If your parents are seniors, you’re likely thinking a little about what will happen in the event that they no longer want to live independently. It’s a good idea to start considering their options now so you can all be prepared to make this important transition when the time comes. One of the biggest questions you’ll likely have is how your parents can afford to live in a senior community. Here is some information on the topic:
Cost factors
Every senior community is different in terms of cost. However, there are some uniting aspects that you should look into and compare between locales:
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- The unit size and amenities are a major part of the cost of living at a senior community. The price goes up with extras like a separate or guest bedroom, kitchen access and security systems.
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- The level of care is also important. Independent living is less costly than memory care, for example, as these communities don’t require constant staffing and extra assistance.
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- You may not realize what is included in the overall expense. For example, if you were to buy a regular apartment your rent would likely not include the cost of water service, trash removal, internet, electricity or gas. However, a senior living community factors all these utilities into the monthly price. Most communities also offer cleaning assistance, transportation and meals.
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- Administrative fees are included when a senior first signs to live in a new place. This ranges between several hundred and a few thousand dollars and includes move-in and start-up fees for additional services, unit cleaning and painting.
Location
Just like deciding between buying a house in the city or suburbs, the price changes vastly between locations. When trying to establish a potential price for your parents to move into to a senior community, look at different options. Maybe they want to stay close to the neighborhood they currently reside in. Perhaps they’d like a change in climate or to be near their loved ones like you. Moving even a few blocks away from a city center can reduce the price of senior living.
Food
Think about what you spend your money on. Likely a huge chunk of it goes to food. When your parents move into a retirement community, they no longer have to purchase their own groceries and cook. If they reside in independent living and enjoy doing so, they still can, but they also have the option of dining services instead. This is a major perk for many older people as they no longer want to cook or do dishes. Memory care communities don’t even have stoves or ovens in the units as this prevents any potential dangers in a resident forgetting to turn off the appliances.
While price is important to know, the biggest thing about moving your parents into senior living is safety and comfort. It is essential to do your homework to ensure they receive the services they need at a reasonable cost.
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