The economics of aging-in-place home modifications are compelling, especially in comparison to the cost and trauma of a single fall for an older adult. Aging in place not only offers seniors an improved quality of life, it is fiscally sound as well, saving Americans billions in avoided costs. Empowering individuals to live at home rather than in institutional settings will yield a significant cost savings to Medicaid—and to taxpayers.
It is not just our fiscal responsibility, but our moral responsibility to ensure every American, no matter their age or ability, has the opportunity to live out their later years however they wish—and with the support and dignity they deserve.
Simple home modifications can provide the stability needed to age confidently at home.
Today, many active seniors find it is far more cost-efficient to make home improvements to accommodate the effects of aging rather than seek out a facility that meets all their unique needs.
According to NAHB, moving to a typical assisted living facility can cost upwards of $60,000 per year each year while the cost to widen a bathroom door, put in safety bars and a roll-in shower should typically cost closer to the vicinity of $8,000 — which is a one-time expense instead of a yearly drain on a homeowner’s finances.
Aging-in-place remodeling projects that saw the largest increases over the past five years were additional lighting (also known as “task lighting”), showers without curbs, bathtub grab bars, non-slip floors and widened doorways. The most popular exterior improvements include ramps or “zero step” entrances, package shelves near front doors, handrails installed at existing steps and porch or front door sidelights.