New Housing Arrangements

What do you do when the time has come to move Mom and Dad – or yourself – into alternative housing? As we age, it may become necessary or desirable to find simpler housing arrangements. Imagine – no lawn moving, snow shoveling, or maintaining a large home. Maneuvering stairs can become dangerous at a certain point. This article will discuss alternatives available to aging adults. (This is not meant to be financial or medical advice. Consult with an expert.)

Independent Living

One alternative is to move into a one-level townhome or condominium. These can be rented or purchased. However, when buying, consider whether there is an association and association fees. These costs help maintain the grounds, shared interiors, and may cover certain utilities. It is critical to understand what is covered by the association fees, and to look at the finances carefully. How much money is in reserve? Are there major repair projects pending? Is the association in good standing with mortgage companies?

You have the right to read the bylaws, rules and regulations, and look at the financial statements prior to buying. Home insurance will cost less as the association has insurance for shared and outside areas. However, you need to have Homeowners Association (HOA) insurance to cover common areas and shared property. Right after my husband and I moved into our townhouse community, there was a hailstorm, and each unit was charged part of the cost of repairing the roofs not covered by the Association’s insurance. Fortunately, our HOA insurance covered the difference.

Other types of communities for independent living include retirement communities, 55+ communities, or senior apartments. These are for active, healthy seniors who can live independently. The benefits of this type could include maintenance-free living, social activities, meals, or even housekeeping. They are usually private-pay, although some buildings may have tax-credit apartments available for individuals who meet the income limits.

An alternative to this arrangement is known as Cooperative Living, ownership housing designed specifically for older adults—usually age 55 or older. Instead of renting or owning a unit outright, residents buy a share in the housing cooperative, which gives them the right to live in a specific unit and participate in the management of the property. There is also a monthly fee for amenities. When the resident moves out, they can sell their unit, earning a return on their investment, just like with a house.

Assisted Living

Assisted living is for seniors who need help with daily activities like bathing, dressing, or medication management. Services may include personal care, meals, housekeeping, transportation, and social activities. Sometimes there is a basic cost, and certain services can be paid for individually. There may be medical support such as a nurse on duty. Generally, these units are private pay, although at times long-term care insurance or Medicaid.

Assisted living can be quite expensive, so do your research before moving yourself or a loved one into this type of housing.

Memory Care

Memory care is for seniors with Alzheimer’s disease or other forms of dementia. Nursing care is provided, the environment is secure, and there may be memory support programs or activities for those with memory loss. The cost is higher than assisted living and will be private pay until Medicaid can be used.

Skilled Nursing Facility (Nursing Home)

This type of care is for seniors who need 24/7 medical care or rehabilitation. There is full-time nursing care, doctors on call, and personal care. Physical or occupational therapy is available, but the patient must be showing progress for these services to continue.

Costs may be covered by Medicare for short-term stays, by Medicaid, or long-term care insurance.

These two articles provide essential information about Medicaid and preparing to have a loved one enrolled in this government assistance program.

Medicaid and the Five-Year Lookback Period – a Must Know

Medicaid Requirements and a Lesson Learned

Continuing Care Retirement Communities

This is the best of all worlds: a housing situation adjusts as needs change. A resident could move from independent living to assisted living to nursing care all in one location. These types of communities are becoming more available as the population ages.

Aging in Place

After examining these alternatives, one may consider staying home as long as possible. Hiring help with personal care, chores, meals, companionship, and nursing care can allow an aging person to live at home as long as possible. Medicare, Medicaid, and individual insurance may cover certain services. Also important is making changes in the house to increase safety.

Do Your Homework!

It is crucial to understand these types of housing, the cost structure, and your loved one’s financial situation. Tour various facilities, speak with the administration, and consider consulting an elder care attorney. It is always better to be prepared than to react in a crisis.

Visit my website, www.gracesmessage.com for more caregiving information.