Did you know that there are over 800,000 Americans residing in assisted living? Retirement homes are a helpful option to help out families when they may not have the resources to take care of another family member. These places should strive to provide their residents and families with a sense of freedom.
The process of preparing for retirement should not something that should inflict stress or conflict, especially when there are so many details to consider. There are a lot of important factors to go over in order to ensure that you select a place that fits your lifestyle. If you have found yourself searching Google on “how much does a retirement home cost” or you are looking for other details, keep reading for all of the information you need to make a decision.
What Are Retirement Communities?
The goal of these communities is to meet your loved one’s needs as they move into the next phase of their lives. There is a release of responsibility from having to manage cooking, housekeeping, laundry, and other life necessities. There are different types of communities for elders that can help improve the living situation that fits your family’s individual needs.
These are designed for those who are looking for a maintenance-free life but who may not need any medical assistance or intensive care. These communities also don’t provide as much assistance in their daily functions as other care homes.
Though they can take advantage of more activities and amenities. Some places offer fitness centers and even on sight gyms, golf courses, and swimming pools.
55+ Living Communities
Some communities offer living arrangements that are only for those who are 55 years or older. These are typically in the form of condominiums, townhomes, and apartment complexes.
They offer things like planned communities and activities, but the living is very independent. Recreation events are an added benefit that residents can enjoy in their time here.
Continuing Care Retirement Communities (CCRC)
These are programs that offer people usually 60 years or older a long-term continuing care contract that offers them a variety of services. Usually, these programs are for people who need medical care like nursing, supervision, and help with diseases or medical issues. These programs are great at providing a sense of comfort, involvement, and community while going through challenging times.
How Much Do These Communities Cost?
Understanding the different types of communities and living situations there are is crucial to know because you likely have a set budget or are helping a loved one with their retirement plan. Each community will depend on the sizing of the unit, amenities and services, and where it is located. Here is a breakdown of what to expect when thinking about retirement home prices.
Because these are pretty independent, the cost of these facilities is similar to purchasing a house or apartment in the same neighborhood. They are usually all-inclusive, which is unlike the 55+ living. Everything is bundled up into rent payments like landscaping, security, and utilities.
There are extra services for additional charges like housekeeping, transportation services, and activities. They often have long-term leases and little to no up-front or rental fees.
Price of 55+ Communities
The pricing will change for each community depending on the amount of space and rooms. Some places may require residents
Often seniors will use the money from selling their house to pay for these types of living arrangements. Those that have homeowners associations may have extra fees but with added benefits like lawn care, snow removal, and other help for senior living. Those living here can benefit from additional activities and community involvement.
Price of Continuing Care Retirement Communities
These places generally require an entrance fee which acts as a form of prepayment for your care and operating costs. Keep in mind that a majority of the time, these fees are not refundable when the resident moves out or if they pass away.
In addition to these admission fees, there is a monthly fee, which is subject to increases over time. This fee is entirely dependent on factors of the unit assigned, the level of care that is needed, the contract, and more. In general, these fees can range anywhere from $2,000 to $5,000 but it depends on your unique arrangements.
In addition to the different types of living facilities, there are alternate pay structures that you can ask for when looking for care. It varies by place and type.
However, you can choose between monthly rental fees, fee-for-service contracts, or signing a lease for a specific period, whatever works best for you. There are even packages that are modified to include rehab services or health care in payment details.
How Do I Arrange Services?
Once you make your decision on where you would like to go, you should contact the location and schedule a consultation to do an assessment of services. After making a personalized plan that addresses your’s or your loved one’s needs, you can start to feel solace in the process being almost complete.
How Much Does A Retirement Home Cost? Choose The Right One Today
When preparing for your retirement, it is important to consider what is different from your current living situation and what assisted living has to offer you. If you have wondered how much does a retirement home cost, you aren’t alone. With the rise in hourly wages and the cost of living, it can be hard to find a place that you are comfortable with at an affordable price.
If you are considering assisted living or looking into life as you retire, contact us for more information. Our assisted living communities offer the best elderly care at a price that will work for you.