Monthly senior living costs can look different from a typical mortgage or your own current expenses. And since situations vary, costs vary. Most senior living communities have a base rate which is dependent upon the unit size. While there are different living costs associated with senior living communities, there are also some cost savings.
Expenses and Savings
Rent at most senior living communities usually includes three meals, activities, some programming and utility bills. Care, medication and supplies related to care, like incontinence products, are your responsibility. Service charges for assistance and administering of medications may be extra even though actual medications may be paid for by you or your insurance carrier. Sometimes a specific suite within the community may incur a premium price and most properties have a community fee that is non-refundable.
But there are also cost savings. Things like lawn and snow care, major home repairs, and grocery costs are eliminated from your budget, as are costs for utilities and property taxes. Many special events and entertainment expenses are also included. And there’s the comfort of trained professionals on-site providing care and support around the clock, a feature that’s sometimes priceless.
What current methods do you have at your disposal for paying for senior care? Some assisted living facilities may offer methods of payment you may qualify for. Someone in your family may be eligible for the Veterans Affairs Aid & Attendance Benefit. You may also have a long-term care insurance policy that may cover some costs. Be sure to explore other elements of paying for care that you may have at your disposal.
If you are not familiar with the cost structure of senior housing, whether it is independent or assisted living, it can be surprising. Be mindful of all that’s included in that cost and remember to consider eliminating any expenses when making the financial choices to choose the right senior living.