Retirees seek to hedge on health care costs by remodeling homes

11/30/2012 | Bloomberg Businessweek

Some seniors who want to avoid the average $3,200 monthly cost of an assisted-living facility are investing money now to make their homes more accommodating. Changes include installing grab bars in bathrooms, adding nonslip floors, and making electrical outlets and light switches more wheelchair accessible. "We avoided nursing homes for our parents, and we want it to be the same for our kids," said Richard Hayman, who is spending $110,000 to transform his Maryland home.

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