Choosing to remain in your home instead of living in a nursing home, can save you loads of money in the long-run. A host of in-home health care and companionship services are available to seniors who prefer to stay in their own home, rather than live in an assisted living or nursing home, surrounded by strangers. Staying in your house means you are surrounded by all your own possessions and feel a greater connection to the memories you and your family have made in your home. Many times it is easier and more comfortable for families to help care for their loved ones, if the loved one lives in their own home, and there is never an issue of someone spending the night, if needed.
In-home non-medical services are much less expensive when compared to the cost of an assisted living facility, which may run in upwards of $2800 per month, according to Kiplinger’s Retirement Planning 2010. Paying family members for care, of course, is the most inexpensive and most convenient of options, but there may be tax complications for this option.
As you age, your physical needs may change, and could include the use of a walker or wheelchair. Although living in an assisted living or nursing home is an easier option with these devices, you can also make physical modifications to your dwelling to accommodate extra space needed to operate them. Grab bars can be installed in the shower; light bulbs can be switched out to make rooms brighter, and if you are afraid of having an emergency and not being able to get to the phone, you can wear a personal emergency alert system as a bracelet or a necklace. These systems connect you to a real person who can dial emergency services for you.
Many seniors look at the cost of staying in their home and worry about paying the expenses, but in the long-run staying in your home provides a secure and comforting home base as you age. If you have enough monthly income, it may be possible to obtain a home equity loan or reverse mortgage to ease the care expense burden. The reverse mortgage may be the best bet because the home equity the loan draws upon isn’t repaid until you move or pass away.
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