With a Care Suite, gain support and independence while avoiding the high cost of senior communities or assisted living. Stay in the comfort of your own home while you increase the value of your property and secure your financial future.
Note: These figures are approximate and based on averages. Sample scenarios do not account for increases in cost of care. See the AARP Long-term Care Calculator
Sources: AARP.com, Genworth Cost of Care Survey, April 2012; http://www.aplaceformom.com/senior-care-resources/articles/senior-housing-options
GROW YOUR HOME’S VALUE
Demand for multigenerational homes is growing in the United States and adding a Care Suite to your home can put you ahead of this sales trend down the road. As of 2012, 18% of Americans lived in homes with more than one adult generation, up from 12% in 1980. Home builders are now offering multigenerational models at a higher cost than standard single-family homes. According to a national survey of home shoppers, 44% said they would like to accommodate their elderly parents in their next home, and 42% said they plan to accommodate their adult children. Read more: http://www.cnbc.com/2016/02/08/under-one-roof-multigenerational-housing-big-for-builders.html
Although the Care Suite concept is very new, extensive research has explored the value of adding a standard master suite (without a kitchen and the universal design features of a Care Suite). Such a project typically increases a home’s value by about 62% of the project cost in the mid-Atlantic region. Source: http://www.remodeling.hw.net/cost-vs-value/2015/
The satisfaction homeowners gain from adding a master suite is extremely high, according to the National Association of the Remodeling Industry. Their 2015 survey report gives the master suite project a “Joy Score” of 9.7 out of 10. (Score is based on the percentage of survey respondents who were happy or satisfied with their completed project.)
FEDERAL TAX SAVINGS
A Care Suite allows a resident to more easily receive health and personal care at home, and the cost of such care may be tax deductible. The IRS allows deduction of the cost of home care services when prescribed by a licensed health care practitioner. This deduction further reduces the comparative cost of a Care Suite vs. assisted living or nursing care.
This information is not intended as tax advice; please consult your tax professional.