The extreme cost of long-term care for your parents has you and your family thinking. Maybe moving them into an assisted living facility is not the best idea. Other options exist, and you are seriously considering having them move into your home.
But, if you choose this route, understand that certain changes will take place inside the family home. You and your family must accept that this new and permanent living arrangement may disrupt certain aspects of your home life.
Discuss, plan and provide care
Before taking this step, you need a plan that includes some important matters to consider. Here are some key points:
- Time for that financial talk: You and your parents need to understand each other’s financial resources. There will be significant costs related to your parents moving into your home. Review your finances and consider advice from a financial adviser.
- An independent living area for them: Privacy and space are important for your parents as well as your family. That office space in your home could be converted into a bedroom. With the addition of an egress window, your basement may become an apartment-like living area. If financially possible, you could consider building a home addition.
- Make your home accessible: Your parents may have limited mobility. In such cases, you may have to redesign specific areas in your home. Construction of an outside wheelchair ramp may be necessary. In other scenarios, you may need to install a hospital bed or stair lift. The installation of handrails in the bathroom and along the stairs may help, too.
- Create a caregiver agreement: This represents a contract between you as caregiver and your parents living with you. The agreement establishes the costs for the care you provide. Without such an agreement, you and your parents may experience financial setbacks. For example, you may find it difficult to qualify for tax deductions, and your parents may see the shrinking of their Social Security benefits.
- Renting or selling your parents’ home: Renting or selling the home may help you recover certain costs related to your parents moving in with you.
Change remains a fundamental part of life. With your parents moving into your home, expect and prepare for that change.
Understand the challenges
With careful planning, understanding and compassion, the transition of having your parent move into your home should work. Know that there will be challenges – personal and financial. However, this option allows you to remain closer to your parents who raised you into a generous and loving adult.