When deciding between staying at home or moving into a senior living community, seniors and their families are often faced with a multitude of considerations. One of the most critical aspects to assess is the cost associated with each option.
Both aging in place and transitioning to a senior living environment involve unique expenses and financial considerations. In this blog, curated by the Abe’s Garden Community team, we explore the various costs involved to help you make a well-informed decision about your or your loved one’s future living arrangements.
Aging in place: staying home and its hidden costs
Many older adults wish to remain in their own homes as long as possible because it’s where they feel most comfortable. While staying at home may appear to be the less expensive option at first glance, it’s essential to delve deeper into potential hidden costs.
Home modifications and maintenance
Modifications such as installing grab bars, ramps, stairlifts, or even major bathroom remodels may be necessary to ensure safety and accessibility. Additionally, ongoing maintenance costs for landscaping, repairs, and general upkeep can add up quickly, mainly if the senior can no longer perform these tasks themselves.
In-home care services
If assistance with daily living activities is required, the cost of in-home care services can vary, depending on the hours and level of care needed. This includes professional care from nurses, caregivers, or therapists.
Abe’s Garden Community offers in-home care for older adults who want to stay at home longer. Our personalized services include assistance with bathing and dressing, light housekeeping and laundry, medication reminders, supervision, errands, and more.
Utility bills and home expenses
Often overlooked are the regular ongoing expenses of property taxes, home insurance, upkeep and repairs, utility bills, and potentially homeowner association fees. Unfortunately, these costs can be particularly burdensome on a fixed retirement income.
Use this checklist to see if senior living is right for you >>
Transportation
As people age, some seniors may need to stop driving, making it difficult to run errands, attend medical appointments, and participate in social activities. Finding transportation on a regular basis can take time and effort. You can start by reaching out to your local bus service or senior center to find out about transportation options that cater to older adults.
Senior living: assessing the all-inclusive option
Moving to a senior living community usually entails a monthly fee that covers a wide range of services, which can initially seem daunting. However, these fees typically include many separate costs associated with aging in place.
Housing and utilities
Senior living expenses generally include the cost of the apartment or home, utilities, maintenance, activities, some meals, a full calendar of activities, and, typically, property taxes.
Is senior living the right choice for me? >>
Amenities and services
Many communities, like Abe’s Garden Community, o ffer amenities like fitness centers, libraries, restaurant-style dining services, housekeeping, laundry, transportation, and social events, which can enhance the quality of life and reduce the need for external services.
Care and assistance
Assisted living and memory care options provide varying levels of care that are conveniently located on-site. The level of care will affect the cost, but it is usually comprehensive.
Predictable budgeting
Unlike the variable costs of home ownership and care services at home, senior living communities offer more predictable monthly expenses, often making financial planning easier for residents and families.
Explore these 5 tips for paying for a move to senior living >>
Weighing your options: personal considerations
When evaluating the costs of each option, it’s important to consider personal preferences, health conditions, and potential future care needs. Some people may find that a senior living community’s social environment and convenience justify the cost. Others may prefer to age in place due to emotional attachment to their family home as long as they can manage the financial and practical implications of home adaptations and care.
Are you ready to explore senior living further?
Download our free guide: “Staying Home vs. Senior Living – Should you stay or should you go?” to help you decide between aging in place at home or moving to senior living. You’ll get the facts about the senior living care options and discover what to expect. Additionally, the guide provides tips on assessing your home’s safety and weighing senior living cost versus value.