CCRCs is the cost: entry fees average more than $400,000, according to the National Investment Center for Seniors Housing & Care.
Veterans care
Veterans receive a range of benefits for long-term care. They may stay at regular nursing homes on contract with the Department of Veterans Affairs or at homes operated by the VA, using certain funds to pay for assisted living and home care.
Aging in place
Long-term care can include ways for seniors to stay in their own homes —aging in place. The Sept/Oct 2024 SRES® Newsletter offers information and insights on aging in place.
If you are looking your into your Long Term Care Options, give me a call. I would happy to give you insight and tips to help you make the best choice for you. (267) 397-6291