Home Vs. Assisted Living: Cost Difference May Not Be as Big as You Think
You’d think remaining in your home as you age would be a lot cheaper than moving to assisted living. But if you have mobility problems, the price difference may not be as big as you think, at least initially, reports the Forbes blog Aging Parents.
For one thing, some remodeling may need to be done to ensure you can get around in the home safely.
From [universal-design architect Marc Mendelsohn's] perspective, the “average” range of modifications most people need to fix up Mom or Dad’s home will run from about $20,000 to $40,000. The cost of labor for these projects varies in different parts of the country. Of course, upgrades add to the cost. The nicer it looks in the end, the more it will cost.
Then you have to consider in-home care fees, perhaps for multiple visits per week, the post points out. That cost will vary widely across the country.
If you’d like to start comparing prices, you can find assisted living communities in your area here and in-home care agencies here. Or check out estimated care costs in your area with Genworth Financial’s interactive map. Better to figure all this out early than to wait until you’re up against a wall.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.