Tips for Overcoming the Rising Costs of Senior Living
Added on July 21st, 2016
There are many factors to consider when planning for retirement. The rising cost of senior living is causing many people to take a second look at their retirement portfolio. Inflation at the gas pump and the grocery store is making people realize they may not have enough money for retirement.
Median Pricing
The cost of assisted living continues to rise. As baby boomers age into retirement and demand increases, the prices of assisted living facilities are expected to skyrocket for many years to come. Retirement experts advise people to purchase long-term care insurance, but most seniors on a limited-income don’t have the monthly income to purchase long-term care insurance.
Depending on where you live, the median costs range from $5,500 per month in Delaware to $2,500 per month in Georgia. People who are only collecting monthly social security may not be able to afford these monthly payments. These costs are likely to be higher if you want to live in a larger room, or you want to have more privacy in your home. Your monthly investment may also be influenced by the level of care you need. Most people have to sell their home in order to pay for the expensive costs associated with senior living facilities.
Other Considerations for Senior Living
Financial costs are not the only factors to consider when moving to an assisted living facility. Your mental, physical, and social health could be impacted when you move. In most cases, you will lose the freedom to come and go as you please. Your friends and family will have to come see you. Your physical health will be affected if you are just sitting in a chair all day.
If you have lived alone for an extended period of time, you might find it difficult to live with someone else. Sharing a room with someone else in an assisted living facility doesn’t make a big difference in the cost of your care, as most of the costs of the room cover the services provided.
Making Home Modifications is the Economical Choice
With all of the advances in technology today, it makes more and more sense for seniors to make modifications to an existing home. Even if you live in a state where monthly assisted living costs are lower than average, it is still much cheaper to modify your existing home for the older version of you. In the bathroom, you can install grab bars around the sink or the toilet to help you maintain your balance. Installing a walk in tub will eliminate any concerns you may have about bathing. A walker helps you with mobility and maintaining your balance.
Since your vision is often impaired in your later years, having proper lighting is important too. Make sure the hallway lights are working, as well as all of the lights around the staircase. Installing a stair lift for the stairs will keep you safe from falling and give you peace of mind around the staircase. As you are walking around the house, a medical alert device lets you call for help if you fall and can’t get up.
In the kitchen, you want to make sure you have good lighting too. Traditional kitchen cabinets can be replaced with pull-down cabinets to make it easier for you to reach items. Around the home, you’ll want to securely fasten any loose carpets. In the living room, a lift chair can help you stand up when you have trouble standing from the seated position.
The cost of moving to an assisted living facility continues to rise. Statistics from The Family Caregiver Alliance show that people who are 65 and older have a 68% chance of becoming disabled in at least two activities of daily living. Making home modifications to an existing home is always going to be cheaper than moving into assisted living. This is the most practical option for seniors on a limited budget. You will be happier knowing you are living at “home sweet home” for the duration of your life.
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