Retirement Home
A nursing home can provide full-time medical and nursing care, meals, and a social environment for the aged or ill person unable to fully care for him or herself. That’s the good news; the bad news is that nursing homes can be expensive, can rob a person of individual freedoms, and can, for some, offer an environment unacceptably different from how they have gotten by all of their lives.
Actually, let’s back up for a moment and consider whether a nursing home is necessary. Here are some of the options available to older persons and those with health problems:
Actually, let’s back up for a moment and consider whether a nursing home is necessary. Here are some of the options available to older persons and those with health problems:
Obtain specialized services in your own Home.
It may be possible to stay in your own home (or move to a smaller condominium) and contact for in-home health services or live-in nursing assistance.
An option for many seniors is a shared home, either organized among friends and acquaintances or put together with the assistance of a house-sharing matchmaker service.
From luxury condominiums on sun-drenched Arizona or Florida golf courses to retirement communities in big cities with their own shopping centers, medical facilities, and entertainment, retirement communities can offer an attractive alternative.
Move to a retirement center.
Some complexes may offer an opportunity to mix a private apartment with shared services including a communal dining hall or meals delivered to apartments, basic medical services, and a social center.
Choose an assisted living center.
This type of retirement center includes a higher level of support, including assistance with grooming and dressing housekeeping, laundry and all meals.
Enter a Specialized care unit.
Retirees dealing with a specific disease or condition, such as Alzheimer’s disease or cancer; may want to move to an environment where knowledgeable specialist can assist them.
Move to a nursing home.
For some a nursing home with full-time nursing and medical facilities is the only available options short of hospitalization.
It may be possible to stay in your own home (or move to a smaller condominium) and contact for in-home health services or live-in nursing assistance.
- Advantages. The most obvious advantage is the comfort and security of home. Many health services can be performed in the home, and most insurance plans will pay some or all of the cost. In addition, the older resident can hire assistance for house cleaning and cooking. In addition, the value of the property and the estate can continue to appreciate, and the homeowner can also take advantage of home-equity loans and reverse mortgage to pay expenses in retirement.
- Disadvantages. Some health-care options may be more expensive when delivered to the home; be sure to check with your insurance carrier to determine the level of coverage offered. The retiree will still be responsible for home maintenance, taxes, and other living expenses.
An option for many seniors is a shared home, either organized among friends and acquaintances or put together with the assistance of a house-sharing matchmaker service.
- Advantages. Living expenses should be significantly less than those of a single-family home, and the residents share in one another’s company.
- Disadvantages. Depending on the housing arrangement, there may not be medical or nursing services available. The retiree may have to pay taxes on profits from the sale of his or her own hone and may lose home-equity and reverse-mortgage opportunities.
From luxury condominiums on sun-drenched Arizona or Florida golf courses to retirement communities in big cities with their own shopping centers, medical facilities, and entertainment, retirement communities can offer an attractive alternative.
- Advantages. Home maintenance and some medical and house-keeping services may be available within the community. The community may provide its own security services.
- Disadvantages. Purchase of a new home may be more costly the proceeds of the sale of a previous home. Some retirees may miss the mix of residents found in an unplanned community.
Move to a retirement center.
Some complexes may offer an opportunity to mix a private apartment with shared services including a communal dining hall or meals delivered to apartments, basic medical services, and a social center.
- Advantages. For some, the best of both worlds-their own home without the hassles of cooking housekeeping, and maintenance.
- Disadvantages. The retiree may have to pay taxes on profits from the sale of his or her own home and my and may lose home-equity and reverse-mortgage opportunities. There is also the possibility of rent and maintenance-charge increase; be sure to investigate the financial stability of the center and consult an attorney if there are any elements of the lease that are unclear.
Choose an assisted living center.
This type of retirement center includes a higher level of support, including assistance with grooming and dressing housekeeping, laundry and all meals.
- Advantages and disadvantages. Similar to those of a retirement center.
Enter a Specialized care unit.
Retirees dealing with a specific disease or condition, such as Alzheimer’s disease or cancer; may want to move to an environment where knowledgeable specialist can assist them.
- Advantages. The housing is specifically designed to accommodate the needs of residents, and caregivers are trained to offer appropriate assistance.
- Disadvantages. The arrangement may be attractive to a spouse or roommate, and in some cases they are not allowed to stay at the center at all. Other disadvantages include taxes and loss of home-equity opportunities related to the sale of a former home. Be sure to investigate the medical facilities as well as the financial under-pinning of the center.
Move to a nursing home.
For some a nursing home with full-time nursing and medical facilities is the only available options short of hospitalization.
- Advantages and disadvantages. Similar to those of a specialized care unit, although patients with certain ailments may find cost and quality of life differences at one or the other option.
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