![]() ![]() There may also be financial implications, such as the Child and Dependent Care Credit.Īt first glance, you might think relocating a parent would save your family money by cutting out the cost of a nursing home. Preparing your house for a parent's arrival may require installations, such as a stairlift or a walk-in shower. Intergenerational connection and legacy can have advantages, but it's important to ensure everyone is on board and ready to make sacrifices and take on obligations. Consider your parent's mental and physical health and your own abilities and boundaries before deciding to care for them at home. Key Takeaways:Ĭaregiving for an elderly parent has hidden expenditures and requires careful planning and preparation. This post will advise you on the considerations to make when deciding whether to have an aging parent live with you. The transition will go more smoothly if you and your loved one go in with an open mind and evaluate the financial and emotional expenses ahead of time. It may be less expensive than placing the individual in a nursing home (which costs approximately $9,000 per month on average) or an assisted living facility (which costs approximately $4,500 per year on average), but you may pay a high price in terms of stress and strained relationships.Īdding another person to the home affects the dynamics of the whole family, no matter how tight and loving your relationship is. This arrangement has numerous advantages, but it is not suitable for everyone. ![]() You will not be alone if you decide to transfer an elderly parent or other aging relative into your home.Īccording to Caregiving in the United States 2020, a survey conducted by AARP and the National Alliance for Caregiving, one in five people in the United States care for someone aged 50 or older.
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