“For most seniors, there’s no place like home”

“For most seniors, there’s no place like home,” by Kathleen Steele Galvin, McKnight’s Senior Living

Quote:

“An overwhelming number of seniors want to stay in their own homes rather than move to an assisted living community, according to recent data from the American Advisors Group. A survey of 1,552 participants ages 60 to 75 from all regions of the United States, 92% of the respondents said they would prefer to live their later years in their current home instead of moving to an assisted living community. Eighty percent said they want to live in their own home for the rest of their lives.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Nine out of 10 seniors want to age in place? No surprise there. But there is irony. A significant proportion of the same seniors, maybe one in four, will need catastrophically expensive institutional long-term care. Medicaid pays for that now, but not forever. When Medicaid is no longer a safety net for middle class and affluent seniors, guess where they’ll have to turn to fund their assisted living and nursing home care—their home equity. Why home equity? For the same reason Willie Sutton robbed banks—that’s where the money is.