3 Aging in Place | Costs vs. Ongoing Medical Care

Health care is expensive, and that transcends over to senior living. For many Baby Boomers, senior living has almost been priced out of their reach. One couple in Washington state lives in a nice community, but it costs $15,000 a month, and those funds go fast. Aging-in-Place specialist Paul Kocharhook, President of Pathway Design + Construction, joins Suzanne Newman on the Answers for Elders podcast to consider the general costs of senior care like assisted living or senior living vs. remodeling to help make our homes safer.Paul says, "I can help, go in, analyze a home, and maybe somebody has a disability right now and they're having trouble, say, moving up and down the stairs, and they only have one handrail. Well, okay, so let's add a second handrail. That can be a matter of a few thousand dollars — adding something to make it safer, so that you don't fall stairs, which then leads you to have to go into a care facility. I mean, you can spend $2,000 on something, or you can spend $10,000 on an ambulance ride. It doesn't add up to not try to age in place in your home. The longer you can continue to live in your home, and make it safe for yourself, the less financial burden you're going to face."We're talking about projects, and trying to make home safer, and maybe we're remodeling bathrooms. And those numbers are pretty shocking where you're going to get a $50- to $100,000 [quote for that]. But you can spend it rather quickly if you're if you're in a facility. And it's a one-time cost. Remodeling your home should be a one-time cost. Whereas the other one's a financial burden."What's an average cost for updating a bathroom? Paul says, "Usually it's a shower modification. They're going to be in the $30,000 range and go up from there... I love doing those because it's not as invasive of a remodel. I'm talking just a tub swap. I minimizes the trip hazard... or a shower with a curb that you have to step up and over. You're minimizing that trip hazard. It's amazing like how many clients I've had over the years that potentially one day wake up, and they've had a stroke or something, and they lose function of their left foot right there. So not having to step up and over is very helpful. It's just all these things that we have no control over sometimes."Pathway Design + Construction is a residential remodeling company that serves the Greater Seattle Puget Sound region in the state of Washington. With a specialty towards aging in place, Pathway tries to help you continue to evolve and live in your home long into the future.Visit PathwayDC.com or call 206-937-4809 for more information. If you're in the Seattle area, mention Answers for Elders to get a free consultation. Paul will come out, check out your home, make sure that it is safe, and talk about different potential projects, whether for now or in the future.Pathway on YouTube | National Homebuilders Association websiteVisit Answers for EldersMentioned in this episode:Chateau RetirementChateau RetirementWalk to End Alzheimer'sLearn more about the Walk to End Alzheimer's at https://www.alz.org/walk.