Host Chris Galeski invites Client Manager Thao Truong to THE FINANCIAL COMMUTE. They discuss aging in place, which refers to aging in one’s home instead of moving to another facility like an assisted living residence. Thao is a part of Herself, a group within Morton that strives to empower women to make the best decisions for themselves and their families while educating them about finance. 

Thao says many elders may find more comfort in staying in their own residence instead of moving as they are already attached and used to their home. However, there are many aspects of aging in place to consider and research, first. 

According to Thao, there are many devices, like watches, that make it convenient to call a family member or an emergency number should one experience an injury. There are also many gadgets and apps to remind people to take their medication or cameras to install in one’s home so family members can check in. Home modifications should also be made to prevent falls or improve accessibility for handicapped people, like ensuring rugs are flat, there are bars in the bathtub to hold on to, and hallways are wide enough to accommodate a wheelchair. 

How does one protect themselves financially? Unfortunately, a large majority of financial fraud victims are senior citizens. Thao says it is imperative that elders do not answer the phone if they do not recognize the phone number. Scammers usually use false emotional scenarios to trick victims into sending money. Family members should also be prudent and keep an eye out for signs of financial fraud, like missing bank statements or belongings.   

Another aspect of aging in place to consider is hiring a caregiver. It is important to understand Medicare only covers medical costs like hospital bills- it does not cover the cost of caregiving, like hiring in-home assistance after an injury or surgery. Thao says hiring a licensed professional or a caregiving agency may be expensive but is a safer option than hiring someone who is not licensed and doesn’t have proper insurance. Thao also reminds listeners to ask loved ones for help, as caregiving takes a village and should not fall solely on the elders themselves or just one family member. 

 Disclosure: 

Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.