We often have adult children ask us this question, but the reality is we often get called in at the end of the process when mom and dad have stayed in their home too long. Their home has depreciated, hasn’t been well maintained, is out of date, living has been restricted to the main floor, and mom and dad are now moving in crisis because something has happened to one or both of them. Read the 3 things to consider if you’re facing this situation.
1. Prepare early to avoid unnecessary stress
The ideal time to move is long before its “necessary”. Now don’t get us wrong, that doesn’t necessarily mean to a retirement home or long term care home. It may be simply be a strategic move to right-size the home for:
- better quality of life
- to meet their new or anticipated needs of reduced size, one level living, reduced maintenance, increased amenities, access to healthcare, proximity to family etc.
Rightsizing early enough can allow our seniors to “age in place’ longer by providing the safety required to reduce slips, trips and falls, reduced maintenance and provide access to resources that make staying at home longer possible.
In an ideal world, early planning with benefit products like long term care coverage, critical care coverage and creative life insurance management started early-on can make senior living smooth and pleasant.
Many don’t look at these financial vehicles until it’s too late and the premiums are unmanageable. We have connections with some great experts who we can refer you to if you want more info on these products.
2. The financial cost of care homes
Many find out too late that senior living can be hard to access or be out of budget. Typically, the equity in mom and dad’s home is used to pay for in-home care (reverse mortgage), retirement home living (private care), or to subsidize the long-term care costs.
Many don’t realize that private retirement home costs start at $5,800 per month in Durham Region and go up depending on the type of room, level of assistance and care required.
We‘ve personally gone through this
Our mom is just transitioning from assisted living into memory care and the additional one-on-one care being requested now is $26/hr. Doing the math, that is an additional $11,000 per month on top of her room costs. OUCH! This far exceeds what many can afford.
Next, try to locate a room in memory care; these are few and far between with long wait lists. If the retirement home gives you 30 days to relocate mom, but you’re on a 6 month wait list, then what? How about long term care home options? You can only select 5 at a time. So, if brother Paul lives in one city and sister Susie lives in another, choose carefully where mom is best located.
3. The reality of transitioning
When an option comes available you have to take it or go back to the bottom of the list. Our mom has spent years on a list and we’ve just learned those choices made for her did not consider her ideal location or the level of care the facility requires—so we’re back at the beginning.
So, while you are rightsizing, enjoy your home as long as you can but be proactive and ensure you have a valid continuity of care by getting yourselves on a wait list for when/if you do need the next options.
We‘re your local realtors and community experts. We’re here to help you make the right move no matter what stage in your life you are at. We are here for you from the very beginning until the very end. Have questions? Give us a call or email us, and if we can’t help you we’ll make sure you get to the resources and subject matter experts that can.
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