The majority of people over the age of 60 would choose assisted living, downsizing or paying for care at home instead of moving to a care home.
According to a survey by insurer Canada Life, a fifth (19%) of those in this age group would choose assisted living over moving into a care home, enabling them to live independently, while also offering round-the-clock care if necessary. This option is the most popular as residents are part of a community at the same stage of life as them, and it can provide valuable peace of mind that help is available if there’s a problem.
The same proportion would choose downsizing over moving to a care home, followed by paying for one-to-one care at home, the survey of 2,000 people found.
Of those planning to receive care at home, 69% said they would need to make changes to their property to make this possible. A small number (5%) said they would move in with their child, but that they would also need to make alterations, such as building a granny annex or an extension where they could live.
The modifications to their home that are considered most essential to those over the age of 60 are re-doing the bathroom, installing stair lifts, ramps and railings. Among those who know which home improvements they’d need to make, a quarter (25%) say this should cost £5,000 or less, while just over a quarter say they don’t know how much this would cost. Read more about how to make changes to your property in our article Should I move or improve?
Alice Watson, head of marketing, insurance, Canada Life, said: “People’s attitudes towards later life care have shifted significantly, with the pandemic forcing people to reflect on what’s important to them, where they want to be and who they want to spend their time with.
“As such, it’s not surprising that over-60s are looking at alternatives to care homes and re-evaluating how they want to live their later years. As the population ages and the need for later life care increases, engagement will be crucial.
“To enable people to achieve what’s important to them, we must get people to think about their wants and needs in the different stages of retirement and kick start these conversations, no matter how daunting they might be.”
What are your care options?
Whether you’re looking at which option is best for yourself or a loved one, deciding on which is most suitable, and how you’ll fund it, can be a really difficult decision.
Many people want to stay in their home for as long as possible, and the pandemic has also heavily impacted the residential care industry, making alternative options such as downsizing to fund care, or modifying your home even more attractive than before.
Care in your own home can have major benefits, as well as being a cost-effective option for many people with particular needs. It can encompass a wide range of options, too, such as assisted living, or paying for several daily visits or live-in, 24-hour care.
If you’re considering your options you can read more in our articles Five Questions to ask if you’re considering downsizing, Home care: the pros and cons and 7 benefits of living in a retirement community.
The most important thing is to find the right type of care for an individual’s situation, whether that’s your own or for a family member. For more guidance, you might want to visit the care section of our website.