One of the biggest concerns aging adults have when considering a move into a senior living community is cost. People often ask ‘what can I afford?’ before they think ‘what type of care do I need?’ It is important to think about cost but you must factor your needs into the decision making process. Do not write off the possibility of a senior living community before you really dive into the costs of different types of senior care. The reality is that staying in a senior living community could be the most cost effective option when you factor in things like home maintenance, in-home care, transportation costs, and the value of the amenities offered in assisted living.
Staying home can be costly
Staying home as you age-especially if your home is paid for-seems like an economical choice. If you do not have a mortgage it must be less expensive than paying to stay at a senior living community, right? The reality is that the costs associated with staying home can add up quickly. If you need help with lawn care, cleaning, laundry, and other household tasks you need to consider the cost of those. In addition, repairs to your home can come up unexpectedly and be very expensive. You can spend thousands of dollars on major repairs like a new roof, a replacement air conditioning system, or foundation repairs. If you decide to remain home you will also have to continue paying for things like electricity, water, cable, transportation, and property taxes. If your health or cognitive functions begin to decline you may also have the expense of in-home care. As you can see, comparing the costs of staying home to those of a senior living community is not a simple as looking at your mortgage and the cost of a community. There are a number of other factors you must consider to get at true understanding of the cost comparison. You can use a tool such as Eskaton’s cost comparison guide to write out and directly compare the cost of staying home to that of living in a senior community.
Senior living communities offer desirable amenities
When you choose a senior living community you will get much more than room, board, and necessary medical care. You will also be able to enjoy a long list of hospitality-style amenities. These amenities include options like housekeeping services, on-site salons, exercise classes, and restaurant style dining. The exact features you can expect will vary with each community. The amenities at modern senior living communities are designed to provide aging adults with a high quality and enjoyable life. When you think about the cost of moving into a senior living community be sure and consider all of the amenities that are included with that price.
A senior living community could end up being the most cost effective option when you compare the cost of staying home to everything you will get by moving to a community. The cost comparison guide mentioned above is a great place to start comparing costs. It will help you factor in all of the relevant costs so you can come up with a true comparison. You may be surprised to find how affordable senior living really is once you see the real numbers.