As people grow older, their health and abilities undergo changes, necessitating different living situations. Seniors have the option to live at home or enter an assisted living facility. Most aging people prefer the former. Here’s how to prepare for the costs of aging in place.
Aging in place allows seniors to remain in their homes for as long as possible. These individuals stay close to nearby family, friends, and their communities. The friendships and family bonds they enjoy remain intact because they have in-person opportunities to stay connected.
Living at home may require support, such as help from family or professional caregivers. Seniors receive help with maintaining their home, buying groceries, and transportation. The extra supervision gives those aging in place an extra level of comfort, confidence, and security.
Can aging in place be cost-effective?
Seniors residing in their own homes is a cost-effective solution, especially when considering moving to an assisted living facility. Aging in place removes the costs of relocating, selling the home, or paying for a room in the assisted living facility.
Additionally, healthy seniors who need minimal help at home receive the right amount of assistance. Professional caregivers can provide care services 2 to 3 times per week, for instance, which is more cost-effective than paying for daily care at an assisted living facility.
What are the costs of aging?
Aging can come with financial stresses. Most seniors are retired from the workforce, leaving them with a fixed income. They must pay for increasing healthcare costs, transportation, food, and housing with their strict budget. If home care is necessary, this is another out-of-pocket expense.
Even when seniors receive social security benefits, covering basic living expenses remains challenging. Social security covers 68 percent of everyday expenses for an older person who lives alone and is in good health. This percentage is a fraction of what aging people need.
What age do most people need assisted living?
The aging process is different for every senior. A 65-year-old can require extensive medical support, while an 85-year-old can enjoy vibrant health. While aging affects every individual in a unique way, in general, the decision to move into assisted living is made between the ages of 75 and 84.
During this span of advanced old age, seniors are more likely to experience increased frailty, some degree of cognitive decline, and a higher risk of cognitive ailments, like Alzheimer’s disease and dementia. Nevertheless, seniors in this age group can still experience a good quality of life.
The typical assisted living resident is an 87-year-old woman who requires ongoing support with 2 to 3 activities of daily living, such as bathing, meal preparation, and transportation. Assisted living facilities may also enforce a minimum age requirement, such as 62 or 65, for its residents.
What are the financial benefits of aging in place?
Several financial benefits are associated with aging in place. Firstly, older people have the flexibility to choose how much professional help they need at home. As mentioned earlier, this setup eliminates the need to pay for full-time care when only part-time or intermittent care is necessary.
Home modifications are usually made to maximize the safety and comfort of seniors who continue to live in their own homes. Aging people who use a wheelchair install ramps, for instance. Grab bars added to the bathroom and extra light fixtures along stairs improve safety at home.
Making minor home modifications is less expensive than moving into an assisted living facility. For instance, minor home improvements and repairs can cost between $150 and $2,000, and home remodeling contractors often lower their fees based on income and means to pay.
Aging in place also gives seniors the freedom to choose the services they want to pay for and receive. Some older people may hire housekeeping services, while others schedule food delivery. As their care needs and plans change, seniors can adjust the frequency of services.
The flexibility of aging in place offers seniors the ability to age on their own terms—a personal benefit that, for some, outweighs the financial advantages. With the right support, these seniors maintain their usual routines and hobbies, all of which provide invaluable purpose and fulfillment.
Seniors have options to help them prepare for the cost of aging in place. Skilled older people might start a side gig for extra income, sell a life insurance policy, or consider a reverse mortgage. Family members and their elderly loved ones can combine financial resources.
Choose Assisting Hands Home Care
When aging in place is your loved one’s dream, help make it a reality by choosing Assisting Hands Home Care. We are a reputable senior care agency staffed with compassionate caregivers who meet the daily nonmedical care needs of older people. Our services are provided in the comfort of home.
Our services enable seniors of all ability levels to age in place. Care services include assistance with personal hygiene tasks, light housekeeping, medication reminders, meal preparation, grocery shopping, and transportation. We’re also excellent companions, keeping seniors socially active to prevent isolation and loneliness.
Schedule our home care services as often or as infrequently as needed. Our care options are flexible, and caregivers are available for a variety of schedules. We’re available for 24-hour care, respite care, and post-surgical care, for instance. You’ll find a care option that’s right for your aging loved one.
Assisting Hands Home Care delivers the best in local senior care. We prioritize the dignity of seniors in our care by providing services that promote their physical, emotional, and social health. Receiving dependable care at home enhances the overall quality of life for our care recipients.
When your elderly loved one is ready for in-home care, choose Assisting Hands Home Care. Our services are available to seniors living in Winter Park, Florida. We’ll set up a complimentary in-home consultation and develop a customized care plan that meets care needs. Call today to begin quality elder care.
