Older Americans increasingly opt for ‘continuing care at home’ plans or join programs that foster community support
After surviving cardiac arrest in 2013, Martin Faga left the hospital to begin his recovery at home. It didn’t go smoothly.While his health improved over time, the retired chief executive of Mitre Corp., a nonprofit organization that runs federally funded research-and-development centers, knew he’d want more support if he needed in-home care again.
In 2017, for example, Faga underwent major heart surgery. His GHAH care manager arranged for all follow-up services including in-home visits by a nurse, physical therapist and occupational therapist. Less insurance, more options Faga isn’t alone in his concern about where to turn if physical or cognitive decline set in. Aging baby boomers often worry about who will take care of them if they’re unable to manage on their own.
West, a financial adviser and long-term-care expert, says insurers’ actuarial errors made many policies unsustainable and often unprofitable. Low interest rates, lower “lapse rates” and a higher volume of claims than originally projected hit insurers like a triple whammy, leaving many consumers unwilling or unable to renew their policies amid skyrocketing premiums.
“The costs of long-term care exceed what many people can afford,” says Jean Accius, vice president at the AARP Public Policy Institute in Washington, D.C. In the past few years, another promising grassroots trend is spreading across America: the so-called village movement. There are now nearly 250 villages in 47 states, where seniors benefit from neighbors who contribute their time and talents.
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