Families often assume home care is the more affordable option when considering the cost of senior living. But the results of an accurate comparison between moving into a community and bringing services into the home may surprise you.
The first step is to recognize the features and services you would need to live your best life. Then compare the cost of receiving those benefits both in a community and from a home care agency, as well as the expenses of outside amenities.
Cost of Senior Living
Consider the following elements that older adults generally rank as important to achieve a high quality of life. To determine which environment would be most cost effective, make sure you include the costs for not only the residence but also support services if needed, healthy meals, activities, fitness classes, social events, transportation and safety features.
Determining the Cost of Senior Living
Differences in price for both communities and home care services can vary greatly depending on the company, the level of services offered and even the geographic location. While you can find a range of costs for senior living online, it is much more helpful to have access to actual fees when considering which option would provide the best choice.
When comparing the expense of living in a community to those incurred if remaining at home, you’ll want to make sure you account for all the services received. One of the advantages of senior living is that everything is made available on-site and is generally included in the monthly rate. Older adults who stay in their homes should budget for several additional expenses that will need to be arranged separately.
Download our free “Staying Home vs. Senior Living” guide to help you make an informed decision.
Moving into a Community
What is included in the cost of senior living? Once you have a fixed price and understand the services and amenities available, families are often surprised at the affordability of community life.
Take a look at the following features that may be included in your monthly rate:
- Private and accessible residence
- Assistance with daily tasks if needed
- Activities and social events
- Fitness centers or classes
- Healthy and delicious dining
- Opportunities to make new friends
- Scheduled transportation
- Safety and security features
Receiving Services at Home
When remaining at home, calculate the costs for the above features. The following suggestions can help:
- If you own your home, remember to include the related expenses, including utilities, property taxes, insurance and upkeep. If renovations are needed for accessibility, include those costs of senior living as well.
- If daily support is needed, talk to an agency in your area for hourly rates and which services are provided. Confirm the number of hours needed and subtract any that family or friends can provide.
- Remaining active and socially engaged is essential and influences both physical and mental health. You’ll want to schedule activities and arrange for transportation if needed, including these costs in your budget.
- Preparing healthy meals is critical for living and aging well. But it can become more difficult as we grow older. You’ll want to calculate the cost of a food delivery service or the added hours for food preparation from an agency.
- Transportation and added security are important factors to include in the cost of senior living. Calculate the costs of ride sharing or mass transit if the individual no longer drives. Include expenses for any additional security features to make sure your loved one feels safe.
Download our free “Staying Home vs. Senior Living” guide to help you make an informed decision.
