One of the main reasons people do not make home modifications for aging in place is the financial aspect.
Planning for retirement, life insurance, knowing what Medicare covers or doesn’t cover are all important but confusing subjects to navigate. Retireguide.com is a free resource for researching and answering your questions. Their guide about Medicare is especially helpful.
Home accessibility modifications that keep you or your loved one in their residence as long as possible are cost effective techniques for maximizing your retirement wealth management.
Consider the costs of in-home care, assisted living, and nursing homes. Northern VA and the Washington DC metro area are typically more expensive than other areas of the country. These are average monthly costs for the Washington, DC Area based on Genworth. Costs are expected to rise around 3% per year.
|Average Monthly Cost||2019|
|Homemaker Health Aide (44hr/week)||$4,767|
|Adult Day Health Care||$1,961|
|Assisted Living Facility||$5,100|
|Nursing Home Care Semi-Private Room||$11,467|
|Nursing Home Care Private Room||$12,440|
In-Home Care: In home care typically consists of a caregiver aide who assists with activities of daily living, light housekeeping, meal preparation, or companion services. These services can be flexible. Some people have them 4 hours a day to assist with getting someone ready in the morning, others pay for a companion 12 hours/day.
Assisted Living: Assisted living is a step in between being at home with care and being in a skilled nursing home. Assisted living facilities frequently offer memory care units, which may be requires when someone has advanced dementia. Caregivers are able to assist with activities of daily living, medication management, and residents are typically provided 3 meals daily. There may be a doctor and nurse on call, but people in assisted living do not usually require the amount of medical assistance someone in a nursing home needs.
Nursing Homes: Nursing homes are typically for people who need a high level of care for their activities of daily living (feeding, bathing, toileting, dressing, grooming, transferring, walking), wound care, medication administration, 24/7 nursing support, and/or therapy. Due to the extensive amount of 24/7 medical assistance that is available, the costs for nursing facilities are the highest. If someone is low income, medicaid can help provide coverage for the costs of a nursing home.
Resources in Virginia:
Medicare Medicare and other insurances do not pay for home modifications (ramps, widening doorways, etc.), but based on medical necessity you may qualify for a home safety evaluation and treatment sessions by an occupational therapist. Holmes Adaptations LLC is an approved Medicare Part B provider. Contact us if you are interested in learning if you qualify for Medicare Part B services in your home. Medicare part B covers 80% of approved services. If you have a secondary insurance they may cover up to 20% of the co-pay. Medicare Advantage plans are not the same as Medicare and costs may differ. We also offer private pay services if insurance will not cover what you need.
Home Modification Resources in Fairfax County https://www.fairfaxcounty.gov/familyservices/disabilities/home-modifications-resources
Liveable Homes Tax Credit (LHTC) “The Virginia Livable Home Tax Credit (LHTC) program is designed to improve accessibility and universal visitability in Virginia’s residential units by providing state tax credits for the purchase of new units or the retrofitting of existing housing units. Tax credits are available for up to $5,000 for the purchase/construction of a new accessible residence and up to 50 percent for the cost of retrofitting existing units, not to exceed $5,000.” Visit the website for more information and how to apply: https://www.dhcd.virginia.gov/lhtc
Assistive Technology Loan Fund Authority For Virginia residents with disabilities to help obtain assistive technology. There is also a specific home modification loan. “Home modifications financed by ATLFA can be any specialized equipment that is directly related to the individual’s disability. No financing will be provided for major home modifications, additions or renovations. The financing is for “assistive technology” only, and not any construction costs related to the equipment to be installed.” Visit the website for more information and how to apply: https://www.atlfa.org/what-we-do/home-modification-loans/