If you’re new to senior living, one of your first queries will almost certainly be, how much will it cost?
It’s a good idea to do some research and obtain a rough notion of how much senior living will cost you. But it’s also a difficult issue to answer without fully understanding your specific circumstances.
Several factors determine the cost of senior living communities. These factors can include the region you choose. Furthermore, pricing can differ depending on whether you want an individual apartment or a shared suite and how much daily care you require.
So, let’s now delve a little further into the average cost of senior living communities.
How Much Are You Paying Now?
A good idea is to sit down and dedicate some time to understanding your total outgoings in your current living situation.
After doing so, you might be pleasantly surprised that the type of senior living facilities you want to live in don’t cost that much more than your current spending!
Choose Your Care Level
Generally, there are three levels of care that you can opt for when living in a senior living community.
These levels can include:
- Independent living
- Assisted living
- Memory care
Independent living is fantastic for seniors who feel they can look after themselves, yet they crave the social connections that may be lacking in their current lifestyles.
Assisted living varies a lot depending on your requirements for care. This level of care can be very affordable but can get expensive if more specialist and extended care times are needed.
Memory care is a specialist level of care that will help seniors that suffer from memory issues like dementia patients. However, there are now a few things to consider when choosing memory care.
Senior Living Prices
The Genworth Cost of Care Survey 2020 states that the US’s median monthly cost of assisted living facilities was $4,300. Then for those in a nursing home facility, the median price for a semi-private room was $7,756, and for a private room, $8,821.
Now, we understand that the cost of senior living may come as a shock to some, but what if you could adjust the price based on your unique circumstances?
Well, you’ll be pleased to know it is possible to gain more favorable pricing. If you wish to adjust the total cost of senior living, ask the following questions:
- Do you really want a large apartment, or would you instead save money by renting a companion suite and sharing a room?
- Is living in a trendy area a priority, or would you be just as happy in a more rural setting?
- Do you really need to live in a community with its own golf course, or will one within driving distance be adequate?
If you can settle on making a few sacrifices, your senior housing can be a lot less than what you envisioned.
The Cost of Senior Living Communities
You should now understand that the cost of senior living communities can vary greatly depending on all the factors we’ve discussed.
First, learn how much you are currently spending, and then figure out your budget. Also, remember that you might require higher-level care services in the future, so budget for such possibilities accordingly.
With the rising cost of housing, coliving is an appealing option for many people who are looking for an alternative to traditional living arrangements. For those who are unfamiliar, coliving is a type of living arrangement in which multiple people share a living space, such as an apartment or house.
Anyhow, thank you for stopping by. For more helpful articles, please check out our blog.