Weighing the Pros and Cons of Aging in Place
For many Spokane Valley residents, the prospect of spending their golden years in a retirement home or similar long-term care facility is not an appealing one. Their goal is to stay in their own homes where they have already built a life and support system. While “aging in place” has many advantages over other retirement living options, it also carries significant risks.
If you are thinking about aging in place for yourself, here are some pros and cons you need to consider.
The Advantages of Aging in Place
Obviously, the biggest appeal of aging in place for most people is retaining their independence. Living at home means you get to continue living your daily life as you wish without adhering to the often rigid structure of a nursing home. Aging in place also means keeping much of your own identity within the community, which is an important consideration when it comes to preserving and protecting your mental health.
There are also potential financial benefits. According to the Department of Social and Health Services survey published October 1, 2024, the average cost of a semi-private room in a nursing home in Washington is $422 per day or $154,000 per year. If you already own your home–or your retirement accounts already cover your rental and living expenses–it can be financially ruinous to move into a nursing home. Aging in place can therefore mean preserving your wealth, not just for you but for your future heirs.
The Disadvantages of Aging in Place
On the other hand, aging in place carries significant risks, particularly as you start to experience physical and mental limitations on your ability to care for yourself. If you develop mobility limitations, for example, you may find one day that you simply cannot move around your own house without assistance. In some cases, home modifications may help alleviate these problems. But there may still come a time when the house and grounds become too large and cumbersome for you to handle without additional support.
Paying for such support can often be more expensive than living in a nursing home. One way to protect against this is to purchase long-term care insurance, which can help pay for the costs of live-in help and other assistance as you age in place. While you would need to purchase this well in advance of your need, this can make it more feasible to remain in your home even with significant physical and mental limitations.
At the same time, you also need to think about your long-term mental health if you choose to remain in your home. While aging in place offers greater independence than nursing home care, it can also be more isolating, especially as other family members, friends, and neighbors pass on or move away. As your current social circle diminishes, you may find yourself struggling with depression and loneliness.
Contact a Spokane Estate Planning Attorney Today
Whether your long-term plan involves aging in place or moving into a nursing home, it is important to start thinking about the necessary legal and financial arrangements to achieve your goals. Our Spokane estate planning lawyers are here to help. Contact Moulton Law Offices, P.S., today to schedule a free consultation. We serve clients throughout the Spokane, Kennewick, and Yakima area.
Source:
worldpopulationreview.com/state-rankings/nursing-home-costs-by-state
