long term care planning

There is a shift away from providing long-term care services in hospitals and nursing homes to proving them in individuals’ homes. This was happening before the pandemic, but the trend is now accelerating for several reasons. Many nursing homes did not allow visitors for months during the pandemic, understandably leading to many worried families and lonely older people. Many COVID-19 deaths have occurred in nursing homes and those who were not infected often experienced long periods of isolation. This pandemic will lead many people to question whether there’s a better way to provide care to the elderly, and more are considering moving long-term care into the home.

How Does Receiving Long-Term Care At Home Work?

Instead of receiving care at an assisted living facility or nursing home, many people can receive help with daily living activities at home—these including eating, bathing, toileting, dressing, and mobility. A trained professional, such as a nurse, can give home health care and provide services like physical therapy, IV treatment, or dispending medication. Caregivers can also give non-medical care. This can mean help with anything from driving to appointments and picking up groceries to doing light yard work.

Ways to Make Aging In Place Easier  

When it comes to aging in place, some small changes can help, like replacing deep-pile carpeting and installing no-slip flooring. Reducing home maintenance by installing LED lights that last longer and replacing fixed shelves with roll-out shelves can also help. Bigger changes to the home like widened doorways to accommodate wheelchairs and a first-floor bedroom can be done as needed. 

The move towards aging in place may be one way that America’s aging population will shape the future. If you have elderly parents or know someone who does, you know that there are many hard decisions to make. Caregiving, or simply figuring out how an elderly parent will be cared for, can be difficult and time consuming. And figuring out the finances can be even harder. Nursing homes, assisted living facilities, and at-home care can all be expensive. The 2019 median annual cost for a home health aid for 44 hours a week was $52,624.[1]  If you’re thinking about how you will finance your own care down the road, we can help you plan for those costs. A long-term care plan is an important part of a comprehensive retirement plan and can be customized to the individual. Talk with us to find out about your options.

[1] https://www.morningstar.com/articles/957487/must-know-statistics-about-long-term-care-2019-edition

The commentary on this blog reflects the personal opinions, viewpoints and analyses of BML Wealth Management’s employees providing such comments, and should not be regarded as a description of advisory services provided by Cooper Financial Group. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.

Investment Advisory services are offered through Cooper Financial Group, an SEC Registered Investment Advisory firm. All Insurance Services are offered through BML Wealth & Insurance Services. California Insurance License #0M15550. BML Wealth Management & Cooper Financial Group are not affiliated.

We do not provide tax or legal advice, all individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Indices mentioned are unmanaged and cannot be invested into directly.


The commentary on this blog reflects the personal opinions, viewpoints, and analyses of BML Wealth Management’s employees providing such comments and should not be regarded as a description of advisory services provided by West Wealth Group, LLC. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.

Investment advisory services through West Wealth Group, LLC, an SEC Registered Investment Adviser. BML Wealth Management and West Wealth Group, LLC are affiliated entities. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.

We do not provide tax or legal advice. All individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products.