The costs associated with aging can be daunting. Many older adults assume that all senior living communities are expensive and out of their budget. While health care can be costly, you might be surprised to know that the costs of aging in place at home or moving to a senior living community are comparable.
In this blog curated by the Golden Bell Senior Living team, we break down the costs you might expect in both scenarios.
Considering the Costs of Staying at Home
According to recent data, the population of adults over age 85 will double by 2036 and triple by 2049, and an average of seven out of 10 people will need assisted living care in their lifetime.
If you’re living independently now, it’s important to keep in mind that your care needs may change as you age. Planning for this possibility can offer peace of mind to both you and your family. If you prefer to age in place by staying at home, you’ll want to factor in costs you may incur when assistance with daily activities is necessary.
Here are the average monthly costs of the following services:
- Homemaker services – help with household tasks: $4,957
- Home health aide services – hands-on personal care: $5,148
- Adult day services – social and support services in a community-based setting: $1,690
If you require 24-hour care in your home, consider the following estimated monthly services costs:
- Homemaker: $15,120
- Home health aide: $15,840
- CNA (medical): $12,240
- LPN (medical): $19,440
- RN (medical) services: $23,760
These costs can vary depending on location, type of care, and the length of time you require care.
Download our complimentary Family Decision Toolkit.
Researching the Costs of Senior Living Communities
Like home care, senior living costs vary greatly due to geographic location, services, amenities, and the level of care required. Here are the average monthly fees for senior living communities:
- Independent living: $1,400 to $6,825
- Assisted living – private one-bedroom apartment: $4,500
- Memory care: $3,233 to $10,447
- Skilled nursing – semi-private room: $7,908; private room: $9,034
It’s helpful to factor in that senior living monthly fees often include meals, utilities, housekeeping and linen services, emergency response, maintenance repairs, and more.
Comparing the Cost of Home Versus Senior Living
To better compare the cost of staying at home versus moving to a senior living community, use a cost comparison worksheet that outlines your monthly expenses. Then, you’ll get a more accurate picture of your costs in a side-by-side comparison.
Use this chart as a guide:
| MONTHLY EXPENSES | COSTS AT HOME | SENIOR LIVING COSTS |
| Mortgage or rent | ||
| Caregiving | N/A | |
| Property tax and insurance | N/A | |
| Home maintenance and repairs | included | |
| Lawn care and yard maintenance | included | |
| Housekeeping | included | |
| Utilities (electricity, gas, water, trash) | Included | |
| 24-hour security | Included | |
| Transportation (insurance, gas, repairs, registration) | Included | |
| Dining | Included | |
| Social and entertainment | Included | |
| Exercise and wellness | Included | |
| 24-hour emergency alert system | Included | |
| TOTAL ACTUAL COSTS |
Residing in a senior living community can also positively impact the quality of life for older adults. Seniors can enjoy an active, fulfilling life in a community through scheduled activities, wellness opportunities, supportive care services, and socialization.
Related: 5 Tips for Paying for a Move to Senior Living >>
Life at Golden Bell Senior Living
Ultimately, you want to ensure your loved one is safe and their daily needs are met. It’s important to prioritize their overall well-being so they experience a high quality of life while maintaining meaningful relationships with others.
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, family-owned for over five decades, 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.
