As the saying goes, “home is where the heart is”. This speaks to the reason why most older adults wish to age in their own home. The comfort and familiarity that our homes provide us may seem impossible to live without. However, we must factor in the costs of aging in place versus assisted living. Furthermore, the costs are not only financial. We will end up paying a price on our physical, emotional, and social well-being too. While there are pros and cons to each scenario, deciding what will be the best fit for you takes some careful consideration. Aging in place seems like the natural preference. It is easy and comfortable, and seems like the more affordable option. Yet this is not always the case.
There’s no question that assisted living facilities are expensive, and this CNBC article explains why. With the average cost adding up to almost $4,000 per month, there’s no doubt that many do not find this affordable. But likewise, aging in place comes with its own financial burdens. As we age, our health typically declines in some way. Muscles and bones weaken, leading to less mobility and energy. Due to this, daily tasks may be difficult or even dangerous to do on your own. Because of this, many need to hire paid caregivers. In Northern Arizona, this averages $20-25 per hour, which adds up quickly when 24 hour care is required. In addition, safety should always be a priority when aging at home. Therefore, home modifications may be necessary. These could include grab bars, ramps, and widened hallways. These could add in thousands to tens of thousands of dollars to your rising expenses.
As you can see, both aging in place and assisted living come with their own financial burdens. Yet social and emotional health needs to be considered as well. Aging in place can be isolating. Unless you have a strong support system of family and friends, consider the fact that you may become isolated. Assisted livings usually have common areas and activities to keep you active and engaged.
Above all, decide what will be best for your lifestyle. Do you have the financial means and support system to age in place? Great! Do you think you will become isolated or is your health declining, leading to increased home expenses? Maybe consider moving. It is never a simple decision. We must factor in all components into the equation. It is a very individual decision. Aging life care managers like Arizona Elder Care can help guide you in your decision. For assistance, call us at 928-639-1583.