Aging in place

Other discussions not related to the Permanent Portfolio

Moderator: Global Moderator

Post Reply
User avatar
vnatale
Executive Member
Executive Member
Posts: 9423
Joined: Fri Apr 12, 2019 8:56 pm
Location: Massachusetts
Contact:

Aging in place

Post by vnatale » Fri Sep 18, 2020 1:26 pm

We do have, in some ways, an advanced age group here.

HAVE any of you done modifications to your home as you "age in place"? And, if you have done so, have you properly insured for these modifications?

Vinny

Protecting Assets When Clients Age in Place

https://www.thinkadvisor.com/2019/05/28 ... -in-place/



Consider what happened to a couple we’ll call Paul and Lisa, who are 75 years old and live in their long-time family home in Newton, Mass., close to children and grandchildren. Linda started having trouble navigating the stairs in their 1920s colonial and began using a walker, but felt she would soon require a wheelchair. To accommodate future needs, the couple installed an elevator, converted a tub into a shower with a wide entry and no sill in the master bath, removed door thresholds throughout the house, changed the kitchen layout to make it more accessible, and renovated their guest room in case they eventually need a live-in caregiver. Renovations totaled $400,000.

Not long after the renovations were completed, a fire broke out in the attic, which led to their home being completely destroyed. Unfortunately, Lisa and Paul had not informed their insurance company of the extensive changes that had been made and, as a result, the home was not insured up to its current or replacement value. The amount paid out by their insurance company, therefore, was significantly less than the cost of rebuilding the home.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
User avatar
Hal
Executive Member
Executive Member
Posts: 1349
Joined: Tue May 03, 2011 1:50 am

Re: Aging in place

Post by Hal » Fri Sep 18, 2020 6:32 pm

My mother in her mid 80's moved in with me a little while back.

The most important change made was to the flooring. Everything is totally flat and nothing to trip on. Put in a wide shower as well.
One other point is that she is "very" sensitive to the temperature. You will need ducted heating/cooling probably....

Check out the cost of a retirement home in rural Victoria. This one is near her home town.
https://www.slrv.com.au/index.php/room-cost
Aussie GoldSmithPP - 25% PMGOLD, 75% VDCO
Post Reply