I’ve Saved For My Son’s College But I Didn’t Consider My Parent’s Assisted Living!
Somewhere along the way, someone should have warned me about planning for my aging parent’s future. I started out in my 20’s saving for my first house. Then as my kids were born I started saving for their college education. I thought the next thing I was supposed to be planning for was my retirement, right? WRONG! No one ever told me about the exorbitant cost of helping my parents pay for in-home care, assisted living or, even worse, a nursing home. And, unfortunately, they never considered getting long term care insurance.
I’m sure I’m not alone in worrying about this. Most men and women in their 40’s and 50’s are now looking at college tuition on one side and medical bills for mom and dad on the other. Retirement is not even an option any longer. In fact in Pennsylvania, a nursing home sued a man for the costs of his mother’s nursing home care and won a $93K judgement.
For many seniors, aging in place is not an option. Even if they don’t have physical issues, the concern for them managing daily activities or potentially falling is tremendous. A cost effective and emotionally rewarding alternative is a PALS Built Modular Home Addition which can be attached on to an adult child’s home. They are “senior friendly” and provide accessibility features to allows older adults to live safely. Most importantly they can be installed in as few as six weeks.
Below is a chart showing the cost savings of a PALS Built Modular Home Addition compared to an assisted living facility or nursing home in Connecticut.