Senior Living Cost in a Nutshell
It’s easy to frown upon checking how much senior living costs when you can let your loved one age at home. While in-home caregivers may seem affordable, they can result in greater stress and higher fees than other options. If you compare it with senior living, the benefits your loved ones can enjoy are much better.
So let’s look at the various expenses and fees associated with senior living.
Senior Living Costs and Expenses
A community filled with welcoming and friendly peers, better access to transportation, and enhanced social life. The long-term care senior living communities can provide is worth more than the price you have to pay.
First and foremost, senior living expenses can vary across nations and regions. If you want to calculate its costs, consider the amenities and services you’ll need, and what is included in the monthly rate of the package option you will opt for.
To give you an idea of the average cost of senior living, we’ll break down a few of the expenditures you’ll have to consider in your budget plan.
One-Time Upfront Fee
Sometimes called community fees, upfront or entrance fees are one-time charges some assisted living communities require when a resident moves in. These fees usually range from $30k – $1 million or more. However, these sky-high entrance payments don’t really affect most seniors as it’s mostly particular to special types of senior living communities called Continuing Care Retirement Communities or CCRCs. An average assisted living center might charge one month’s worth of rent as an entrance cost.
You may browse the web for more info on average senior living costs.
Recurring Monthly Fees
The resident’s meals, transportation, and the residential unit, along with their particular care service and assistance with day-to-day living activities, are covered by this fee. This differs based on the individualized care needs and the size of Diablo Glen residences, ensuring they only pay for what they need. Depending upon your location and your loved one’s specialized needs, you may pay more or less $4,500 monthly.
Care Services Fee
This fee gets added to the recurring monthly costs and uses a tiered method based on the level of care your loved one will need. The level of care depends on the number of daily activities the resident will require regular assistance. This includes eating, dressing, bathing, toileting, and much more. The monthly cost for tier one is $150 or so and goes up a few hundred or thousand dollars depending upon the level of assisted living care.
Medication Management Services and Ancillary Services
Seniors needing assistance taking medications at the right time and dose can avail of medication management services for an extra monthly fee based on the complexity of medication administration. Other ancillary services like occupational or physical therapy can also be charged on a monthly basis if needed, along with non-care related services like extra meals, parking, and some activities.
Final Thoughts
It pays to know how much you’ll pay for and why over a senior-living investment, be it for you or your loved one. This can help you prepare emotionally and makes your planning easier. Although we were able to provide approximate fees on the various expenses you’ll expect when inquiring from assisted living centers, note that this will still depend on your region and country.
