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May 15, 2023

Can you afford to age in place?

  • Consider the costs, including home renovations, maintenance and caregiving.

    Most older adults ages 50 to 80 say it's important to stay in their homes for as long as they can, according to the 2022 National Poll on Healthy Aging from the Institute for Healthcare Policy and Innovation at the University of Michigan. But only 1 in 3 said their home “definitely” has the features needed to allow them to age in place.

    Aging in place isn't as simple as just staying home — you must consider the costs, including those for age-related home renovations, home maintenance and caregiving. Some costs may be covered by Medicare if you meet certain requirements, but most will be fully out of pocket.

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