What Is Aging in Place? Uncovering the Hidden Costs

If you’re like many older adults, you might balk at the idea of leaving your home to move to an independent or assisted living community. You might say things like:

• “Living at home as a senior is so much more convenient and inexpensive.”
• “My health is perfectly fine. I don’t need to move.”
• “I’ve lived in this home so long, I couldn’t imagine moving somewhere else.”

While all these feelings are completely normal, have you considered all the facts – and hidden costs – that go along with aging in place? Make an informed plan for your future with help from the following suggestions.

What Is Aging in Place?

Aging in place refers to the ability to live autonomously and comfortably in one’s own home as one grows older, rather than moving to a senior living community. This concept is appealing to many older people because it allows them to stay in a familiar environment, surrounded by cherished memories and personal belongings.

However, while aging in place can seem like a straightforward and cost-effective choice, it’s essential to consider the full range of factors involved. Aging in place often requires modifications to the home to ensure safety and accessibility, such as installing grab bars in bathrooms, widening doorways, or adding ramps for wheelchairs. These changes can be costly and may not be feasible in every home.

Additionally, as health needs change, there may be a need for external support services like in-home caregivers, meal delivery, or medical assistance. The cumulative cost of these services can add up significantly over time, sometimes surpassing the cost of moving to a senior living community.

Moreover, aging in place can come with emotional and practical challenges. It may be harder to maintain social connections and engage in activities that support mental and emotional well-being if mobility or health issues arise.

Considering these aspects helps to highlight that while aging in place offers the comfort of staying home, it is crucial to evaluate all potential hidden costs and challenges before making a decision.

Consider the Costs of Aging in Place

If you own your own home, aging in place might initially seem like a cost-effective choice, as you aren’t paying for room and board in a senior living community. However, it’s important to consider the various modifications and services that might be required to safely and comfortably age in place. Here’s a closer look at some common and often unexpected costs:

• Monthly Home Security Fees: $20-$60. Ensuring your home has security features can provide peace of mind but comes with ongoing monthly costs.
• Smart-Home Technology Installation: $99 to $1,500. Smart-home technology, such as voice-activated assistants, automated lighting, and home monitoring systems, can enhance safety and convenience but may require an initial investment and possibly ongoing subscription fees.
• Grab Bars (two Installed): $250. Installing grab bars in bathrooms can improve safety and prevent falls, but the cost can add up if more are needed throughout the home.
• Door Widening: $300 to $2,500 per door. For those using wheelchairs or walkers, widening doorways may be necessary for accessibility, which can be a significant renovation expense.
• Ramps and/or Lifts: $12,000 to $35,000. Installing ramps or lifts to accommodate mobility issues can vary greatly in cost, depending on the type and complexity of the installation.
• Stair Glide: $2,500 to $25,000. A stair glide or stairlift can help seniors navigate stairs safely but involves a considerable upfront investment.
• Bathroom Renovations: $3,500 to $35,000. Renovations to make bathrooms more accessible, such as installing roll-in showers or higher toilets, can be quite costly, depending on the extent of the modifications.
• Ceiling Lift: $2,000 to $8,000. Ceiling lifts can assist with transferring individuals in and out of bed or chairs, but they represent a significant investment in home modification.
• Accessible Master Suite Addition: $3,500 to $100,000. Adding an accessible master suite or remodeling an existing bedroom to meet accessibility needs can range widely in cost based on size and complexity.

These costs, while necessary for maintaining safety and comfort, can add up quickly. It’s crucial to factor these potential expenses into your planning to ensure that aging in place remains a viable and sustainable option.

Other Questions To Ask About Aging in Place

Keep in mind that these costs don’t include what you may pay for a home health aide (upward of $125 an hour) and housekeeper, transportation to appointments, and more.

You’ll also need to ask yourself the following questions:

• How long will these home modifications allow you to remain safely in your current house?
• Is this a viable short-term answer, or do you expect this plan to work for years to come?
• If you expect a family member to care for you, can they (and their spouse or children) handle the physical, financial and emotional consequences of caregiving?
• How financially feasible is the cost of paying for in-home care when compared with moving to a senior living community?

Caring for Your Health as You Age

When considering aging in place, it’s essential to think about the future and how you’ll manage health needs if they change.

Imagine what would happen if you or your spouse were to experience a significant health issue or require more consistent medical attention. This isn’t meant to be a daunting thought but rather an invitation to plan proactively.

Staying in your home or relying on a family member might seem like a simpler solution now, but the reality is that health needs can evolve. If you or your loved ones face a sudden medical crisis, you may find that staying in your home or depending on family support becomes increasingly challenging.

By moving to an independent or assisted living community, you make a deliberate choice to address these potential future needs on your terms. It offers the advantage of planning ahead and ensures that you have access to the care and support you may require as your health changes, rather than waiting until a crisis forces a decision. Making this choice now allows you to tailor your living situation to your current preferences and future needs, providing peace of mind and stability.

What Can Independent and Assisted Living Offer Me?

Exploring independent and assisted living communities can open up a world of possibilities for a vibrant and fulfilling lifestyle. These communities are designed to enhance your quality of life, offering a range of benefits tailored to meet your unique needs and preferences.

• Independent Living is perfect for seniors who enjoy their autonomy but desire the convenience of maintenance-free living. In an independent living community, you can embrace a lifestyle free from the hassles of home upkeep. Imagine enjoying beautifully landscaped grounds, engaging in a variety of social and recreational activities, and having access to amenities like gourmet dining, fitness centers, and wellness programs – all without the stress of home maintenance or repairs. It’s all about enjoying your golden years to the fullest in a supportive and enriching environment.
• Assisted Living provides an extra layer of support for those who need a bit of help with daily activities, such as meal preparation, dressing, or medication management. In this setting, you retain your autonomy while receiving personalized assistance tailored to your needs. Assisted living communities offer the perfect balance of support and freedom, allowing you to live your life as you choose while ensuring help is available when needed. You can continue to plan your days, engage in activities you love, and enjoy the companionship of fellow residents.

Many modern independent and assisted living communities embrace a continuing care model, which means you can stay within the same community even as your needs evolve. This model provides peace of mind, knowing that as your health needs change, you won’t have to move to a different community. Instead, you’ll receive the appropriate level of care right where you are, ensuring a smooth transition and continuity of care.

Beyond the practical benefits, one of the standout features of senior living communities is the opportunity for socialization. These communities are designed to foster connections and friendships, offering numerous opportunities to interact with others. From organized social events and group activities to casual gatherings and clubs, you’ll find it easy to build meaningful relationships and stay engaged. This vibrant social environment can greatly contribute to your mental and emotional well-being, helping to combat loneliness and enhance your overall quality of life.

Moving to an independent or assisted living community offers a wealth of benefits, from convenience and personalized care to a supportive and engaging social environment. It’s an opportunity to enjoy a fulfilling lifestyle, with the reassurance that you’re well supported as your needs change.

Continuing Care at Presbyterian Homes Communities

Presbyterian Homes has been a premier name in senior living in the Chicago area for more than 100 years. Our continuing care community offers upscale independent and assisted living, with memory care, rehabilitation, and skilled nursing available if you should ever need them.

Find the closest community near you to learn more about the vibrant lifestyle at Presbyterian Homes.