Mind the Gap
I have never felt more confused, lost and alone than when I ended up on the wrong train, headed in a direction I didn’t want to go, in a city I had never been. I am talking about riding the subway in NYC, but if you think about it, families facing decisions regarding their loved ones' care...can feel the same way. In the 1980’s and before there weren't many options for seniors as their care needs increased. There were basically only two options - move in with family or live in a nursing home. Thanks to the aging baby boomer population, that has all changed. We now have so many options and levels of care, from in the home to skilled nursing facilities. Not only that, but the quality of care and regulation has increased resulting in better environments and standards for seniors. Let’s face it though, no one wants to talk about care needs or cognitive decline let alone plan for it! I’ve realized over the years that people go to their financial advisor to get the number they need for retirement, then to the funeral home to write down their wishes. And that’s it. Seems like there is a significant gap in their planning. Like riding the NYC subway it could never be more important than to ‘mind the gap.’ Here are a couple of tidbits that may help you navigate your next trip to the city... or perhaps some difficult care decisions. Know where you are, right now. Like any other kind of plan, it’s important to know where you are starting from. There are specifically two characteristics to consider - medical needs and financial position. Given the various options out there in our aging health services industry, it's important to understand your loved ones medical care needs, diagnosis, medications and other treatments so that the correct services are considered. Understanding your loved ones income, assets, insurance and benefits will help get things started. Find your pathway. Not only do you need to know where to start, but it's good to have some idea of the steps needed to get there. Everyone is different, but goals, plans and objectives are always better when written down. As your family begins to discuss the needs of an elder member, document your options, the cost of care services and even the approach to starting the conversation with your loved one. Educate yourself every step of the way. Form your team. John Donne said it best, “No man is an island,” meaning that we can’t do it all on our own. It takes the love, support and guidance of others to ensure the smoothest transition through these challenging decisions. Don’t hesitate to reach out to family, friends, professionals or other support organizations to call on for help. You know the next time I went to NYC...I knew a little more than the first time, but I still needed someone to help guide me through. I fully believe there is a better way to prepare for this gap, it’s through communication, clear understanding and a comprehensive plan. Brett Billings, CMC Advisor FORESIGHT www.planwithforesight.com
