Don’t Wait for a Crisis

Punxsutawney Phil’s Groundhog Day prediction of six more weeks of winter drew intense grumbling this week, as his prediction coincided with multiple winter weather disruptions across the Southeast. Most people don’t really believe his forecasts, but after recent storms, people craved a harbinger of relief from the bitter cold and any hope that disruptions would end soon. When Phil didn’t provide that hope – well, let’s just say dark brown fur coats may make a comeback, if we are to believe any of the online threats to Phil come to fruition (though believing everything you see on the internet is definitely not a good practice).

Unexpected events can suddenly demand our attention and quick decision-making. Unfortunately, proactive planning only partially lessens the impact of weather disruptions to school, childcare, jobs, travel, etc. While stocking up on essentials helps meet basic needs, we’re mostly surviving at this point, not thriving. As someone with “planner” in my job title, it may be pretty obvious that I like to avoid crisis responses whenever possible. Planning ahead gives us more choices when faced with pressing, unexpected decisions, such as those about later-life housing and care.

Considering potential incapacity is not anyone’s idea of a fun conversation. As our population ages, more and more of us will face this transition, whether for ourselves or for our loved ones. Late-life housing and care decisions are commonly postponed because they feel daunting and less urgent than our immediate needs or wants. Long-term care topics are daunting to learn about and navigate, and require facing the fact that we are all aging. Yet these decisions are crucial. According to longtermcare.gov, “someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.” Understanding your options before a crisis arises is one way to reduce stress and ensure you have more control if/when the time comes.

One way to help compare each type of care strategy is to consider the various risks you are willing or unwilling to take on. I hope to provide a quick summary of the types of care and key considerations for comparing options, and I will save the financial aspects of covering care for a later post.

Below is a summary of the levels of care, along with primary considerations specific to that strategy.

Aging in Place

Staying in your own home sounds ideal to many, as it is your familiar spot and does not require moving. It’s also tempting to think we will be part of the 30% who don’t require additional support services, in which case staying at home sounds even better. Care in your home could be non-medical and/or medical support. The scope ranges from help with errands, cooking, and cleaning, to assistance with activities of daily living (ADLs), to full clinical care.

Key Considerations: Care coordination is self-directed and may require high involvement from your spouse or children. That reliance can become trickier if both spouses need care or family is not nearby or willing to help. Costs can escalate, and other care options may no longer be an option due to waitlists or health screenings.

55+ Communities

Offer stable, non-ownership housing, but do not include healthcare planning.

Key considerations: Care coordination mirrors that of aging in place. Additionally, a second move may be required later in life if there is a gap in healthcare needs.

Continuing Care Retirement Communities

CCRCs bundle the housing, services, community, and prioritized access to care within one system. You may move through various levels of care within a CCRC. Some care may be bundled in your monthly fees. Future transitions may be easier as you stay within the community. CCRCs are not standardized and can vary widely from one to the other.

Key considerations: There are different payment structures for CCRCs, but often, they have a significant upfront entrance fee (which may or may not be reimbursable) plus ongoing fees. You are reliant on that organization and have less flexibility to change course to another care option once you are within that system.

Assisted living, skilled nursing, or memory care

Offers meals, ADL assistance, clinical care, or intensive care as medical needs require. The facility manages daily care that is within its scope.

Key considerations: Health events drive this move to a care-focused facility.


The financial component of each of these care options could be handled by a variety of methods. Knowing your ideal care direction before an unexpected event occurs makes it easier to create an effective financial strategy for potential long-term care expenses. If you are curious about care costs in your specific area, this CareScout tool shows you median costs in your area for in-home care, community and assisted living, and nursing home care.

Waiting to consider options is a decision that may lead to a hastier decision later on in life. As difficult as these conversations can be, the more preparation done ahead of time can greatly lessen stress if an external factor forces the decision to happen sooner than planned.

Some of you reading this have already gone through this yourselves and have your own insights to add to this conversation. If you have, I’d love to hear from you what wisdom you gleaned from your own research and experience.

The content above is for informational and educational purposes only. The links and graphs are being provided as a convenience; they do not constitute an endorsement or an approval by Beacon Wealthcare, nor does Beacon guarantee the accuracy of the information.

Ellen Martin
[email protected]

After graduating from UVA (go Hoos!), I moved to Raleigh for the Raleigh Fellows program where I fell in love with the city, its people, and a fellow Fellow who is now my husband, Wesley. I worked for another wealth management firm in Raleigh for seven years before joining the Beacon team in June of 2021. When not at work, you can most likely find Wesley and me walking our dog, Ollie, on the lovely Raleigh Greenways, or trying to enjoy a cup of coffee and a La Farm white chocolate baguette while chasing our two little boys around.