How Can I Age In Place? A Plan For Aging In Place

Aging in place sounds ideal, but advocates for seniors say that doing it successfully and having access to services and support requires preparation.

The trend among seniors to remain independent rather than move to assisted living facilities or nursing homes is significantly increasing. For instance, a 2021 AARP survey found that more than three-quarters (77 percent) of adults 50 and older wanted to stay in their homes or their communities as they age.

Making preparations to age in place begins with seniors stating their intentions to family members who may need to help out in the future. But, for some seniors, discussing their plans may be a difficult step to take. Why? Because having frank discussions with adult children may be unnerving, according to Ken Dychtwald, 74, co-founder and chief executive of Age Wave, a California-based consulting firm specializing in aging-related issues.

“We talk about vacations and hopes and dreams for their lives,” Dychtwald told the Wall Street Journal. “We need to have the same discussion about what to do when we get older.”

KFF, a health research nonprofit, found that roughly half of the 65-and-older population “have had serious conversations with loved ones about future needs,” the Journal reported. That figure needs to go way up, Dychtwald said.

In Carolyn Brugioni’s case, it wasn’t easy for her to talk with her father who wanted to stay in his Illinois home even though he could not walk and needed around-the-clock healthcare.

“My father wanted there to be something left when he passed,” Brugioni told the Journal. “I had to try to avoid the conversation. It would depress him. … I always told him, ‘Dad, you’ll be able to live at home forever.’”

Brugioni said it cost her father $13,000 a month for home healthcare and he depleted his Social Security and veterans benefits and $350,000 in savings to pay for it. She also helped him to get an $85,000 home equity line of credit. When he died at 96, Brugioni said her father only had $45,000 left in the bank.

Despite the challenges, many seniors believe they would receive better care at home than in a nursing home. According to a study by The John A. Hartford Foundation, of an estimated 36 million Americans with a family member or friend in a nursing home, only 37 percent say their loved one is receiving high-quality care.

Aging in Place Calls for Financial Planning

Aging in place can be less expensive than living in an assisted living facility or nursing home, but homeowners should be prepared for the financial challenges that come with the costs of home renovations, monthly expenses, in-home care, and other needs.

Christine Salhany, a Nevada resident, told the Journal that she spends about $240,000 a year for 24-hour in-home care for her husband, who was diagnosed with Alzheimer’s disease seven years ago. Salhany said she tried to care for him on her own, but it became too much for her. So, she hired home healthcare workers, but also let many go. Now, Salhany said she only relies on five home care workers who work around the clock.

According to insurance provider Genworth Financial, at-home care is not as expensive as living in a nursing home. But, the average monthly cost of about $6,300 for a home health aide might be out of some seniors’ price range.

In anticipation of future needs, some older adults purchase long-term care insurance to pay for in-home care. A reverse mortgage is another option for those wanting to age in place.

A reverse mortgage allows homeowners to borrow money from the equity in their home to use for medical and healthcare costs, home maintenance, repairs, and other needs. The loan is repaid when the borrower dies, sells the home, or moves out. Homeowners are advised to speak with a financial professional before applying for a reverse mortgage.

Are Home Modifications Needed?

Another way to prepare to age in place is to make a home more accessible by adding lighting, replacing doorknobs, converting a first-floor den into a bedroom, or other changes.

Kathy Moniello, Founder and President of the Connecticut-based Forevermore Homes, says there are six essential details older adults who want to age in place should consider:

Entry to the house. Make sure the home has an accessible entryway.
One-level living. Have everything you need on one level.
Wide doorways and hallways. These areas should be able to accommodate walkers and wheelchairs, should they be necessary.
Curbless shower and properly placed grab bars. These safety features will help to prevent falls in the bathroom.
Private space for an in-home caregiver. This space should include a bedroom, bathroom, and maybe even a kitchenette.
Location. Ideally, the homes of older adults should be in a vibrant neighborhood close to their support system and health care.

Modifications can become expensive, especially for those on a limited income. But help is available in some areas. For instance, the U.S. Department of Housing and Urban Development (HUD) has been distributing funding to make modifications to the homes of low-income seniors.

In April, HUD distributed $70 million to 27 states and Puerto Rico. In August, the agency gave $3.7 million to an independent living center in Florida, a local housing authority in Maine, and a community action center in Massachusetts.

In addition, Habitat for Humanity Schenectady (New York) is constructing free ramps for seniors and disabled individuals, with funding provided by the International Union of Electrical Workers/Communications Workers of America (IUE-CWA).

Master Plans for Aging in Place in Development

Communities and organizations are developing plans to make it easier for older adults to age in place. For instance, AARP announced its idea for a “first-of-its-kind, comprehensive national plan on aging.” The proposal’s goals are to promote access to affordable health care, ensure access to affordable long-term support services, provide opportunities to grow and preserve financial resources, and create more livable communities that allow Americans to better age in place.

The state of New York is developing a master plan that addresses different aspects of aging in place, including affordable housing and transportation. Beth Finkel, state director of AARP New York, told Finger Lakes 1 that the proposal also addresses the needs of unpaid caregivers, including family members. New York reports that more than two million unpaid family caregivers provided more than 2 billion hours of care in the state in 2021.

Family members also spent $8,000 out-of-pocket for at-home care.
According to AARP, other countries are developing and implementing strategic plans to help adults, but the United States “has yet to develop a comprehensive national plan on aging.”

“Importantly, aging itself is not a challenge,” AARP explained, “being unprepared for aging is.”

Source Links:

https://livablecommunities.aarpinternational.org/
https://www.wsj.com/health/wellness/aging-in-place-planning-finances-6c63543c?st=iBcX1N&mod=googlenewsfeed
https://finance.yahoo.com/news/preparation-ease-process-aging-place-185840347.html
https://finance.yahoo.com/news/cost-aging-place-crushing-185623291.html
https://skillednursingnews.com/2024/09/hartford-foundation-as-95-of-older-adults-seek-to-age-in-place-60-express-concerns-about-nursing-home-quality/
https://www.wtnh.com/ctbuzz/forevermore-homes-aging-in-place-the-importance-of-planning-for-well-being-as-we-get-older/
https://www.msn.com/en-us/money/realestate/hud-announces-37m-for-housing-modifications-so-seniors-can-age-in-place-in-their-homes/ar-AA1ph6Uf
https://spectrumlocalnews.com/nys/capital-region/CTV/2024/09/10/habitat-for-humanity-ramps-aging-in-place-solutions
https://www.fingerlakes1.com/2024/08/26/exclusive-nys-develops-master-plan-for-older-adults-to-age-in-place/