health
Want to continue living at home as you age? Here’s what to consider
Safety concerns, caregiving needs, and, of course, finances all come into play when considering aging-in-place at home
TL;DR
- Ninety-three percent of Americans aged 65 and older live in their own homes and prefer to age in place.
- Key factors to consider for aging in place include home safety (mobility, fall reduction), caregiving needs, and financial implications.
- Home modifications for safety can range from installing grab bars to widening doorways and converting bathrooms for accessibility.
- Costs for home modifications can range from $3,000 to over $50,000 depending on the scale of renovation.
- Alternative housing options include accessory dwelling units (ADUs), community-based models like the Village to Village Network, Senior Cohousing, and Continuing Care Retirement Communities (CCRCs).
- Financial planning is crucial, as non-medical home services average $35/hour ($80,000 annually) and skilled nursing care costs around $90/hour (nearly $206,000 annually).
- It is advisable to have a comprehensive plan that includes healthcare directives, power of attorney, and a designated care support team.