Aging at home is a top priority for many adults, with approximately 77% expressing the desire to remain in their current homes as they age. However, achieving this goal requires careful preparation, including an honest assessment of the home, open family discussions, and a comprehensive financial plan.
Without these steps, the challenges of aging at home can become overwhelming.
The Reality of Aging at Home
Nearly 90% of Americans ages 65 and older lived in their own homes in 2021, according to a study by Harvard University’s Joint Center for Housing Studies. Yet, many of these homes were not designed for aging individuals and may include obstacles such as stairs, narrow doorways, and bathrooms that require significant modifications. Additionally, the need for in-home care often arises, which can be more expensive than most people anticipate and is generally not covered by Medicare.
Keys to Aging at Home
Home Modifications:
Less than half of adults aged 65 to 79 live in homes with single-floor layouts or no-step entries. Falls are a significant risk, with one in four older adults falling each year. While solutions like home elevators are available, they come at a cost of $20,000 to $100,000. Incremental changes, such as installing grab bars, replacing doorknobs, and improving lighting, can make homes safer and more accessible.
Smart-Home Technology:
Tools like fall detection sensors, voice-activated controls, and security doorbells provide added safety and peace of mind for both older adults and their families. These technologies can enable aging individuals to maintain their independence while reassuring distant family members.
Open Family Conversations:
Honest discussions about care responsibilities and financial arrangements are essential. Unfortunately, only about half of adults aged 65 and older have had serious conversations with loved ones about their future needs. Proactive conversations can clarify expectations and foster collaboration in planning for aging at home.
Financial Planning:
The median cost for 24-hour in-home care is approximately $24,000 per month nationally, with even higher costs in some states. Long-term care insurance can significantly ease the financial burden, covering many expenses associated with in-home care. For homeowners, equity in the home—through refinancing or home-equity credit lines—can also serve as a valuable resource for funding necessary modifications or care services.
How We Can Help
At The Benefit Link and other companies, we specialize in helping families create financial plans that support aging at home. Our long-term care insurance options are designed to provide peace of mind and ensure that you or your loved ones can remain comfortable and safe in their homes.
Whether you’re looking to cover the costs of home modifications, pay for in-home care, or secure a comprehensive long-term care plan, we’re here to help. Aging at home doesn’t have to be a financial or emotional burden. Let us guide you in developing a customized plan that supports independence, safety, and peace of mind for years to come.
Contact us today to learn more about how our long-term care solutions can help you age comfortably at home. Give us a call at (817) 539-0626 or schedule an appointment!
Source: The Wall Street Journal
