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- Written by Chris Holbert Chris Holbert
For most Americans, healthcare is the largest expense they have to deal with in retirement, after housing and transportation.
But predicting what turns your health could take as you age is impossible. Who can predict a slip and fall in the shower or another health emergency that has lasting repercussions? Almost a quarter of U.S. adults have no retirement savings, but after age 80, half of seniors suffer falls annually.
Even people who have been saving diligently can run into problems once they retire if they haven’t planned for the expenses of healthcare, adapting their homes for mobility challenges, and other needs that are part of aging.
These are two things that aging adults should keep top of mind when budgeting for retirement that many people might not think about until it’s too late.
Home Adaptations: As you age, your mobility tends to be reduced. Joints become stiff with arthritis, and doing simple things like climbing stairs, holding heavy objects over your head, bending, and reaching for items can become very difficult.
Balance can also diminish with aging. And, injuries or health conditions could lead to needing mobility aids like canes, walkers, and wheelchairs. Aging adults should do an audit of their homes to identify changes that might need to be made as mobility is reduced over the years.
Doorways may need to be widened for wheelchair access, steps in showers might need to be eliminated, and grab bars may need to be installed in showers and around toilets. Flooring may also need to be changed if old, loose rugs pose tripping hazards.
Having a contractor or handyman with experience in renovating homes for seniors provide recommendations and an estimate years before the work really needs to be done can help seniors to budget and set aside savings if future changes are required.
Safety Technology: Smart home devices are no longer just about the convenience of turning the lights on and off without getting up or adjusting the thermostat from a phone app. There are a variety of connected healthcare devices that can make life easier for aging adults while also ensuring their safety.
One example is connected prescription dispensers. A month of prescription pills can be loaded into the machine, and it will dispense them as scheduled and in the right dosage, so seniors, caregivers, and family members know medication is being taken as directed.
There are also smart home senior-monitoring systems that will alert family or caregivers if a health emergency is detected or if environmental factors within the home could be unsafe.
For mobile seniors, there are also mPERS devices. Mobile Personal Emergency Response Systems are like the buttons seniors can wear and press if they fall and need medical assistance but are unable to reach a phone. mPERS devices work inside and away from the home, even when traveling.
All of these examples of safety technology have benefits and can help ensure the safety and securing of aging adults, but only if monthly service fees have been planned for ahead of time.
While it is impossible to know how healthcare needs will change over time, it is better to prepare early and make changes that will accommodate limited mobility.
Being ready for the unknown and planning and preparing for it over time will make any health complications that may occur in the future easier to deal with and less of a stress financially, emotionally, and physically.
Chris Holbert is the CEO of SecuraTrac (www.securatrac.com), leading the company’s vision of developing, marketing, and selling a suite of mobile health and safety solutions that brings families closer together and improves employee safety through state-of-the-art, location-based services and mobile health technology.