Many seniors and their loved ones assume they can’t afford to move to an assisted living community. However, when you factor in the included services, utilities, and meals provided by assisted living, you may be surprised how it compares to the cost of remaining in your home.
How to Compare the Costs and Value of Assisted Living
It’s important to consider the total cost of living at home for a more accurate comparison of how your expenses may change when moving to assisted living. For example, you’ll need to think beyond your mortgage or rent payments.
It’s helpful to include the following costs:
- Groceries
- Utilities
- Home maintenance
- Property taxes
- Insurance
- Entertainment
- Home health care services
- Housekeeping and lawn care
Additionally, you’ll want to keep in mind the positive impact that living in an assisted living community can have on your quality of life. You or your loved one will have access to personalized care services, socialization opportunities, and life-enhancing activities and programming.
Why Staying at Home Can Be Costly
If you’re trying to determine what it would cost to remain in your home and age in place, you’ll want to calculate in-home care, home safety, and home maintenance expenses. Costs may vary depending on your location but generally fall within the following ranges or averages:
- In-home care: personal care, meal prep, and housekeeping typically cost an average of $26 per hour
- Home safety: ramps and handrails for accessibility could cost up to $8,000 or more
- Home maintenance:
- Furnace and central air conditioning system replacement is approximately $7,000
- Lawn care for 10 years is approximately $25,000
- Replacement windows for an average home, including installation, are approximately $400 to $1,000 per window
- Average roof replacement using composite shingles is approximately $14,400
Factoring in these potential costs should help better compare the value you’re receiving in an assisted living community where living options are already accessible and home maintenance fees are covered.
You’ll want to find out what supportive care services, like assistance with dressing, bathing, or medication management, are included in your monthly fee. Meals, utilities, housekeeping, and maintenance services are generally included in monthly assisted living fees.
What Financial Options Can Help Offset Some of the Costs of Assisted Living?
Various financial options can help cover the costs of assisted living. A few of these options include:
- Veterans Aid & Attendance Benefit – Veterans or surviving spouses with a limited income may be eligible for a non-service connected pension to assist in paying for assisted living. Visit https://www.va.gov/pension/aid-attendance-housebound/ to learn more.
- Long-Term Care Insurance – Long-term care insurance helps pay for assisted living costs that health insurance, Medicare, or Medicaid don’t typically cover. Consumer Reports recommends purchasing the policy around age 60 as waiting too long can result in higher premiums.
- Life Insurance Conversion – You may be able to transform your life insurance policy into a pre-funded financial account that will disburse a monthly benefit to help pay for health needs like assisted living.
Once you’ve estimated the cost of staying in your home, compare that to the cost of an assisted living community near you. You may want to meet with your financial advisor and speak with your loved ones to help with your decision.
Don’t be afraid to ask questions when touring communities. Find out all the costs and what additional fees may exist, including if there are typically annual average fee increases. Gather as much information as possible to help you make an informed decision.
Life at Sonrisa Assisted Living
If you’re looking at options for senior living, we invite your family to visit Sonrisa Assisted Living, designed to support your loved ones to live their highest quality of life.
We offer studio and one-bedroom private apartments for our assisted living residents as well as private or shared memory care suites for those living with Alzheimer’s disease or dementia.
Our memory care residents are cared for by our compassionate and specially trained team — who meet them wherever they are in their journey with patience and kindness. The residents also have access to customized activities, programs, and an elevated secured courtyard.
Our amenities and services encourage our residents in assisted living to engage with others, remain as independent as possible, and be reassured that help is available whenever needed.
In addition to our personalized services, we offer:
- Assisted Living dining room, bistro and two sitting lounge/living room areas
- Memory Care living and dining room
- Elegantly designed common areas
- Fitness and wellness center with physical and occupational therapy room
- A commercial kitchen
- Barber and beauty salon in both assisted living and memory care areas
- 24-hour on-duty care staff
- Secured community
- Art room
- Multipurpose room
- Large state‐of‐the‐art theater
- A large secured Assisted Living and separate Memory Care courtyard with walking paths
- On‐grade parking for immediate use of visitors and staff
- Dog Park
If your family is considering retirement living, we hope you will visit Sonrisa Assisted Living. We are a trusted resource and are here to answer any questions. Contact us today to learn more and schedule a tour.
You may also download our complimentary brochure to get additional details about Sonrisa Assisted Living.
