How Much Do Senior Living Communities Really Cost?

The cost of Senior Living Communities can vary widely. When you are choosing where your loved one will live, price is an important consideration and something you’ll want to ask about. Make sure the community you choose knows how to properly manage its finances and provides the very best care to its residents. Stellar Living prides themselves on their carefully managed finances. This allows Stellar Living to give your loved one the best possible quality of life, at a price you can afford. There are also lots of different ways to fund Senior Living. The total price of the community will mainly depend on how much care your loved one needs. If you aren’t sure which type of community best meets your senior’s needs, check out this post or give our experienced Family Advisors a call. 

Independent Living

In Independent Living communities, you will pay rent as the base price. This typically includes the apartment, utilities, transportation, activities, and meals. This “rent” may appear higher than on a typical apartment, but keep in mind that this includes everything your Senior will need, including food, electricity, water, and all of the social events hosted by the community. There is also usually a one-time community fee to help pay for the community amenities. There may also be a deposit required if your loved one has pets, and care charges if your loved one requires a care program. In Independent Living communities, care programs usually charge per service that they help with, so costs are dependent on what your senior needs help with.

Assisted Living

In Assisted Living communities, you will have the same basic costs and amenities as in Independent Living Communities. These include rent, community fees, and pet deposits. Then there are monthly fees based on the amount of additional assistance your loved one needs. These are called Care Levels. Care Levels are determined at an initial assessment with a nurse, and are updated twice a year, or more often if needs change. These additional care charges can vary widely, from less than a dollar a month to more than $2,000 a month.

Memory Care

If your loved one requires Memory Care, they will need daily and extensive help and a high level of care. For Memory Care communities, the rent price includes the apartment, utilities, transportation, activities, meals, and all of the assistance your senior requires. The high level of care is included in the rent price for Memory Care communities, which is why the rent may also appear higher.

Regardless of the level of care your senior needs, there are many ways to fund Senior Living communities. Stellar Living’s Family Advisors can help you better understand costs relative to your needs, and can also help you understand the different ways senior living can be funded. Our Family Advisors are waiting to talk to you. See all of Stellar’s communities and give one a call here today!