Stephen Dewitt

As your parent ages, you might be wondering what the future will look like when it comes to their health, their care, and their living situation. If moving parents into your home is a possibility you are either entertaining or shying away from, you need to be sure you are considering multiple factors.

It’s a big decision to move a parent into your home, and it’s certainly not for everyone. Both family members and the senior can struggle with knowing if becoming roommates is the best decision for the relationship and for the budget. By considering the financial and emotional costs ahead of time, both you and your parent will be in a better position to make an informed — rather than purely emotional — decision. Here are tips to keep in mind.

Can you afford to move a parent into your home?

At first glance, you might think that moving a parent into your home will save costs. After all, they won’t need to pay a mortgage, home insurance, or other homeowner costs. However, caregiving at your own home can get expensive quickly.

According to AARP’s 2021 Caregiving Out-of-Pocket Costs Study, annual costs for caregiving tasks or supplies average more than $7,200 per year. This cost does not take into account child-related expenses and instead is solely focused on caregiving for older parents.

It’s important to take some time to look at your current budget and predict how it might change if your parent moves in. For example, you’ll continue to pay your own household expenses, including mortgage and insurance, but you will likely increase your payments for groceries as well as any home improvements or modifications to make your new living arrangement safe for your older parent.

Walt Mozdzer, an experienced senior financial adviser, is used to advising clients about housing and financial decisions. But a few years ago, he found himself in his client’s position: His mother was struggling with medical problems. It was complicated by a “souring relationship” with his sister-in-law, with whom his mother lived in the neighboring state.

Walt and his wife opted to move his mother into their home. But, his mother couldn’t manage the stairs in their two-story home, so Walt spent hundreds of dollars modifying the space.

“Our preparation costs included tearing up our dining room to put in a hospital bed and a modular shower downstairs,” Walt said.

Walt’s mother paid him rent every month, but because she liked the house to be much warmer than he was used to, the family’s utility bills grew. With an additional person at the table, the family’s grocery bills grew too. To give his wife some alone time, Walt also took his mother to an adult care program two days a week, which he says cost several hundred dollars per month.

“There are other hidden costs in caregiving, such as time spent transporting your parent to doctor appointments and to the local big-box store for greeting cards, yarn, postage stamps, and so on,” he said.

Spending time now forecasting additional costs can help to ensure your budget stays intact.

Do you have the support you need to stay healthy?

Moving a parent into your home is more than just a financial responsibility. It also has serious ramifications on your emotional health. The Sandwich Generation — or adult children who are tasked with caring for their own children as well as for their aging parents — is under a great deal of stress thanks to all of the personal and professional obligations they carry. Without the proper support, moving a parent into your home can end up leaving you with caregiver burnout.

According to the Family Caregiver Alliance, family caregivers are at an increased risk for burnout symptoms ranging from increased depression and anxiety to increased risk of heart disease. In short, family caregivers are often in worse health than their non-caregiving peers.

Before you consider moving your parents into your home, make sure you have the support systems in place so that you aren’t shouldering all of the caregiving tasks. Ask other family members to commit to helping out weekly with specific tasks, such as running Mom to the doctor or giving you a night off by stopping by with dinner.

You can also research home care services near you. A visiting caregiver can come to your home to assist as scheduled, which can offer you a nice respite when you need it. Keep in mind, though, that this service can become expensive quite quickly.

Is your home safe for your parent?

If your parent has mobility challenges, chronic pain, cognitive decline or other complex medical conditions, you might simply not be set up to keep them safe in your home. Safety modifications, including grab bars, new lighting, and step-in showers, can prevent the risk of falling, but they begin to add up quickly. In cases of cognitive decline, leaving home to go to work might become unrealistic if your parent needs more hands-on support and redirection.

Talk to your local Area Agency on Aging for recommendations that you can use to adjust your home to best suit your parent’s mobility and abilities. If you are unable to provide them with the safety adjustments they need, moving in might not be the best — or safest — idea right now.

Is Mom going to be isolated or lonely?

Beyond how moving your parents into your home affects you, it also affects them. While you and your parents might be more engaged with one another when living together, they will likely miss their neighbors and friends once they move to your home. Without reliable transportation, they might not be able to attend events or programs they once enjoyed and looked forward to.

Isolation and feelings of loneliness are common in older adults, though we are only beginning to learn the health consequences that accompany these feelings. The National Institutes of Health reports that isolated seniors are more likely to be depressed, have more rapid cognitive decline, and are more vulnerable to heart disease than their social peers.

What are your other options?

Moving your parents into your home might not be the best decision for you or for them, and while there are a lot of emotions that come with that decision, many others in your situation come to the same conclusion. Instead of finding support systems and a contractor to modify your current home, focus your energy on finding realistic and healthy alternatives to your parent living with you or on their own.

Today’s senior living communities are not like what you might be imagining, especially if you have not been to a community in the past decade. Exceptional communities are committed to creating an environment not just focused on safety and care, but also on promoting healthy living and important social connections. It is also common for family relationships to thrive when a parent chooses community living because it gives everyone peace of mind and the opportunity to be family and not roommates.

The right senior living community can offer your parent luxury amenities, personalized care assistance (if needed), and a social lifestyle to support overall wellness.

The US population 65 and over soared by 34 percent in the last decade, from 43 million in 2012 to 58 million in 2022. In the coming decade, the fastest growth will occur among those over 80, when people are more likely to need accessible housing as well as services and support at home. The US, however, is not ready to provide housing and care for this surging population, according to our new Housing America’s Older Adults 2023 report.

The Dual Challenge of Housing and Services in Later Life
Older adults, whose incomes are often fixed or declining, increasingly face the twin challenges of securing affordable housing and the services they need to remain in the home of their choice. In 2021, an all-time high of nearly 11.2 million older adults were cost-burdened, meaning they spent more than 30 percent of their income on housing. Cost burdens are particularly high for renters, homeowners with mortgages, and households age 80 and over.  Accessible housing is also in short supply; fewer than 4 percent of US homes offered the three key features of accessible housing—single-floor living, no-step entries, and wide hallways and doorways—at last measure.

The Cost of Long-Term Care Is Out of Reach for Most Older Adults
The costs of long-term care (LTC) services are also high, averaging over $100 per day nationwide. The majority of older adults will need these services and those with very low incomes, who are most likely to require them, have the fewest resources to pay for them. When LTC services are added to housing costs, only 14 percent of single people 75 and over can afford a daily visit from a paid caregiver, and just 13 percent can afford to move to assisted living.

Government Assistance Is Insufficient to Meet the Growing Need
Government-funded rental assistance provides crucial support to older adults with very low incomes, but demand dramatically outstrips supply, and with homelessness on the rise among this population, assistance is more important than ever. Those with slightly higher incomes also struggle to qualify for assistance; 29 percent of people living alone who are 75 and over have incomes above 50 percent of area median income, but cannot afford the cost of assisted living. Just 8 percent of this group could afford a daily visit from a home health aide.

Renters and Homeowners of Color Face Steeper Burdens
While some older adults have home equity that can be tapped to pay for care or services, many do not. This is not only because of the increasing number of older adults but because of widening wealth and income inequality. Older renters have only 2 percent of the net wealth of older homeowners and there are steep inequalities among owners as well; older Black homeowners have the lowest housing equity at $123,000, compared to $251,000 for older white homeowners, $200,000 for older Hispanic owners, and $270,000 for older owners who are Asian, multiracial, or another race.

Mortgage Debt Among Older Adults Is Rising
Between 1989 and 2022, the share of homeowners 65 to 79 with a mortgage increased from 24 to 41 percent and the median mortgage debt shot up over 400 percent, from $21,000 in 1989 to $110,000. Over 30 percent of homeowners age 80 and over are also carrying mortgages, up from just three percent three decades ago. Borrowing is often a way for older homeowners to access cash for basic needs or care. Given the importance of housing equity later in life there is a real need for safe and affordable mortgage products that work for older owners with limited incomes. Financing incentives could provide better opportunities for those who wish to remain in their communities but in more suitable homes; this would be particularly welcome in rural and other low-density areas where the choices are especially limited.

The Growing Threat of Climate Change
Some states long favored by older adults because of their warmer weather are increasingly experiencing extreme heat and harsh storms. In addition to health risks, property damage is a rising concern, particularly for the increasing number of older people without insurance. Severe storms in Florida caused $228 billion in property damage from February 2020 through April 2023, a state that is home to 8.3 percent of the nation’s older population.

The Outlook
As the US population ages, more older adults will struggle to afford either the home of their choice or the care they need. With subsidies for housing and LTC services scarce, many older adults will have to forgo needed care or rely on family and friends for assistance. More funding would be needed, but there is a tremendous need for creative alternatives to existing models of care and housing to better support the country’s rapidly aging population.

When you begin to research community living options, it’s easy to become inundated with financial details. If you’re unclear about entrance fees when it comes to senior living options, you aren’t alone. Many adults are unclear about what an entrance fee for a retirement community is really for.

It may seem counterintuitive, but entrance fees can ultimately make retirement communities more affordable and provide greater predictability in your month-to-month fees. Here’s what you need to know about entrance fees.

What are entrance fees for retirement communities, and how do they work?

The entrance fee is a sum of money paid upfront to secure a place in the community. This upfront investment can actually lower your monthly fee, which covers services such as maintenance, housekeeping, meals, activities, utilities, and transportation.

Entrance fees at a Life Plan Community (also known as a continuing care retirement community or CCRC) cover the entire continuum of care, so healthy and active seniors can enter the community as part of independent living and, if necessary, move to more advanced levels of care without having to relocate to another community.

Seniors typically encounter two types of entrance fees:

• Non-refundable entrance fees carry a smaller price tag, but they generally don’t allow money to be returned to a senior or his or her family in the event of a move or death after five years of living in the community.

• Refundable entrance fees are higher in cost, but a portion of the entrance fee is rebatable. Depending on the type of contract offered at a community, anywhere from 50%-90% of the entrance fee can be returned upon a senior moving or passing away.

At HumanGood communities, rebatable plans come with a roughly 60% price premium, but they allow for estate planning, said Daniel S. Ogus, executive vice president and chief operating officer of HumanGood.

“Refundable plans are there if you want to make sure there’s something left for your heirs,” Ogus said.

Is your retirement community entrance fee tax-deductible?

Whether rebatable or not, entrance fees are based on apartment size, location, view and other residence-specific amenities. Incoming residents generally pay entrance and monthly fees through a combination of savings, income from investments and pension or retirement plans, and proceeds from the sale of a home. Residents generally don’t pay property taxes on their community apartments, and they also qualify for sizable tax breaks on portions of their entrance and monthly fees in retirement communities that provide health care services.

What are the benefits of retirement community entrance fees?

Contrary to what many may think, living in a community with an entrance fee is affordable for almost anyone who’s owned a home, Ogus said. However, seniors who choose a Life Plan Community before they need a higher level of care experience the greatest financial benefits.

Entrance fees offer peace of mind and predictability to adults and their loved ones. In addition, communities that have an entrance fee typically have very low resident turnover. This means that the neighbors you meet when you first move in will likely be your neighbors for a long time, making it even easier to create meaningful relationships with those around you.

Communities with entrance fees are also often excellent stewards of that money. This means that while monthly fees cover daily operations, entrance fees help the community to invest in capital projects and new amenities to keep the community running and looking its best.

Some seniors deemed financially qualified to live in a Life Plan Community still worry about depleting their assets. So, be sure to ask if the community has a benevolence plan. Many communities owned and operated by nonprofits such as HumanGood provide financial assistance to residents who need it if, through no fault of their own, they outlive their financial assets.

What steps do I need to take to see if I can afford a LPC?

If you’re considering making the move to a Life Plan Community, you may have some questions about the costs involved. We’re here to provide you with all the information you need in our comprehensive guide.

Learn more about the financial side of senior living by downloading our free resource, “The Complete Guide to the Costs of Senior Living.” You can discover more information about topics ranging from learning the benefits of a Life Plan Community to understanding monthly fees to interpreting contract types.

According to the National Institute on Aging, balance problems in older adults is a common side effect of aging. Some balance problems can be reduced, but many start suddenly and without apparent cause. However, there are some causes of poor balance in seniors that can be identified and potentially avoided.

While some causes are unavoidable or unclear, there are also some that can be prevented. Read on to learn all about what causes balance problems in older adults and how you can help your loved ones cope.

What Causes Balance Problems in Older Adults?

1. Medication Side Effects

One of the most common causes of poor balance in seniors is the medication they’re taking. There are some drugs that seniors use frequently that can have an adverse effect on their ability to balance properly.

Similar effects are noticeable in patients using antidepressants, sedatives, some anticancer medications, and even some anti-anxiety medications. If you’re wondering what causes balance issues in older adults, talk to your doctor or your loved one’s doctor to understand the effects of the medication and talk about adjusting those medications.

You can also ask about alternatives if you believe medication is the root cause of the balance problems. Talk to your loved one’s doctor about appropriate modifications or alternatives if you believe a medication’s side effects may be impairing their ability to maintain balance.

2. Vision Problems

Age causes a lot of problems for a person, including a lot of visual issues. Cataracts and other age-related macular degeneration are unfortunately common in seniors. All of these illnesses or health impairments can make proper balance incredibly difficult to maintain.

Not only that, but age can weaken the eye muscles. Even if your senior isn’t dealing with any serious eye degenerative diseases, they could be dealing with eye fatigue. This can quickly lead to balance problems for an older adult. If you think this might be the case, encourage your loved one to get the eye help they need. Help them see a specialist who can perform an eye exam to help them get properly treated.

3. Meniere’s Disease

Some diseases cause balance problems in older adults, such as Meniere’s disease, which is an inner ear condition that can cause fullness in the ears and dizziness. This illness not only causes dizziness but can lead to vertigo and even hearing loss in seniors. A low-sodium diet, medication, and balance exercises may all be used to medicate this condition.

As a person ages, it’s important to pay close attention to their health and well-being. It’s normal for some difficulties to occur. Proper attention, assistance, and care can help keep seniors safe when they’re dealing with any type of health issue or disease that’s causing balance problems. In some cases, home care assistance may be the best, most comfortable place for a senior dealing with these struggles.

4. Chronic Conditions

Many chronic health conditions can lead to balance problems in older adults. There is a unique connection between balance issues and diabetes, heart conditions, arthritis, as well as vestibular dysfunction, and many other problems with the inner ear system.

Long-term medical conditions that affect the central nervous system — such as Parkinson’s disease, Alzheimer’s disease, and multiple sclerosis — can also cause balance issues in older adults. Such challenges could be lessened by helping your loved one manage chronic health issues successfully with proper care and medication.

Seniors with serious health problems could find it challenging to age in place, but there’s no arguing with the fact that seniors can continue to live more comfortable, safe lives with the help of skilled, round-the-clock care. If your loved one is dealing with serious balance issues due to a chronic illness, reach out to New Perspective to talk about our home care options and get help finding the perfect community.

5. Labyrinthitis

Balance can be directly impacted by labyrinthitis, which is a kind of inner ear infection. With this infection, inflammation impairs the flow of nerve signals from the ear to the brain, causing balance issues to occur. Because this infection is linked to the flu which older people are more likely to contract, it’s common among seniors.

Blood and hearing tests are frequently used to diagnose labyrinthitis, but proper medication and medical efforts can be used to slow down the infection and treat the condition. If a senior recently had the flu and is showing signs of balance issues, consider getting them checked for an ear infection.

Tips to Prevent Balance Issues in Older Adults

Though you can’t control every variable that causes balance issues, there are some ways you can potentially prevent them or reduce their impact. Please note: it’s important to talk to a doctor before starting any new exercise or balance program.

1. Exercise regularly: Regular physical activity can improve balance, coordination, and strength.
2. Work on balance exercises: Specific exercises like tai chi, yoga, and balance exercises can help improve balance and reduce the risk of falls.
3. Wear supportive shoes: Wear shoes that have good arch support, a non-slip sole, and a low heel to help maintain stability.
4. Remove tripping hazards: Keep walkways clear of cords, loose rugs, and other tripping hazards.
5. Improve lighting: Make sure rooms are well-lit and use night lights in the bathroom and hallway to help prevent falls.
6. Use assistive devices: Canes, walkers, and other assistive devices can provide support and improve balance.
7. Review medications: Some medications can cause dizziness or impair balance. Discuss with a doctor to see if any changes can be made.
8. Stay hydrated: Dehydration can cause dizziness, so it’s important to drink plenty of water throughout the day.
9. Keep a healthy diet: A diet rich in vitamins and minerals can help improve balance and overall health.

Being able to still have one’s parents around during their golden years is a blessing in and of itself. Our folks work hard all their lives to provide for us, their families, so one could only hope for long and happy years for them beyond their retirement.

While each one of them may choose different living arrangements for themselves when they reach an advanced age, it is important to make sure that they are safe, comfortable, and healthy, no matter if they end up living alone, with the rest of your family, in a nursing home facility, or in an assisted living community.

If they happen to live at home with you, however, you need to be able to create an environment that is conducive to a good quality of life.

This short guide will provide valuable tips that will help ensure the safety and well-being of your elderly parents or loved ones.

1. Be Cognizant of the Kind of Care You Need to Provide

Before you can really begin to see the big picture of what caring for your elderly parent entails, you first need to understand the minutiae of it. Be objective with identifying the kind of care that they need and be realistic about what you can really do as their caregiver or guardian.

Is your parent quite healthy for their age? Are they mobile, and can do things on their own? If not, do they have a medical condition that affects their quality of life and entails round-the-clock care?

If you have a day job and you also have to provide for your children, you might have to hire another person who can serve as their primary caregiver.

Be sure that the individual you are hiring is trained, experienced, and adheres to the highest standards of hygiene and health safety.

You might ask why use an antimicrobial mask when a caregiver is interacting with your parents, for example, but in this age of a pandemic, you really can’t be too careful – especially if the carer does not live in your household.

Finally, if your parents are able to make decisions, it’s important to make sure to involve them in the process of planning for their care.

2. Protect Them from Slip and Fall Injuries

According to the Centers for Disease Control and Prevention (CDC), one in four adults aged 65 and older suffer from slip and fall injuries each year, causing more than 28,000 deaths, upwards of 800,000 hospitalizations, and 3 million emergency department visits annually.

It’s important to redesign your home to lessen the likelihood of slips and falls. First, make sure to clear floors and hallways of any objects they can trip over.

Secondly, remove small throw rugs and tack down bigger ones with double-sided tapes or tack strips.

Finally, make sure to use non-slip mats inside bathrooms while also installing grab bars, especially around the toilet and bathtub areas.

It’s also a good idea to let your elderly parents wear non-slip slippers and to make sure they’re not walking around in socks.

3. Make Sure They Are Taking Their Medicines Properly

Is your elderly parent solely responsible for managing the medicines they take on a daily basis? Are they visiting multiple doctors who individually prescribe medicines to them? If so, you might want to keep a closer look at how they take all those drugs.

According to the CDC, seniors aged 65 and above visit emergency departments almost 450,000 times every year due to adverse drug events, which happen when elderly individuals are harmed by medicines.

Adverse drug events can involve various scenarios, including unintentional overdoses, dosing errors, drug overlaps and duplicate medications, missed medications, and drug interactions.

To prevent adverse drug events, make sure that you also completely understand your elderly loved one’s medication regimen. Make a list of the drugs they are currently taking, and tag along the next time they consult their doctors or buy medicines at the pharmacy.

You have to make certain that there are no overlaps in the medicines they are taking and also to ensure that they are buying the right medicines in the first place.

5. Encourage Them to Exercise

Because seniors are less physically active than younger people on average, many of them fall into the trap of neglecting their physical fitness.

However, regular exercise, as you may already know, is actually critical to healthy aging.

Sitting less and moving more can prevent the development of many diseases, in addition to helping improve mental health and cognition, reducing the likelihood of slip and fall accidents, and strengthening social connections if their activities involve interaction with other people.

According to the CDC, if an elderly individual has no chronic conditions that prevent them from getting exercise, they should be as physically active as their situation allows.

An example would be getting 30 minutes of moderate-intensity aerobic exercise (such as brisk walking) every day.

Another way is by combining vigorous-intensity aerobic activity with muscle-strengthening activities weekly.

For example, the senior could jog or run 75 minutes once a week and exercise major muscle groups like the chest, abdomen, hips, back, legs, shoulders, and arms twice a week.

6. Keep Their Minds Active

On top of their physical health, you should also help your elderly parents maintain their cognitive health. The National Institutes of Health (NIH) describes cognitive health as “the ability to clearly think, learn, and remember.

It is already known that regular physical activity can help in this area of aging, with studies showing how exercise helps maintain old neural connections in the brain while also increasing the size of brain components that are critical to learning, memory retention, and spatial awareness.

Maintaining a healthy blood pressure is also important in preventing cognitive decline later in life. Empirical studies have shown that maintaining a systolic blood pressure below a reading of 140 can minimize mild cognitive impairment, which can influence the development of dementia.

On top of these, the NIH also recommends encouraging seniors to keep their minds active and to participate in social pursuits. Engaging in cognitively demanding hobbies such as reading, quilting, playing games, and doing photography can help improve memory retention.

On the other hand, engaging in personally meaningful activities with other people can improve seniors’ quality of life by boosting their mood, making them feel happier, and giving them a sense of purpose.

The real estate market is hot right now, with soaring home costs and massive growth across most neighborhoods in the United States. Even a small starter house may now be worth much more than you paid for it. Housing prices increased by nearly 50% between 2010 and 2020 and continue to grow. That’s great news if you are planning to sell your house.

Getting your home ready to sell is one of the biggest items to check off of your to-do list before moving to a HumanGood Life Plan Community. It’s also an opportunity to turn a significant profit, but only if you’re fully prepared.

These tips for selling your home can make the process as pain-free as possible while optimizing the potential value of the sale.

Find the right real estate agent.

A real estate agent handles all of the promotion, paperwork, negotiations, and other challenging aspects of selling a home. They can work with the buyer’s agent, offer tips for selling your home, and help set reasonable pricing expectations. This reduces the workload involved in selling and means you don’t have to become an expert on housing and finance before you move.

A “good” real estate agent may not be good enough, though. You need someone who understands the market in your area and your needs. Some things to look for include:

• Someone who regularly sells houses in your neighborhood.
• Someone who works primarily as a real estate agent — not someone for whom this is a part-time job.
• A person who has experience working with older adults intending to move.
• Someone you like. Good communication is key, and you’re going to be talking a lot with this person.

Be sure to ask for references and to trust your gut. Ideally, you should interview several real estate agents before hiring one. The community you’re moving to will likely have well-vetted referrals for you to start with. And don’t shy away from asking pointed questions about pricing and marketing; a good real estate agent should be able to give it to you straight.

Consider repairs or upgrades.

Most buyers want a contemporary, clean home that is move-in ready. Making upgrades and repairs often increases the value of your home immensely — by much more than the cost of the repairs. But before you invest in a big home improvement project, be sure to talk to your real estate agent about what buyers are seeking, then look at your budget. If buyers in your area are eager to move into a fixer-upper, repairs may not be worth the expense.

Declutter and rightsize.

Moving is the ideal time to build a space that is perfect for your current lifestyle — not the person you were 10, 20 or 30 years ago. Take some time to reflect on your ideal space. How does it look? How does it feel? What do you want around you, and where do you want to go?

Decluttering can help you ensure your space matches your current needs. Consider simplifying as much as possible. After all, fewer items mean less time spent cleaning and more opportunities to enjoy whatever comes next.

Some people find it emotionally challenging to declutter. Remember that your legacy is not a bunch of stuff, and the memories reside within you, not in a pile of old objects you can’t find a place to store. Try making a memory box or trunk. Or if you have a number of sentimental pieces you truly can’t part with, consider either giving them to a family member, keeping them in storage or converting to digital photos so you can look at these mementos whenever you like.

Stage your home.

One of the most important aspects of getting your home ready to sell is making it easy for buyers to picture themselves in your place. In most cases, even the most beautiful home could use some enhancements. Creating a neutral look and removing clutter and unnecessary decor and furniture can open the eyes of potential buyers. And don’t forget about curb appeal — it’s amazing what attractive landscaping can do!

But the market varies from place to place, so don’t undertake a massive staging project without first talking to your real estate agent. A local expert is a font of knowledge about what works and what doesn’t in your neck of the woods.

Prepare to sell your home: A step toward shaping your future.

Downsizing can be tough, and selling your home requires some work. But keep your eye on the prize: a more joyful, less cluttered life. With the right support and by following these tips for selling your home, you’ll get there in no time.

Want to learn more about living your best life? Check out our free e-book on the importance of relationships today.