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 may seem cost-effective, 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 at home.
So let’s look at the various expenses and fees associated with senior living.
Senior Living Costs and Expenses
A community filled with friendly and welcoming peers, better access to transportation, and enhanced social life. There’s more to what senior living can offer than the price you have to pay. You may browse the web to learn more about the benefits of retirement plan.
First and foremost, senior living costs can vary across countries and regions. If you want to calculate its costs, consider the amenities and services you’ll need, and what is included in the monthly rate of the package 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 have to consider in your budget.
One-Time Upfront Fee
Sometimes called community fees, upfront or entrance fees are one-time charges some assisted living 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 really affect most seniors as it’s mostly particular to specialized types of senior living communities called Continuing Care Retirement Communities or CCRCs. You may click here to learn more about retirement communities.
An average assisted living center may charge one month’s worth of rent as an entrance fee.
Recurring Monthly Fees
The resident’s meals, transportation, and the residential unit, along with their specific care service and assistance with daily living activities, are covered by this 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 uses 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 many more. The monthly cost for tier one may start from $150 or so and goes up a few hundred or thousand dollars depending on the level of assisted living care.
Medication Management Services and Ancillary Services
Seniors needing assistance taking medicines at the right time and dosage can avail of medication management services for an additional monthly fee based on the complexity of medication administration. Other ancillary services like occupational or physical therapy can also be charged on a monthly basis if needed, along with non-care related services like additional 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 mentally 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 facilities, note that this will still depend on your country and region.