New Zealand study reveals that home renovations can save health care costs

As people age in place, their previously liveable homes can reveal themselves to hazardous to their health.

Such is the case according to a recent New Zealand study that recommended that homes be renovated to make them safer for elderly occupants. The argument is that the cost of such renovations pales against the cost of hospitalization for falls and related injuries.

Their research revealed that hospitalization costs were more than double the cost of renovations.

What was even more intriguing is that the study incorporated the entire population, not just senior citizens. But of course injuries are a far greater threat to seniors than more able-bodied men and women.

The broadness of the study limits a closer look at the impact on seniors alone but the broader reading provides enough of a rationale for such a program.

Of course this is taking place half a world away and as far as I can tell nothing like this is being considered on a large scale here in the U.S.

But that is not to say there aren’t lessons we can take from this. If the costs of elder care seem to dwarf your savings, renovating your home to make it safer is a viable option as a hedge against household accidents.

Whether or not you do so, a better strategy is to ensure that your estate planning is in order to prepare for such a scenario, complete with powers of attorney for care concerns.

Please get in touch to talk with us about making certain your retirement planning is in order.