According to the U.S. Census Bureau, Americans aged 65 and older are projected to increase from 48 million in 2017 to 83 million in 2060. This translates into more than a doubling of the elderly population within a 30-year time span! With more people living longer and enjoying better health, why not consider a senior-friendly independent living community? Let’s take a look at what it costs and what it offers:
The Cost Of Elderly Living
The cost of living in a senior-friendly independent living community can vary widely, depending on the amenities provided and the facility’s location. The average cost of an independent living community is $3,000 per month for a studio apartment and $4,500 for one bedroom. A higher monthly rent typically means better access to high-end amenities like pools, spas, and fitness centers and more personalized service from staff members. This estimate includes all expenses related to moving into your new home, including travel costs and moving fees. Still, it does not include long-term care services covered by Medicaid (available only if you meet specific qualifications).
What Is Included?
The great thing about most senior-friendly independent living communities is that they are self-contained. They offer their residents all the basic needs of life: food, housing, transportation, and health care. Most also include social activities and personal services such as laundry and housekeeping in the monthly fee. It’s important to understand what each community offers to make an informed decision on which one is right for your loved one.
What About The Extras?
Extras are certain items you must pay for, even if they are not included in the base price of your living space. These extras may include utilities, maintenance fees, and any additional meals or snacks (some communities do not charge extra for these things). For example:
- Activities and entertainment
- Housekeeping or housekeeping services, which may include laundry and cleaning services
- Meal plans, including meals and snacks for those who don’t want to cook
- Transportation to go out on errands or for medical appointments (some locations provide this for free)
- Maintenance – The upkeep of an older building can get expensive very quickly if repairs aren’t done correctly by qualified contractors who know how best to keep buildings like these structurally sound over time without breaking bank accounts along with them!
Weigh The Value
If you’re considering living in a senior living community, it’s essential to understand the cost and value of your decision. It can be tempting to focus on the value of these communities and forget about the cost—but if you don’t weigh both sides, you might make a decision that isn’t right for your situation.
- Determine what is most important to you. What do you need from this experience? Do you want more social interaction with other people? Does your family live far away, making it difficult for them to visit frequently? Are there specific health issues that require help from professionals who are on-site? These are all questions worth asking before starting the process of finding an elder care community.
- Know how much it will cost overall. Care costs can vary widely depending on where in the country (or world) they are located, whether they include amenities like transportation or housekeeping services, and whether they offer special programs explicitly tailored towards seniors’ needs, such as Alzheimer’s support groups.
- Be aware that many service providers offer discounted rates based on income level, so, if possible, apply early while income information is fresh off tax returns.
We hope this post has given you a better understanding of the cost and value of elderly living communities. Ultimately, when choosing an elderly living community, it’s essential to understand exactly what you’re paying for.