You are planning for your future needs and you may be thinking “I’d rather stay home and age in place, it’ll be cheaper and more comfortable.” Some boomers feel that if they move into a retirement community, their independence will be taken away, it will be too expensive and it will be boring and lonely. However, these thoughts are based on outdated misconceptions. There are many reasons why living in a Lifecare community is a better choice than staying home.
Is Aging in Place Cheaper?
Many believe that staying in your own home and not paying the rental or monthly fees at a community will be cheaper. However, a lot of factors go into staying home and aging in place. The most important being: is your home prepared to take on your needs?
Many people who decide to stay home and age in place have to take on home renovations to accommodate their progressing medical needs. Some of these upgrades include:
- More than one-third of injuries among older adults occur in the bathroom, so it is essential to make your bathroom safe. Installation of grab bars for bathtub and toilet will be necessary. If you currently use a bathtub, it would be a good idea to install a new walk-in shower so it is easier to access. Non-slip mats and non-slip floors are also necessary to prevent falls.
- If a walker or wheelchair is needed, doorways and hallways could require widening to accommodate. Also, throw rugs may need to be removed for easier maneuvering.
- You may need to install ramps to your doorways to access your house with a walker or wheelchair. If you have a second story home and your bedroom or bathroom is upstairs, you may need to install a lift or elevator.
- Installing a generator may also be necessary in case your home loses power.
Home maintenance is also something you may also want to consider. Home ownership is expensive no matter what stage of life you are in. Daily maintenance and major repairs are bound to happen, and can be very costly. House chores will still need to be completed, such as cleaning, cooking, yard maintenance and more.
You might be enjoying good health now and likely will for years to come. But the reality is, you are more likely to need assistance in the future than not. Between 50 and 70 percent of people over the age of 65 will eventually need help with these day to day tasks. Keeping in mind that the national average for in-home care is around $3,800 per month, staying at home might not be a cost-saver in the long run.
Aging in place can also affect family members. Even though your loved ones want to do everything possible to help you stay in your own home, the costs for them to do this is very high. Family members may need to take time off from their careers to take care of you if your medical condition demands it. This can bring loss of wages and benefits that could affect them in the long-term.
Benefits of Living in a Lifecare Community
Today’s Lifecare communities are a lot different than retirement communities of the past. There are many benefits to living in a Lifecare community versus staying at home.
- Lifecare communities allow you to age in place without having to move to different levels of care as you need them.
- All levels of care (independent living, assisted living, etc.) are located on one campus.
- Lifecare provides predictable and discounted healthcare allowing you to budget effectively for your care.
- Guarantees estate protection through an entry fee that is partially refundable to the resident or their estate.
- In most cases, Lifecare works with long-term insurance.
- Safeguards against future medical needs by building financial protection
- Most Lifecare communities provide an active and social environment for their residents
- All maintenance is provided by the community.
- Assistance is readily available 24/7 if you need it.
Lifecare at The Admiral at the Lake
The Admiral at the Lake is proud to be a Lifecare community. With a one-time, upfront entry fee, independent residents are granted priority access to on-site assisted living, memory support and skilled nursing if it is ever needed. Monthly service fees remain predictable even if you would need higher level care. The security of Lifecare also has the added benefits of amenities such as salon and spa, transportation, views lakeside and cityside, chef prepared meals and more!
We understand that deciding whether to stay at home or move into a Lifecare community is an important decision with many factors to consider. To learn more about Lifecare from The Admiral at the Lake, view our Lifecare Booklet.
Discover independent living at The Admiral at the Lake here, or contact us today online or at 773.433.1801.