As a majority of older adults continue to express an overwhelming preference for aging in place in their homes, any decision needs to be made with a full understanding of a particular senior’s needs, capabilities, and access to essential services and people.

This was an idea shared by Wayne State University gerontology professor Amanda Leggett in a podcast produced for a Detroit NPR affiliate that discusses the risks and benefits of aging in place.

On an episode of “Created Equal,” produced by NPR affiliate WDET, Leggett explained the need to fully understand an individual’s caregiving network — which often includes family members and can also include dedicated care professionals — as well as some of the intangibles that may not be fully considered when trying to facilitate aging in place.

While a majority of people likely prefer to age in place, she said, an epidemic of loneliness that may hit older Americans harder should not be overlooked.

“This is another major concern of older adults that we often don’t consider when we think about aging in place, that it can be very isolating,” she said. “Especially if someone is not as mobile and able to get out and enjoy their normal social activities that they might have done previously. And this is one of the benefits really, that long term care facilities can provide.”

Cost is a key consideration, however, and Leggett explained that this needs to be balanced with the reality of what is obtainable for a particular person based on their own means and the means of their family.

“Care surrounding aging is hugely expensive, and these are really, really challenging things for individuals trying to figure out [in terms of] what a family can afford,” she said. “What is covered by insurance or is not covered by insurance, Medicare and Medicaid. These are really challenging things and in-home care, out of home, long-term care, they’re all incredibly expensive. Trying to balance, when it’s necessary, what is affordable are huge conversations for families to think about.”

This is when a financial planner can make a difference, she explained. This person can take stock of the assets of the senior in question and they can help determine a path forward.

“It’s never too early to start thinking about this with a financial planner,” Leggett said. “And as a family, making sure we think about that, because we’re living longer. And it’s kind of unknown. We don’t have a magic ball that’s going to tell us what crises we might face in our future, how long we’re going to live, and we need to plan for any and all possibilities. And financially, that can be quite difficult.”