As you or your loved one approaches the vibrant age of fifty-five, you may consider senior living as the best way to enjoy retirement. Senior living is an exciting way to spend your retirement; you or your loved one can enjoy learning new skills, meeting like-minded people and building lasting friendships.
As a resident of a senior living community, you or your loved one can enjoy exciting activities and events that include scheduled trips, socialize with other residents and have access to experienced professional nurses 24/7. These services and amenities can make retirement the most enjoyable experience.
The best part about senior living is you can personalize the experience to suit your preferences and needs. As such, there are some factors that can determine the cost of senior living.
Level of Care You Need
The level of care you need determines how much you or your loved ones need to spend on senior living. The general rule of thumb is the higher the level of care you need, the higher the senior living costs and vice versa.
If you or your loved one requires minimal daily care and is looking forward to enjoying exciting social activities, then independent living is the perfect senior lifestyle option for you. This option allows you to choose between various accommodations and you can expect to spend in the range of $1400 to $4000 every month.
You should choose assisted living if you need some form of support with activities of daily living and prefer a residential arrangement where you can enjoy excellent personal care and health services. For the assisted living senior lifestyle option, you can expect to spend an average of $4000 per month to get a private one-bedroom apartment along with the care benefits.
If you or your loved one requires round-the-clock services of an experienced nurse, skilled nursing would be the perfect senior lifestyle option. Nursing homes come with 24/7 resident care and supervision. You can share a semi-private room for $7000 or have a private room that cost $8000 onward every month.
Finally, if your loved one has dementia or Alzheimer’s disease and requires specialized care, the memory care senior lifestyle option will be your best bet. Memory care communities come with trained professionals with many years of experience and they typically cost between $2000 and $7000 per resident.
Senior Living Amenities
Another factor determining the cost of senior living is the type of amenities available in the senior living community. Do you or your loved one prefer a one-bedroom or a two-bedroom? Some communities offer all-inclusive prices, while others give you the freedom to choose the amenities you or your loved one would like to enjoy. Some of these amenities include:
- 5-star accommodation
- Private transportation
- Gourmet meals
- Pet services
- Concierge services
Your location is another crucial factor determining the cost of senior living. For example, if you or your loved one lived in the District of Columbia, you might need to spend close to $10000 per month to live in a private one-bedroom space in a senior living community.
Type of Community
The final factor determining the cost of senior living is the type of community you or your loved one would like to live in. Resort-style retirement communities usually cost higher than the average due to their top-tier services. Similarly, a continuing care senior living community will typically charge a hefty entrance fee apart from the monthly fees.