As your parents start to get older, you might have wondered what their plan is if they can no longer take care of themselves in their own home. While you might think of an assisted living facility as an option, having parents move in with their children and their families is also a common situation. However, taking this on isn’t something that should be done lightly or without forethought.
To help you know if this is something you’d be able to do for your parents, here are three financial implications to consider before having your elderly parents move in with you.
Home Improvement Costs
For elderly people that need care in the home, they usually also need some adjustments to be made within the space they’ll be living in order for them to be safe there. So if your home doesn’t already have some of these things, you might need to do some construction projects before your parents could safely move in.
In general, things like installing grab bars in the bathroom or putting ramps over entry way stairs are easy things that can be done in almost any home. But if your parents end up needing to use a walker or wheelchair, you might need to do things like widening hallways, which can be a much bigger cost.
How Your Monthly Costs Will Increase
The more people who are living in your home, the more your monthly costs of living will increase.
While your parents might not seem like they need much, paying for one or two more people to use hot water, eat your food, and have their own personal requirements can add up over the months. So if you’re already living paycheck to paycheck, having another mouth to feed could push you over the edge. Luckily, there are things that you can look into to help offset these monthly costs if you do still want your parents to live with you as they age in place.
The Cost Of Getting Additional Help
When your parents can no longer take care of themselves, there’s a good chance that their health will eventually deteriorate to the point where you can’t safely take care of them on your own either. If this happens, you’ll need to get some additional help to keep them safe and comfortable.
While insurance might cover some of these costs, depending on what aid your aging parents need, there could be a financial burden on you as well.
While having your elderly parents move in with you is a noble idea and could be a great solution, it’s wise to come into this situation with your eyes wide open about the potential financial implications that could come along.