{"id":10018,"date":"2014-09-25T00:00:00","date_gmt":"2014-09-25T00:00:00","guid":{"rendered":"https:\/\/www.lifeline.philips.com\/resources\/blog\/2014\/09\/calculating-the-costs-of-caring-for-aging-parents-in-your-home.html"},"modified":"2023-10-16T13:12:55","modified_gmt":"2023-10-16T17:12:55","slug":"calculating-the-costs-of-caring-for-aging-parents-in-your-home","status":"publish","type":"post","link":"https:\/\/www.lifeline.com\/blog\/calculating-the-costs-of-caring-for-aging-parents-in-your-home\/","title":{"rendered":"Calculating the Costs of Caring for Aging Parents in Your Home"},"content":{"rendered":"<p>Moving your aging loved ones into your home can cost much more than you would expect. More than half of the 34 million Americans caring for aging parents must do without items or services they need in order to handle the financial responsibilities of that care, according to <a href=\"https:\/\/www.agingcare.com\/Articles\/Cost-of-Caring-for-Elderly-Parents-Could-be-Next-Financial-Crisis-133369.htm\" target=\"_blank\" rel=\"noopener\">AgingCare.com<\/a>. In some cases, even grandchildren must make sacrifices for their grandparents\u2019 well-being. This is why it\u2019s important to carefully consider and plan for all the costs that may be associated with a move before you decide what\u2019s right for your family.<\/p>\n<h2><strong>Financial Considerations of Providing Elderly Care at Home<\/strong><\/h2>\n<h3>Preparing Your Home<\/h3>\n<p>Before your parent moves into your home, there may be extensive remodeling and renovation required. First, you\u2019ll need to consider the space. Will you need to add a room or bathroom? Will the current layout provide enough privacy for both your parent and your family?<\/p>\n<p>The mobility of your loved one is also a consideration. Many seniors struggle with stairs as they age. If you have stairs, you may need to install ramps or invest in a stairlift. Caring for an aging parent in your home almost always requires upgrades. At the very least, most seniors need grab bars in the bathroom and slip-resistant strips added in the shower to help prevent falls.<\/p>\n<h3>Calculating Care Costs<\/h3>\n<p>If your aging parent doesn\u2019t need a lot of help, you may be able to <a href=\"https:\/\/www.lifeline.com\/blog\/weighing-the-costs-aging-in-place-vs-long-term-care\/\">limit your immediate care costs<\/a> to a monthly subscription for an <a href=\"https:\/\/www.lifeline.com\/medical-alert-systems\/\">emergency medical alert system<\/a>; for seniors who need more assistance, the costs can quickly add up. If you provide around-the-clock care for your parents on your own, you\u2019ll need to budget for respite care \u2014 or skilled nursing care, if necessary. If you\u2019re working full-time, you can expect to pay about $21 an hour for a home health aide to care for your loved one, according to a survey from the <a href=\"https:\/\/www.metlife.com\/assets\/cao\/mmi\/publications\/highlights\/mmi-market-survey-long-term-care-costs-highlights.pdf\" target=\"_blank\" rel=\"noopener\">MetLife Mature Market Institute<\/a>. This can add up to $21,840 or more each year.<\/p>\n<h3>Estimating Living Expenses<\/h3>\n<p>An often overlooked aspect of caring for an aging parent is the increase in daily living expenses. It\u2019s important to budget for extra groceries, soap, toothpaste, household cleaning supplies, and increased utility bills when you\u2019re planning to move a loved one into your home.<\/p>\n<h3>Seeking Professional Advice<\/h3>\n<p><b><\/b> There are a number of reasons you may want to consult a financial planner before moving your aging parents into your home. For example, if your loved one doesn\u2019t sign a rental agreement with you and isn\u2019t charged fair market rent, he may lose eligibility for some government benefits. This is because Medicaid and Social Security consider free housing part of an income category called \u201c<a href=\"https:\/\/www.ssa.gov\/ssi\/text-living-ussi.htm\" target=\"_blank\" rel=\"noopener\">in-kind support and maintenance<\/a>.\u201d<\/p>\n<p>There also may be tax breaks that make it beneficial to claim your parents as dependents. This requires paying for more than 50 percent of their food, housing, and medical costs. Seeking advice from a financial adviser who can look at your specific situation is the most effective way to determine which of these options is best for your family.<\/p>\n<p>Caring for an aging parent costs much more than many people expect. While it can be a difficult financial decision to make, moving your loved one into your home is often the best choice. After all, it\u2019s much easier to care for a loved one when she\u2019s across the hall than across the country. Being prepared for the costs of caring for aging parents in your home can help you make this transition more easily.<\/p>\n<p><b>Related Blog Posts:<\/b><\/p>\n<p><a href=\"https:\/\/www.lifeline.com\/blog\/how-to-avoid-caregiver-role-strain-when-caring-for-a-loved-one\/\"><i>If you enjoyed this article, you may also like our blog post on avoiding caregiver role strain.<\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moving your aging loved ones into your home can cost much more than you would expect. More than half of the 34 million Americans caring for aging parents must do without items or services they need in order to handle the financial responsibilities of that care, according to AgingCare.com. In some cases, even grandchildren must<a class=\"read-more\" href=\"https:\/\/www.lifeline.com\/blog\/calculating-the-costs-of-caring-for-aging-parents-in-your-home\/\"> Read more >><\/a><\/p>\n","protected":false},"author":3,"featured_media":20018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[27],"tags":[],"class_list":["post-10018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smart-spending"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Calculating the Costs of Caring for Aging Parents in Your Home<\/title>\n<meta name=\"description\" content=\"It\u2019s important to consider and plan for all the costs that may be associated with a move before you decide what\u2019s right for your 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