Many people are curious about the cost of staying in a senior living community but often hesitate to ask questions about it due to social etiquette or discomfort. Although talking about money can be difficult, it is a necessary conversation to have when planning for senior living expenses. In this article, we breakdown some of the most frequently asked questions about the cost of senior living.
What is Typically Covered by Monthly Fees?
Senior residential communities, which include assisted living, memory care and independent living options, have structured pricing that covers accommodation and care. Accommodation costs usually include housing, meals, housekeeping and laundry services and access to amenities such as fitness centers and social activities.
Care services make up the other half of the pricing structure in these residential communities. These communities typically offer robust care services, including a trained caregiving team, transportation to appointments and assistance with daily activities.
What Influences the Costs of Community Fees?
This all depends on the quality of accommodation and care that is provided in the community. Amenities like food, events and landscaping affect the cost of senior living. The more specialized amount of care you need will also raise prices. Costs are also impacted by the size of your apartment, and our community’s suites range from 301 to 353 square feet. Geography is another significant factor since land, real estate taxes, construction costs and labor vary across regions.
Is it Cost-Effective to Move into a Senior Living Community?
If seniors choose to live at home, they typically pay separately for food, utilities, home maintenance, entertainment and healthcare. However, when you move to a senior living community, most of these expenses will be covered by the monthly base fee. In many cases, the total cost of assisted living can be significantly less than in-home care costs. The average cost of hiring a home health aide is $27 per hour in Maryland which works out to about $5000 per month, and this does not cover dining or recreation activities.
How do People Typically Afford Senior Living Communities?
Families typically use personal savings, Veterans benefits, pensions, Social Security payments and long-term care insurance to pay for assisted living. Life insurance benefits and conversions, reverse mortgages, home equity lines of credit, annuities and bridge loans are lesser-known options that can be discussed with a financial adviser. Since payment options vary among assisted living communities, it is recommended to reach out to the community to learn about their specific payment options. It is also important to do lifecare planning exercises with your loved ones to work out these financial details.
Overall, we recommend scheduling a tour to visit the community you are interested in to better understand its services and amenities. During the tour, ask questions and speak with residents about their experiences to assess whether it is worth the cost. This will help you make a more informed decision.
