Senior living has endless advantages, but it does have one point that tends to trip up seniors and their families: the cost. We won’t lie to you, the price of senior living can seem high. But so is the quality of life in a senior living community! Senior living residents and their families agree, the price is well worth the benefits of senior living. These benefits include safety, security, peace of mind, physical and mental health benefits, high quality of life, better access to medical care, lower stress, feelings of happiness and community instead of loneliness and isolation, and much more. If the price has you worried, this post is here to help you understand the cost of senior living and what families need to know. We’ll also help you make a financial plan that will enable you to afford all of these incredible advantages to senior living.
Types of Senior Living & Associated Costs
The type of senior living community you choose plays a large role in how much you can expect to pay. Here are the types of senior living communities, and the cost associated with each community. They are listed in order of least to most expensive.
Independent Living
In an Independent Living community, the cost of “room and board” typically includes rent, meals, utilities, housekeeping, groundskeeping, activities, transportation, and more. Factors that influence the price include the size of the apartment, how many bedrooms, the level of finishes, and the location of the community.
Assisted Living
Assisted Living “room and board” includes everything that comes with independent living, including rent, meals, utilities, housekeeping, groundskeeping, activities, transportation, etc. It also includes personal care services like help with bathing, dressing, eating, mobility, and medication management. Additional costs are calculated based on the level of care required.
Memory Care
Memory care is a specialized type of assisted living community intended for residents with Alzheimer’s or other types of dementia, other types of memory loss, and cognitive decline. The room and board cost of this type of community includes all the benefits of independent living, as well as increased safety and security to keep residents from wandering off, specially designed activities and therapies, and round-the-clock supervision. Personal care for activities of daily living is also included, as in assisted living. Additional costs are calculated based on the level of care required. Because of the additional safety, security, and treatment benefits, memory care is more expensive than assisted living.
Skilled Nursing Care
Skilled nursing care is the most care you can receive outside of a hospital, and therefore it is also the most expensive. Residents of a skilled nursing care community have the benefits of assisted living, but also advanced medical care, like feeding tubes, IV therapies, wound care, personal therapy, speech therapy, and more. These communities offer 24/7 trained, specialized care and rehabilitation services from medical professionals. Costs depend on the level of care required.
What’s Included
All senior living communities typically include the following costs.
- Housing and utilities. Most senior living communities offer private suites or apartments. The rent for this space is included in your monthly cost. Utilities, like electricity, gas, garbage service, water, heating, and air conditioning are also included.
- Meals and food service. Typically, senior living communities provide 2-3 full meals per day, created by chefs and designed by dietitians to be both delicious and nutritious. They may have as many as 10 choices at each meal. Coffee, snacks, and a pastry bar are also usually included. Special dietary needs are also met by food service personnel. All of these food costs are included in room and board at a senior living community. You or your loved one may also have access to a kitchen or kitchenette in their suite or apartment, which includes kitchen appliances.
- Recreation and social activities. At Stellar Living Communities, Life Enrichment Directors and staff plan 40-50 on- and off-site activities each week. Every day, residents can choose from a wide range of all of these activities, include fitness classes, clubs, games, hobby classes, lunch outings, shopping trips, and more. All costs associated with these activities are typically included in senior living monthly payments, with the exception of any extra items a senior chooses to purchase at a shopping trip or excursion.
-
Transportation. Most communities offer private transportation to medical appointments or other appointments. Shuttle services to weekly outings are also usually included. Communities might provide transportation to church services as well.
- Health & personal care. Senior living communities often have gyms, fitness classes, walking paths, and even pools to promote physical health. There are usually barber shops and beauty parlors on-site for any personal care needs. Medical services and access to doctors, nurses, and other medical personnel are also available.
- Maintenance, landscaping, & housekeeping. Weekly light housekeeping is a staple of most senior living communities. If the apartment or suite does not include a washer and dryer, laundry services will also be provided. Management of the community will also maintain apartments and common spaces and perform repairs as needed, as well as maintain outdoor areas and other amenities.
- Amenities. Senior living communities have many amenities, including libraries, game rooms, pools, outdoor recreation spaces, gyms, musical performance spaces, and more. All of these are included in the cost.
Comparing Costs
As you can see, the cost of senior living includes far more than just rent. When you calculate how much you spend on these services right now, you might find that senior living is a better value than you might have realized. Try calculating your current expenses to compare them to the cost of a senior living community. These are the expenses you won’t have if you choose senior living:
- Car payments, car insurance, gas, and maintenance costs for one or more vehicles
- Housekeeping costs
- Landscaping, gardening, or yard work
- Grocery shopping, eating out, or food
- Recreational activities like movies, concerts, and games
- Gym and/or pool membership
- Membership at any community clubs
- Utilities
- Home insurance
- Home repair and maintenance
- Property taxes
- Mortgage or rent
- Hairdresser or barber shop costs
This isn’t a complete list, but as you can see, the cost of senior living includes a lot! When you consider how much you’re spending on those expenses, a senior living community might seem considerably more affordable.
Financial Factors
Of course, some factors influence how much a senior living community costs. Like any type of housing, the cost of senior housing mainly depends on where the community is located. There are vast state-to-state and regional price differences–for example, a senior living community in New York or California is going to cost more than one in Arkansas. The luxury level of the community will also influence its cost: communities with more amenities, higher-end furniture and decor, and a more resort-style feel will cost more than a less well-maintained community with basic furnishings. The level of care required will also influence your costs, as will the size of the apartment or suite within the community.
The Numbers
Okay, let’s talk numbers. Here’s how much senior living communities actually cost. Please note that these numbers vary widely based on the aforementioned factors. The best way to find the true cost of senior living for you is to contact a community near you. Stellar Living offers transparent line-item pricing so you know exactly what you’re getting into. The numbers provided below are simply estimates to give you a general ballpark of estimated costs, and may not reflect the current cost of Stellar Living communities.
- Independent living communities can range from $1,200 per month (in Mississippi) to $6,000 per month (in Maine). The median cost in the United States is $3,065 per month. You can view a state-by-state breakdown of average costs here.
- Assisted living communities cost, on average, about $4,500 per month. Room and board can range from $4,244 (in Georgia) to $9,620 (in Hawaii). You can view a state-by-state breakdown here.
- Memory care communities cost, on average, about $6,000 per month. They can range from $3,210 per month (in South Dakota) to $10,370 per month (in Vermont). Here’s a state-by-state breakdown of median costs.
- Skilled nursing care costs, on average, about $9,000 per month for a private room. Your median costs could range from $6,736 per month (in Missouri) to $15,664 (in Oregon). You can see a state-by-state breakdown here.
How To Pay for Senior Living: Insurance, Assistance, & More
As you can see, senior living can become very expensive as additional care is needed. Thankfully, there are many ways to pay for senior living. These are a few payment options you may want to consider.
- Long-term care insurance. Purchasing long-term care insurance before the age of 50 can mean you get a great deal on senior living. However, many policies will only cover assisted living, memory care, or skilled nursing. Consult with your financial advisor before choosing a policy.
- Veteran benefits. The VA offers benefits for veterans that may help pay for senior living.
- Medicaid may cover the costs of senior living for low-income seniors.
- Some life insurance policies can be “cashed out” to pay for senior living.
- Selling the home, cars, and recreation vehicles (boats, ATVs, etc) that you won’t need in a senior living community could go a long way in allowing you to pay for it.
- An estate sale could give you some financial padding.
Financial Planning for Future Senior Living Costs
With proper financial planning and a solid understanding of the costs of senior living and what families need to know, we hope senior living will be a viable choice for you or your loved on in the future. If you’re still feeling overwhelmed, contact a Stellar Living Family Advisor. They can discuss specific costs with you, as well as help you create a financial plan to allow you to afford the life of your dreams. Don’t settle for a life that’s just good! With some planning and a little creativity, you can afford a life that is truly Stellar.
