Read our latest update.
One debate seniors and their families often have is whether it is less expensive to age in place at home or to move to an assisted living community.
Some believe that once the mortgage is paid in full, aging at home is the most economical choice. This might be music to the ears of a senior who isn’t interested in leaving a home they’ve lived in for decades.
Let’s take a look at the expenses associated with aging at home.
Evaluate Current and Future Expenses
When a senior drives and is able to handle their housework, yard, and meal preparations, aging in place can be a good financial decision.
But there are still expenses associated with remaining at home even if the mortgage is paid:
As the senior experiences physical changes, it might become necessary to enlist the support of a home care agency and to make modifications to their home. Both of these safety expenses can quickly add up quickly.
Home Safety Modification Expenses for Older Adults
Modifying your home for safety can come at a steep price. Depending on how old the home is, the list of necessary modifications might be a long one.
According to a MetLife survey, the average costs of home modifications for aging in place are as follows:
Home safety and emergency alert systems are also a factor. Families typically spend the following:
Aging in Place with the Support of Home Care
Then, there are the expenses associated with in-home care and assistance. These costs vary widely depending upon the type of assistance needed and how the caregiver is employed.
Families have several options:
Our final piece of advice is to make sure you are taking all of these costs into consideration when you are making a plan for your loved one’s future.
The True Value of Senior Living Communities
Senior living communities offer older adults and their families an affordable option for care. Many of the expenses associated with aging at home are included in the basic fee: rent, utilities, transportation, maintenance, and housekeeping, to name just a few.
Our team members are happy to help families learn more about the true cost of assisted living and suggestions for financing a move to assisted living. At Sunrise, we understand that everyone has unique circumstances that determine how they can best afford the cost. Contact a Sunrise community near you to schedule a private meeting!