As you grow older, you need to make certain decisions in your life. A major one facing the elderly is whether to continue living at home or move to a senior living community.
There are many different factors to consider when making this choice. The “right” answer will depend on your specific situation. After all, you don’t want to put yourself in a situation that leaves you needing assistance from your personal injury lawyer. That being said, there are certain basic steps you can take and points you can keep in mind to make the process of deciding a little easier.
Understanding the Costs of Living at Home
Your expenses represent one of the most significant factors to account for when choosing to live at home or move to a retirement community. If you already own a home, you don’t need to be told that it’s costly. You’re responsible for a wide range of expenses, including property taxes, HVAC repairs, utility bills, lawn maintenance costs, structural repairs, cosmetic improvements, and much more.
It’s also worth noting that older adults typically need to make certain adjustments to their home environments in order to boost their safety. Some of these adjustments, such as widening doorways or installing ramps, can be significant and costly.
You may also need to hire a nurse or similar professional to help address your medical and daily living needs as you get older. With the median national cost of home health aides being $125 a day, that could be prohibitively expensive, depending on your financial situation. However, if you do struggle with limited mobility, cognitive difficulties, or similar issues that can develop later in life, the assistance of such a professional will be absolutely necessary if you elect to continue living at home.
Understanding the Costs of a Senior Living Community
Remember, money isn’t the only factor to account for when choosing where to live in your elderly years. That said, from a purely financial perspective, it’s possible that moving to a senior living community may be the smarter choice.
There are many reasons this is the case. First, with senior living communities, you can research your options, finding one that’s in your price range.
The costs of living in this type of environment also tend to be fairly transparent. You’ll have the basic upfront costs for your accommodations, as well as additional optional fees for services or amenities you may want to take advantage of, such as care services.
More importantly, you’re far less likely to incur surprise expenses at a senior living community. If the roof starts to leak in your own home, you’re responsible for repair bills. If that happens at a shared community, someone else will cover the cost.
There are also many different living options at senior communities. By conducting thorough research, you can find one that matches your tastes and lifestyle.
Discuss these points with your loved ones as you consider where to live. While not all seniors must move from home as they get older, for some, it’s the best decision. The information here will help you begin deciding if it’s the right one for you.