Retirement Wars: Assisted Living vs. Staying with Your Family

Part of the process of getting older in age is trying to figure out the best way to care for your elderly parents. There is the eternal debate over if you should find a suitable assisted living program or just let them come stay with you. It’s not a simple conversation to have and it encompasses many people. You have to know how having the person in your home will affect the current ecology of your current lifestyle.

Will the addition of an elderly parent cause a financial burden? Is there adequate space to house your mom or dad in a spare room, or will adjustments have to be made? Perhaps the kids will now have to share a room- but, how will that effect their overall attitudes toward the situation? Simply put, there are no easy answers to any of these questions.

In order to best figure out what is the right fit for your family here are some talking points to figure out if bringing the parent into your home is the right idea for your family.

What Do They Want?

It can be tough to talk to your parents, or your spouse’s parents, about their financial situation, especially if it isn’t so flexible. But, if caring for them is a part of your future, you need to be able to prepare for it. Don’t be afraid to ask the parent if they even want to live with you in the first place. You may be surprised to find that they’d prefer to go to an assisted living facility. Which could ease the potential burden of having another person in your home.

Will You Need to Add-On, Renovate or Remodel?

If the parent does want to move in to your home, you’ll need to consider privacy, safety and care. Is your home big enough to accommodate an extra person? Will you need to add an extra bedroom or go through with a major overhaul of your home? Of the available space, is it wheelchair accessible? Do you need to have grab bars installed in bathrooms or other spaces? Some simple researching online could estimate the total cost of what will be required from the parent. It’s important to understand what is needed and how it will impact your homeowner’s insurance.

What Kind of Insurance Do They Have?

Understanding the financial reality facing your parent(s) is a critical step in finding them a forever home. However, so is getting acquainted with their insurance coverage. Is long-term care insurance part of their plan? What exactly does their plan cover? Not only will housing renovations potentially cost you money, but their medical costs can also be a factor you will need to account for in your budget. Can you split the cost with them and their insurance?

Find Out What It Will Cost You

With all of these figures running around, it may seem like a lot of money. However, it still might be less expensive than the assisted living facility of their choice. Don’t assume that it will be cheaper to provide care yourself, a survey from found that an estimated 34 million Americans are personally providing care for elderly family members, and 34 percent of them spend $300 a month or more of their own money. If you don’t know the total cost of having your parent live with you versus how much it will cost to put them up, you will never fully have a good idea of the true weight of the situation.

Is the financial aspect of taking in an elderly family member going to impact you in a positive or a negative way? Ultimately, the choice is up to you and your family to make together.

About Jen Perkins

Likes: saving money, being debt free (aside from our house), zombies, travel, getting money, blogging and dogs. Dislikes: debt, being broke, bunnies, wasting money, not having enough money to travel the world and paying interest. Facebook  ♥  Twitter  ♥  Google+  ♥  RSS

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