Many adult children get involved in the process of helping their aging parents explore senior living options. At Eskaton, we are always happy to see seniors who come in with the support and assistance of their family. You can help your parents navigate the practical elements of the journey as well as any feelings that come up as they consider moving into a senior living community. As you begin the process of looking into assisted living with your parents, your first question is likely going to be, ‘Can my parents afford to move into a senior living community?’ This is an important question to have answered. Many people are surprised to learn just how many factors come into play when looking at affordability.
Level of care needed
The cost of a senior living community is significantly impacted by the level of care your parents need. For example, the cost for dementia care is approximately one and a half times higher than general assisted living. Your parents’ independence level and medical needs will dictate the types of communities you consider and ultimately the cost. In addition, the level of care your parents need will likely change as they age. You can take this into consideration during your search and choose a community that can meet their current and future needs.
There are a wide range of amenities that your parents can enjoy at a senior living community. These include basics like transportation services and meal plans, as well as extra perks like onsite salons and pet friendly locations. You and your parents need to work together to decide what amenities are essential and which ones are simply nice to have. Some communities bundle everything together in one price, while others allow you to tailor the amenities based on need and budget.
Your parents’ financial resources
The financial resources at your parents’ disposal are another major factor to consider when looking at senior living communities. The average cost of assisted living in California is $4,500 per month, per person. If your parents do not have that level of income each month then senior living communities may seem out of reach. This is the part of the process where your parents need your help the most. Look at their complete financial picture-not just monthly income. Do they have equity in their home? Are there retirement accounts that they can draw money from? Do they have family members who are willing to contribute financially? All of these are potential areas where your parents can access money in order to afford to move into a senior living community.
The question of whether or not your parents can afford to move into a senior living community is one that will take some effort to answer. Your parents may need your help considering all of the options they have for financing a move. The good news is that they have your help navigating this process. If you want more information on this topic and all things related to senior living, you can visit the Eskaton blog.