Now that you’ve decided to sell and taken a look at the housing options available to you, the next step is to consider all of the factors that might affect your choices.
The first thing to do is to sit down with family and discuss health considerations. What is your current health situation and what might your future needs be? You should have a plan in place for what assistance might be needed and who would take care of these needs as they arise. Some of the things to think about include:
- Medication management
- In-home medical services
- Transportation to appointments
- Managing household duties such as laundry and housekeeping
- Emergency response systems
While many of these things could be handled by friends or family, you may want to consider a senior living community that offers some of these services. Even if you are in good health and aren’t planning to move into a community that offers these types of assistance, you may want to consider where you would go should your needs change and have a plan for those scenarios.
Taking a look at your healthcare coverage is also a good idea. Is Medicare enough? Is a supplement needed or is a Medicare Advantage plan a better fit for your situation? Are you eligible for Medicaid and what will that cover? What about private long-term care insurance? These are all important things to think about as you get older and your needs can change quickly.
Next time we’ll look at some of the financial considerations that come up for seniors when selling a home.
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