Aging in place remains a major priority for many who take out a reverse mortgage. By using the proceeds many can stay in their home. Proposed changes to the Medicare Advantage program are now also helping more to fund home remodeling to make their homes more accessible to stay in their homes.
Medicare Advantage plans have begun to pay for some non-medical services, including home modification and transportation. Many of these services are expensive. The current Medicare Advantage rules do not allow for a significant investment in non-medical care but are becoming more amenable to non-medical services. In 2018 one in three Medicare recipients were enrolled in private Medicare Advantage programs.
There is documented evidence that home modifications, can assist in reducing injuries related to falls and therefore lower the costs associated with treating these injuries. Putting ramps for getting in and out of the house, impact sociability and ease visits to the doctor. If a family caregiver is not able to help, problems are going to arise that will be more costly and that may have been prevented.
One of the reasons that this problem continues to grow is because the United States has not been creating resources for seniors at a pace quick enough to accommodate the aging population. Without the creation of more dedicated facilities with well-managed costs, aging in place may potentially serve to mitigate this issue. The high cost of nursing homes has made them a solution of last resort. Assisted living is also expensive. For most, the best option is to try and stay where they are for as long as they are able.
Many are likely to have increasing difficulty associated with financing retirement. A Reverse Mortgage program allows seniors to age in place while also helping make retirement safer and more affordable, alleviating most if not all of the burden of health care costs normally associated with aging.