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February 21, 2020

To move or not to move? The cost of senior living communities

In a recent blog post, we looked at factors involved in deciding to move to a senior living community, namely health, home maintenance, transportation, meals and social life. Now, we’ll address another major consideration for seniors and their families—finances.

Understandably, many families are concerned about the cost of senior living communities. Some can’t imagine they would be able to afford one. However, they often see the economic picture differently after meeting with a retirement community representative. They may discover the cost of senior living communities would be similar to (or even less than) that of remaining at home.

 When taking stock of available finances, families shouldn’t overlook resources that could escape attention. We offer this information on financial options for senior living to help them compile a list of potential resources. Note that Medicare doesn’t cover independent living costs or personal care/assisted living costs, though Medicaid recipients may receive aid for some fees.

Compare retirement community costs and use our guide to senior living options

At Country Meadows Retirement Communities, we meet with families and help them compare the cost of senior living communities versus the cost of staying in their homes. We also offer our easy-to-use online cost comparison tool for those who may wish to give it a try on their own at home. We are happy to have these discussions even if a family decides a move to a senior community isn’t yet in their best interest.

 

We’re available to help your family as well. When considering or choosing a retirement community, be sure to ask questions that will provide you with all the financial information needed to make your decision. Here are a few cost-related questions that we suggest you ask:

  1. What levels of care do you offer, and what are the costs for each?
  2. Do you require a substantial buy-in or entrance fee? If so, what is the additional monthly service fee?
  3. If there is no buy-in fee, what is the monthly rental fee, and is there an initial, one-time community fee?
  4. What health care services and other features are covered by the required fees? What costs are not covered and would be extra? (Be sure to ask about the availability of nurses 24/7, which could be important in an emergency.)
  5. Are couples with different levels of care able to live together? How might that change the cost?

 

For more information on deciding on a senior community, check out our guide, “Navigating the Maze of Senior Living Options,” as well as our blog post and tip sheet on “what to look for in a retirement community.”

 

Check out the services at Country Meadows’ all-inclusive senior living communities

Country Meadows offers all-rental, month-to-month retirement apartments with no buy-in fee. A resident’s all-inclusive senior living plan covers an apartment or room, meals, weekly housekeeping, laundry, maintenance, transportation, cable TV, Wi-Fi, social activities and other features and services. The cost for rental varies depending on a resident’s accommodations: level of care, floor plan and either private or shared living space.

We would look forward to meeting with you to talk about your specific needs and financial resources that may be available to assist you. Please contact us soon for more information or to schedule a visit at any of our 10 Pennsylvania retirement homes or our Maryland senior living community in Frederick.

 


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