According to a recent study, 90% of seniors prefer to Age in Place versus moving into a nursing home or retirement community and this is now more doable than ever. There are several reasons other than preference to consider aging in place.
An Abundance of Seniors
Studies show that Americans ages 65 and older will increase from 52 million in 2018 to 95 million by 2060. The percentage of the population held by this age bracket will rise from 16% to 23%. Overcrowding of nursing homes and retirement facilities will be a huge problem in the future.
Rising Costs of Assisted Living Facilities
The rising costs of moving into a nursing home or retirement facility is much more expensive than most think. The general cost of a semi-private room in most nursing homes in 2021 was $7,756 a month. The average household income for seniors 65 and older was $5,027 a month*. That is a difference of $2,729 per month. If this is unable to be paid by the patient, the nursing home will place a lien against the patient’s home. That’s a deficit of $32,748 a year that will need to be paid off by children or family members. While home modifications may seem expensive, the amount of money that can be saved by staying in your home far outweighs the cost.
Mental Decline in Long Term Care
Depression is a major issue among America’s long-term care facilities. According to research, up to 35% of patients in long-term care facilities have either severe depression or clinically severe depressive symptoms**. This happens for a variety of reasons, but the most common include:
- Feeling Useless or Worthless
- Diminished ability to concentrate or to remember things
- Decreased quality of life – inability to walk or decreased mobility
- Feeling Isolated from their friends, family, and community
Aging in Place Is a Great Option!
There are so many options available to make a home safer and more accessible for seniors as they age. Don’t give up the home you love just because you are getting older. Give our team of specialists a call to discuss your specific needs and all of the options available that could help.
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*www.annuity.org
**www.nursinghomeabusecenter.com