One of the biggest considerations when deciding whether or not to move to senior living is the cost. At the same time, we know it can be confusing to decipher the fees and what may or may not be included in them. It’s even more so when comparing one community to another. We can help make it easier. Check out these tips on what to expect when it comes to monthly senior living expenses.
- Start with the base rent/base fee – Ask what is included in this for each community you consider. Typically, monthly expenses such as rent, utilities, cable, meals, life-enrichment activities, and housekeeping are included. Some may also include other services like scheduled, group transportation as well.
- Find out about any upfront fees – These fees may also be known as entry fees and are used to cover the administrative costs of moving in a resident.
- Add up additional costs – Depending on your needs, you may incur additional expenses such as personal care or private transportation to and from doctor’s appointments. Other expenses should you choose to use these services typically include outings, beauty/barbershop charges, concierge services, and pet fees. Check with each senior living community you are considering on what they may offer, as well as the additional cost for these services.
- Anticipate rent increases – It’s an unfortunate part of business, and life, that expenses tend to cost a little more each year which may translate into a rent increase as a senior living resident. Ask how often these increases occur, how much to expect, and when families are notified about them.
- Look for other funding solutions – Yes, there are solutions to help you offset the cost of senior living. While investment income, pensions, and the sale of property are the most common ways to fund senior living care, there are other sources. The Veterans Aid & Attendance benefit is an option for qualified wartime veterans or their surviving spouses. You might also consider long-term care insurance, a life insurance conversion, or perhaps a reverse mortgage as well.
Comparing Monthly Senior Living Expenses
It’s important to do your best to compare apples to apples among the communities you’re considering, especially when it comes to monthly senior living expenses. Yes, they may have different pricing structures- and may refer to fees and/or services differently, which makes it more confusing, but that’s why it’s important to take good notes and never be afraid to ask questions for clarification. Communities like ours are always happy to help and want you to be confident in your decision to move. If you’re talking to staff that isn’t helpful, double-talks, or won’t answer specific questions about expenses, consider that a red flag! Check out our guide on Choosing the Right Senior Living Community for more information. Or, contact us today to schedule your virtual tour!