The costs of moving to and living in a senior living community can take time to understand. Many variables can affect what you may pay, including type of residence, location, level of care services, meals, amenities, and much more. At our Abe’s Garden Community team, we want to share guidance on what expenses you can expect in senior living.
What fees can you expect in senior living?
When visiting communities, remember to note what is and isn’t included in the monthly living costs. Because each community likely has a different pricing structure, comparing one with another can sometimes be challenging. Keep in mind that the price you are given at one community may be higher because it includes more services and amenities than that of another.
Here are the primary expenses you can expect in senior living:
Base rent
Senior living communities typically charge a base rent, sometimes called a basic monthly fee. Find out what is included in the fee, such as rent, utilities, cable, meals, life-enrichment activities, housekeeping services, and so on. Group transportation may also be offered and included in the monthly fee.
Up-front fees
Sometimes, senior communities charge an up-front fee, also called a buy-in fee. The admission fee may or may not be refundable. It’s important to ask about up-front fees and the terms and conditions. You may also be required to pay a security deposit, first and last month’s rent, or a pet deposit.
Additional costs
A senior living community may charge additional fees for optional services and amenities. For example, if you require personal care assistance, you may pay per service or level of care. Other additional costs may include personal transportation requests, salon fees, outings to restaurants or attractions, and pet fees.
Discover what amenities today’s senior living communities offer >>
Rent increases
Rent increases should be factored into your budget for senior living. Typically, communities will increase fees on an annual basis. Ask the communities you’re touring about their average yearly increases, so you know how to plan for each year’s expenses.
How to pay for senior living
While researching senior living costs, consider what funding solutions may be available to help pay for expenses. Veterans may qualify for monthly assistance, and often, seniors use bridge loans, reverse mortgages, long-term care insurance, and life settlement programs as other options to make senior living more affordable.
Are you ready to explore senior living?
Download our free guide, “The Complete Guide to Choosing Between Senior Living Options,” to help you understand the options available to you or your loved one. You’ll learn the differences between the levels of care, what costs to expect, how to create a budget, and what questions to ask when visiting communities.