Most seniors would prefer to remain in their current homes as they age. According to AARP, 75 percent of adults 50 or older want to age in place. But although it’s an appealing choice, it comes with certain financial considerations that may not be immediately apparent.

But what are these considerations? From health issues to the type of home you live in, a plan needs to be set that accommodates your lifestyle and your finances.

Planning for Aging in Place

The time to plan is when you’re healthy. In fact, the more you can do before you retire, the more successful you'll be at staying in your home. This not only means financing your care but also future-proofing your home, which comes at a cost.

Updating Home for Aging in Place

Having a home that can accommodate your changing needs is imperative. But too many people wait until a crisis before making changes.

Are you living in a two-story home with the bathroom on the second floor? Depending on your staircase configuration, stair-lift model, and needs, the cost of an installed lift ranges between $2,500 and $25,000, according to Lifeway Mobility.

The alternative is to plan and add a ground-floor addition. This will cost you, on average, $103,300, with most projects ranging between $37,500 and $117,000, according to Home Advisor. Buying a one-story house is another option.

If you’re wheelchair bound, doors must be wide enough to accommodate it. And bathrooms should have walk-in showers with safety bars.

Some of these expenses can be taken as a medical expense deduction on your taxes if you itemize. According to the IRS, specific improvements made to accommodate your disabled condition that don’t increase the value of your home can be included as medical expenses. These expenses must exceed 7.5 percent of your adjusted gross income (AGI) to qualify.

Long-Term Health Care Needs

Most seniors think it won’t happen to them, but the duration and level of long-term care may be on the horizon. It varies from person to person and often changes over time.

According to LongTermCar.gov, an individual turning 65 has roughly a 70 percent chance of needing some version of long-term care services and support in their remaining years.

The good news is that one-third of today’s 65-year-olds may never need long-term care support. However, 20 percent will need it for five years or longer.

Long-term or even short-term care is expensive. And depending on the care you need, these services could blow your retirement savings quickly.

Home Health Care Costs

There are two types of in-home health care providers: homemakers and home health aides.

A homemaker provides non-medical assistance with daily living. These services could be bathing and dressing, housekeeping, meal preparation, and errands.

Home health aides offer medical support and can perform skilled nursing and therapy services under a doctor’s supervision. A doctor’s prescription is required.

According to CareScout, the average hourly wage for a homemaker in the United States is $33. A home health aide will cost you $34. However, this price varies, and your location will determine the cost.

For example, in Los Angeles, a homemaker and home health aide costs approximately $37 hourly. In contrast, in Charleston, West Virginia, homemakers and home health aides cost around $28 per hour. To determine the approximate rate in your location, visit CareScout’s website.

Fund Aging in Place

Once more, proper planning is key to managing these expenses. There are some funding options available that will help protect your nest egg.

Long-Term Care Insurance Supports Home Health Care

Neither regular health insurance nor Medicare covers home health care. You’re pretty much on your own. And the cost of home health care can add up to more than $6,000 per month.

Long-term care insurance (LTC) is an option you can plan for that will help pay these out-of-pocket expenses.

Long-term care insurance will:

• Pay for professional in-home care.


• Help cover some home modifications (depending on the policy).


• Protect your income and retirement assets.

It’s important to purchase LTC when you’re in your 50s so you can take advantage of a lower premium. The longer you wait, the higher the premium will be. Or you could be denied LTC because of your age or health.

According to the American Association for Long-Term Care Insurance, it is possible to purchase LTC at 75, although 79 is generally the cutoff.

The cost of LTC depends on your age and gender. Location can sometimes be a factor, too. For example, according to the American Association for Long-Term Care Insurance, a single male aged 60 with $165,000 level benefits will pay $1,200 a year. A single female aged 60 with the same benefit will pay $1,960 yearly (because women tend to live longer). And a combined policy for a married 60-year-old couple will cost $2,550 combined for the same $165,000 level benefits.

If you start early, the premium will be much lower. For example, a single male aged 55 with $165,000 level benefits pays $900 annually, and the single female will pay $1,500 per year.

Besides in-home care, a long-term care insurance policy covers costs in a facility.

Use Your Home’s Equity

If your home has a lot of equity, you can tap into that through a reverse mortgage. A reverse mortgage is typically for homeowners who are 62 or older. It allows them to convert their home equity into cash. They'll receive payments from the lender instead of making payments to the financial institution.

The loan becomes due, along with accrued interest, when the last borrower moves out of the house, sells the home, or passes away.

According to the Federal Trade Commission Consumer Advice, typically, the money from a reverse mortgage is tax-free and won’t affect your Social Security or Medicare benefits.

Aging in Place a Viable Choice

It’s essential that you look to the future and consider how you will finance home health care if you become ill or need help. Home modifications should also be in the plan.

If you are considering a reverse mortgage, ensure you understand the facts. Talk to an insurance agent about LTC and evaluate if it’s right for you.

The Epoch Times copyright © 2025. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.