It’s easy to frown upon checking how much senior living costs when you can allow your loved one to age at home. While in-home caregivers might seem cost-efficient, they can result in greater stress and higher fees than other options. If you compare it with senior living, the benefits your loved ones can receive are worth more than if they’ll age in place in your home.
A neighborhood filled with friendly and welcoming peers, better access to transportation, and enhanced social life. There’s more to what assisted living can offer than the price you have to pay.
So let’s look at the various fees and expenses of senior living.
Senior Living Costs and Expenses
First and foremost, senior living costs can vary across countries and regions. If you want to determine its costs, consider the amenities and services you’ll require, and what is included in the monthly rate of the bundle option you’ll opt for.
To give you an idea of the average cost of senior living, we’ll break down some of the expenses you’ll need to consider in your budget.
One-Time Upfront Fee
Sometimes called community fees, upfront or entrance fees are one-time charges some retirement communities require when a resident moves in. These fees usually range from $30k – $1 million or more. However, these sky-high entrance payments don’t affect most seniors as they are often particular to specialized types of senior living communities called Continuing Care Retirement Communities or CCRCs. An average assisted living center may charge one month’s worth of rent as an entrance cost.
You may visit websites like diabloglen.com to learn more about retirement communities.
Recurring Monthly Fees
The resident’s transportation, meals, and residential unit, along with their particular care service and assistance with day-to-day living activities, are covered by a senior living monthly fee. This varies based on the resident’s individualized care needs and apartment size, making sure they only pay for what they need. Depending on your location and your loved one’s specialized needs, you may pay more or less $4,500 monthly.
Care Services Fee
This fee gets added to the recurring monthly costs and utilizes a tiered approach based on the level of care your loved one will need. The level of care depends on the number of daily activities the resident will require regular assistance. This includes eating, toileting, bathing, dressing, and much more. The monthly expense for tier one may begin at $150 or so and increase a few hundred or thousand dollars depending on the level of assisted living care.
Medication Management Services and Ancillary Services
Seniors needing assistance taking medications at the right time and dosage can avail of medication management services for an extra monthly fee based on the complexity of medication administration. Other secondary services like occupational or physical therapy can also be charged on a monthly basis if needed, along with non-care related services like extra meals, parking, and some activities.
It pays to know how much you’ll pay for and why over a senior-living investment, be it for you or your loved one. This can help you prepare emotionally and makes your budgeting easier. Although we were able to provide approximate fees on the various expenses you’ll expect when inquiring from assisted living centers, note that this will still depend on your region and country.