Senior Living Costs Explained

Maybe you’ve begun to assess your financial situation to see what you can afford. Or maybe you feel completely overwhelmed and don’t even know where to start. Either way, we have resources to help! In this brief 7-minute video, “Senior Living Costs Explained,” we’ll review the most important things to consider when evaluating the cost of senior living and provide you with a basic understanding of the variables that go into calculating the average cost of assisted living and independent living.

And in case you’re wondering, YES, we’ll answer that burning question, “How much is this going to cost?”

First, take a look at the options below which can help with financing senior living:

• • Look at existing pensions, social security, and investments
  • If you or your loved one has a house to sell, think about how much that sale will net
  • Have you secured long-term care insurance? This can help!
  • The Veterans Assistance benefit can also help cover senior living costs for those who are eligible

Then, review these 3 simple steps to get started…

ONE: Evaluate your loved one’s current living costs like housing, maintenance, utilities, and meals.

• • How much are they currently spending each month?
  • Are they living comfortably on their budget?
  • Do they own their own home?

TWO: Take a closer look at the care needs of your loved one.

• • Does your loved one need help to manage their medications?
  • Do they need assistance getting dressed or showering?
  • Do they have dementia or any other memory impairment?

THREE: Start researching your different senior living options

• • What size apartment are you looking for? Studio? One-bedroom?
  • Is the community an all-inclusive rental? What’s included? What’s not?
  • How much care is the community able/willing to provide for your loved one?

ABOVE ALL: Understand the value of what you’re paying for.

• • Quality of care and quality of life is important!
  • Don’t make the mistake of moving your loved one into a community based exclusively on price while sacrificing your loved one’s sense of being “home”.
  • Take the time to get the know the people who will be providing your loved one care and support. Does every staff member make it their personal responsibility to ensure your loved one is well-cared for or are they simply “doing a job”? Think about who you want to be by your and your loved one’s side on their worst day. You can’t underestimate the importance of that human connection.