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Saving for retirement isn’t only about trips to Europe or setting off on a Caribbean cruise.
As your health declines, the goal is to live as comfortably as possible without worrying about finances. A big question everyone asks is about the cost of senior living.
Read below for the average cost of senior living communities in the U.S. and what factors influence this pricetag.
The Average Cost of Senior Living
The price of an assisted living community and your budget are important factors to consider when searching for the right home for you or a loved one. Communities like the Rowntree Senior Living community have different services based on needs and budget.
The cost of senior living depends on the level of care, community amenities, and geographic location. All costs are wrapped up into one monthly payment and many people are surprised by the final price tag.
Home living expenses closely match those at a senior living community but don’t forget the added amenities and services that are available.
Different Options for Your Needs
Whether you or a loved one is independent, needs a little bit of help, or has health issues that need round the clock care, everyone has different care needs and prices vary.
Here are common options available at senior living communities:
Independent living is enjoyed by seniors who want the extra amenities and community life experience without extra medical help.
The cost of independent living is as low as $495 per month and as high as $8,270. The costs associated with independent living are housing, utilities, activities, and less responsibility. Communities offer meals, housekeeping, laundry services, and maintenance.
Assisted living is similar to independent living but with medication management, meals, transportation, housekeeping, and help with other activities if needed.
Assisted living residents in the U.S. pay an average monthly cost of $3,700 but the cost varies depending on location, community, and care.
Whether it’s short or long-term care, assistance from skilled nurses is sometimes necessary. The cost of nursing care depends on insurance coverage like Medicare, Medicaid, Long-Term Care Insurance, and private payment.
Short-term costs are usually covered by insurance but residents might need to dig into their pockets for extensive long-term care.
Memory care is specialized care for residents with Alzheimer’s or dementia and costs include:
- Licensed nurse overseeing care plan
- 24-hour care from trained staff
- Wellness monitoring
- Assistance with grooming, dressing, bathing, activities, and meals
- Assistance with setting appointments
- Cost of living such as housing, utilities, and housekeeping
The average cost of memory care is an additional $1,250 on top of assisted living care.
Continuing Care Retirement Community (CCRC) Cost
Continuing Care Retirement Communities are an all-in-one package. They’re designed to keep seniors in one location as their care plan changes with age or with declining health.
This is the most expensive long-term care plan for seniors.
A one-time entrance fee range from $80,000-$750,000 plus monthly maintenance fees from $1,300 to $5,400. Long-term extensive care is by far the most expensive for seniors in this community.
Prepared for Retirement?
The cost of senior living is something most people in the U.S. worry about as they age but financial planning for your future will make sure you live as comfortably as possible.
If you’re interested in reading more about the business of healthcare, check out other articles on our blog.