Cost is one of the most significant factors when deciding whether to move to senior living, and while average costs are helpful to know, they certainly don't tell the full story. What you'll actually pay can differ based on a variety of variables, including the type of care needed, your preferences, and even the community's location. Not to mention it can be hard to decipher what's included in the estimated monthly costs you're given and what's not. But we can help. From rent to one-time fees to add-on costs, here's how to better understand the expenses when moving to a senior living community.
As you consider moving to senior living, it's important to understand that there isn't just one type of care. Each type of care supports different needs, and as the level of support increases, so does the average cost. As such, the three most common types of care include the following:
Now that you know more about the average costs, let's look at what makes up those numbers to understand better what to expect as you consider moving to senior living:
a. Communities that use the monthly rent model usually charge a form of community fee or entry fee up front to cover the details necessary to move a resident into the community. These fees typically range from a few hundred to a few thousand dollars.
b. Communities that use the buy-in model (Continuing Care Retirement Communities or Life Plan Communities) charge a buy-in fee up front. These fees ensure that the resident will receive higher levels of care they may need later. This one-time cost can run into the six figures.
If you're worried about staying within your budget, keep in mind that there are options that may help you offset the costs when moving to senior living. One option that's often overlooked is the Veterans Aid & Attendance benefit for qualified wartime veterans or their surviving spouses. You might also consider long-term care insurance, a life insurance conversion, or perhaps a reverse mortgage as well to help you offset the cost of senior living
To learn more about moving to senior living, download our Choosing the Right Community Guide today!