With the current waiting lists for Long Term Care and the increase in costs of living in Retirement Communities we are looking for other housing options.
The goal is to provide options that are cost effective and provide choices for Seniors.
Now a days there are definitely more Senior living options than in the past. Many depend on what you are willing and able to pay for.
Home Care
•There are many home care providers that can provide assistance for clients in their homes, retirement homes, long term care and in hospital
•Their services include: personal care, meal preparation, homemaking, companionship and safety supervision, up to and including end of life care
•Costs vary slightly but range from $28.00 to $32.00 hourly depending on the level of care and distance required to travel.
•Retirement Homes
•There are a number of retirement residences available for residents that are still independent and provide self-care
•Meals and housekeeping are provided
•If a resident becomes ill or declines in abilities, they may be asked to move unless they purchase additional support services
•Costs can range from $2500.00 to $6000.00 monthly or more.
•Nursing Home
•There are approximately 650 Nursing Homes in Ontario
•Wait Lists in most communities are around 450 persons, many of whom are in ALC beds in hospitals
•There is a tremendous shortage of LTC beds due the increase in the Senior population
•Once a client is deemed an ALC client, the client is charged $2600.00 monthly for the bed
•Part of the emergency room backup crisis is a result of bed shortages related to ALC bed usage.
•Co-op Housing
•Individuals purchase a share of the building
•Provides ownership
•Shared expenses, shared care, shared household duties•Shared decision making regarding new owners, maintenance decisions,purchases
•Property becomes part of the estate
•Example: SolterraCo-housing
•Shared Housing
•A home owner rents part of their home
•To off set income
•Help with home maintenance
•Provides socialization and prevents Isolation and Loneliness.
The Eden Project, The Green House Project
•A new concept of care homes where people live in a home-like setting of 8-10 persons
•There is a large common shared kitchen DR area, with family room.
•These homes are situated in neighbourhoodsrather Senior Communities, or institutions
•When asked where people want to live as they age, they say they want to remain in their homes
•This alternative gives a feeling of home.
•Other Alternatives
•Reverse Mortgages- those that need cash can use the equity in their home to enjoy retirement. You receive up to 50% of the equity in your home. There are interest charges which you do not pay until your home is sold.
•Sell your home, rent it back, use the cash to invest and use funds to care for yourself or your spouse. Maintenance is looked after by the new owner, with a flexible lease in the event of an illness or death
Yvonne Griggs
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