When planning for the future care needs of yourself or a loved one, it may seem that aging in place in your home is the cost-effective option. In many cases, however, senior living costs are often comparable to or even less expensive than remaining at home.
Learn how to compare the costs of aging in your home to senior living expenses in this blog from Golden Bell Senior Living.
How to Determine the Value of Senior Living
When looking at the costs of living out your retirement years in your own home, you’ll want to consider all your monthly expenses, including food, utilities, home maintenance, property taxes, healthcare, entertainment, and more. Many of the costs you would incur each month at home are typically included in a monthly senior living community fee.
You’ll also want to keep in mind what costs you can expect to have if your health needs change. Examples may include remodeling your multi-story home for more accessibility, replacing bathtubs with walk-in showers, or moving a laundry room to the main level.
Home health care costs can also add up quickly, so it’s important to factor that in when weighing the pros and cons of moving to a senior living community where a dedicated, on-site interdisciplinary team will meet your future health needs.
Senior living communities also provide the added invaluable benefit of socialization and wellness opportunities, which are important to your quality of life and overall well-being. Find out more about the importance of socialization as you age in this blog curated by our Golden Bell team >> Importance of Socialization for Your Health and Wellness
Another frequently overlooked benefit of living in a senior living community is the safety and security it can provide to both residents and their families. Communities often prioritize safety and accessibility, offer on-site medical support, plan life enrichment activities, prepare fresh and healthy meals, and provide maintenance and housekeeping services.
Discover additional details here >> Ways Senior Living Provides Safety and Security
How to Compare the Cost of Home Versus Senior Living
When you’re ready to look closely at the costs, use this simple chart to help you compare senior living and home expenses.
You can also read our blog to learn what questions you should ask when visiting a senior living community >> Key Questions for Making an Informed Choice.
Gathering detailed information may help you make a more confident and informed choice.
| MONTHLY EXPENSES | HOME | SENIOR LIVING |
| Mortgage or rent | ||
| Caregiving | N/A | |
| Property tax and insurance | N/A | |
| Home maintenance and repairs | included | |
| Lawn care | Included | |
| Housekeeping | included | |
| Utilities | included | |
| 24-hour security | included | |
| Transportation (insurance, gas, registration) | included | |
| Dining | included | |
| Social and entertainment | included | |
| Exercise and wellness | included | |
| 24-hour emergency response | included | |
| TOTAL MONTHLY EXPENSES |
How to Consider Your Senior Living Options
When you’re considering senior living communities, make sure to talk to the marketing and sales team about the costs. Find out the monthly fees and any additional charges you can incur.
Most communities, like Golden Bell Senior Living, have an experienced staff that will provide you with guidance and resources when planning for the costs of your care.
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.
