Housing choices for aging parents involve more than a move. The best plan balances safety, independence, and long‑term affordability while respecting family dynamics and personal preferences. Below are key considerations families often work through with our team.
Start with goals, care needs, and safety
Begin with a practical conversation about daily routines, mobility, chronic conditions, medications, and the level of support that will be needed over the next 12 to 36 months. If the goal is to remain at home as long as possible, an aging‑in‑place plan may include home modifications such as grab bars, curbless showers, improved lighting, and zero‑step entries.
Even simple changes like non‑slip floors, clearer pathways, and moving a primary bedroom to the main level can reduce fall risk. For homes with stairs, dual handrails and better lighting are small investments that can improve safety.
Respite care protects caregivers and care recipients
Caregiving can be intense. Respite care provides short‑term relief at home, in adult day programs, or in licensed facilities, ranging from a few hours to several weeks. Building respite into the plan helps primary caregivers maintain their health and prevents burnout.
Know the current cost landscape
Median national costs have risen in recent years. According to the 2024 Genworth Cost of Care data, the national median annual costs are:
- Assisted living community: $70,800 (10% increase)
- Nursing home, semi‑private room: $111,325 (7% increase)
- Nursing home, private room: $127,750 (9% increase)
These figures are helpful benchmarks, though actual costs vary by state, provider, and level of care. Families should request detailed quotes that reflect the expected care plan, including memory care if appropriate.
Build the financial plan to match the care plan
Map out available resources and likely expenses. Include savings and investments, pensions and Social Security, home equity, long‑term care insurance benefits, and public programs. Consider future needs, as well as current care requirements.
Practical next steps
- Conduct a home safety review and identify priority modifications.
- Price both in‑home services and community options near family members who can help.
- Develop a caregiver plan, including backup and respite coverage. Document who does what, when, and how to reach alternates.
- Organize legal documents and contacts, including health care directives, HIPAA authorizations, and a clear list of medications and providers.
- Revisit the plan every 6 to 12 months or after a health change, since needs and costs may shift quickly.
Thoughtful planning can help to ensure your parents’ housing supports dignity, safety, and financial stability.
Contact Us
If your family is evaluating housing options for aging parents, we welcome you to schedule a meeting.
Contact Fiona Morina, Administrative Assistant for Jane M. LaLonde, CFP®, at 612.431.7509 or Fiona@LWAG.com.
Office: 2701 University Ave SE, Minneapolis, MN 55414.