When considering assisted living costs in your search for care, it’s important to see how the expenses differ if you or your loved one remains at home. Crunching the numbers may surprise you!
Many people assume they can’t afford the monthly fees in an assisted living community, so it’s essential to break down what is included to evaluate your options. This blog looks at the value of assisted living compared to what costs to expect when aging in place in your own home.
What does a monthly fee for assisted living include?
According to the Genworth Cost of Care Survey, the median value of assisted living is $4,500 a month. However, your monthly fee can vary greatly by location and community. You’ll also notice cost differences in the floor plan you select and the level of care you require. Some communities charge an all-inclusive fee, while others may only bill you for what services you need.
Typically, a monthly fee in an assisted living community covers the following:
- Private apartment or suite with a private bath
- Utilities
- Three meals a day
- Maintenance services
- Housekeeping and laundry services
- Transportation options
- Social activities and outings
- Personal care assistance with daily activities (bathing, grooming, medication management and more)
Related: Discover what you can expect in an assisted living community >>
Some older adults may be eligible for financial assistance with the costs of assisted living through the Veterans Aid & Attendance Benefit, Long-Term Care (LTC) insurance, or a Life Insurance Conversion. Consulting with a financial advisor can be beneficial when determining how to pay for care services as we age.
How much does it cost to age in place at home?
Unfortunately, aging in place in your own home can be costly. The demand for caregivers is increasing as Baby Boomers age. You can almost count on the cost of in-home care increasing each year, partially due to a higher cost of living and demand for higher wages, supplies, and training.
You’ll also have the added responsibility of finding and scheduling home care services, which can sometimes be challenging and stressful. Other home expenses can pile on to your current bills, including lawn care services or replacing a furnace and central air conditioning system, windows, or a roof.
Installing safety features in your home can be necessary as you age. For example, you may need to add handrails in your bathroom or a wheelchair ramp in place of stairs. You may even live in a multi-level home that becomes difficult to access when navigating stairs becomes unsafe.
Related: Learn 6 signs your parent may need assisted living >>
To accurately compare living at home to moving to an assisted living community, you should consider the total cost of living in your home — not just your mortgage or rent. Write down how much you spend on food, utilities, home maintenance, property taxes, insurance, and entertainment. If you’re paying for home care, factor those costs in as well.
What is the value of moving to an assisted living community?
Finally, make sure to factor in the positive impact a senior-friendly community will have on your quality of life and overall well-being. You’ll have opportunities to connect with others, try new hobbies, access transportation services, and get the support you need to live as independently as possible. It’s hard to put a price on peace of mind for you and your loved ones.
Discover assisted living in South Florida and South Carolina
Assisted living residents of Golden Bell’s Independence Hall and Williamsburg Landing in Wilton Manors, Florida, and Cumberland Hills in Aiken, South Carolina, enjoy resort-style living plus the additional support and assistance they need to live independently.
Assisted living includes a comprehensive activities program, delicious chef-prepared meals, and beautiful apartment suites. You can learn more about our assisted living communities on our website.
Life at Golden Bell Senior Living
Senior living communities like Golden Bell provide the comforts of home with the added benefits of supportive care, engaging activities, and a maintenance-free lifestyle. With your daily needs met, your loved one will live more independently and have opportunities to meet friends, discover new interests, and live each day to the fullest.
Golden Bell Senior Living offers a full continuum of care, including independent living, assisted living, and respite care. Residents have personalized care plans, are treated like family, and are greeted by name in a warm, welcoming environment.
Amenities and activities include:
- Beautiful accommodations
- Landscaped grounds and gardens
- Community outings
- Recreation and social activities
- Chef-prepared meals
- Scheduled transportation
- Beauty and barber shop
- Housekeeping and maintenance services
Please contact us to learn more about our communities or set up a tour. We’d love to hear from you and are happy to help answer any questions you have about senior living. For more information about choosing senior living, download our complimentary Family Decision Toolkit.
