Shelley EDeciding where to put a senior is just part of the equation. The other is figuring out how much it will cost you and whether you can afford it.
When deciding on senior housing, you first take into account that person’s needs and desires. For instance, do they want to keep living where they are to enjoy comfort, privacy, and independence? Are they okay with living with family or moving in with friends to share costs and have companionship? Or do they need a higher level of care which warrants assisted living or a skilled nursing facility?
Picking between those options is hard enough. Factoring in their costs makes that choice even harder.
To give you an idea of what the different senior living options cost, here’s a list:
Live at Home
The independence, privacy, and comfort of this option make it so attractive to many seniors. If you have a good to excellent financial situation and your home is in good shape, it may be best for you to continue on this path, as it could cost less than transferring to assisted living.
As you continue to live at home, remember that your needs may change. You may not need any care at the moment, but you could come to the point that you require in-home care. To avoid loneliness, adult day care may be necessary. Or, you may find yourself needing hospice at home one day.
All of those add-ons cost money. Some may be available at reduced costs or free from the government, depending on your age, income, and other factors. You may also purchase some from companies that offer services to seniors.
What are some other add-ons you may need while living at home? Medical alert solutions for emergencies. Call reassurance for periodic check-ins to see that everything is okay. Transportation to get around. Home modification to make parts of the house more accessible and safe. And so on.
Will Medicare chip in? Not for long-term care at home or even in senior housing. It can help with hospice at home, however. Medicaid may help reduce some costs, but you’ll have to check.
When staying at home, some seniors call on SSI or VA Aid and Attendance for help. You could also look into a reverse mortgage.
Live With Friends or Family
Living with friends or family can reduce the need for specific assistance. It can also minimize rent, utilities, and other expenses, as some of them may be shared.
Even if you live with friends or family, you still may require some of the services listed above, so keep that in mind.
Senior Housing
According to Genworth, the average cost for assisted living in 2019 was around $4,000 per month. That was the national average, so the number you’ll face could be lower or higher depending on the location, plus the type of facility that can include:
- Retirement community
- Alzheimer’s assisted living
- Active independent 55+ community
- And more
If this seems too expensive, you should start looking into low-income senior housing options now. Most have a long waitlist and specific qualifications, but they can be a much more affordable form of senior living.
Skilled Nursing
The most costly form of senior housing is skilled nursing care. In 2019, the average cost of a private room in a nursing home was around $8,500 per month, double that of the assisted living average.
Ideally, a family should have savings and long-term care insurance in place before such housing is needed since it’s so expensive. Medicaid can help should you qualify, as can Aid and Attendance for veterans and surviving spouses.
If you’d like personalized help with finding the right senior housing fit in your area, dial 211 on your phone or call the Eldercare Locator at 800-677-1116 to find your local Area Agency on Aging. Both will be able to connect you with resources for seniors.
Mark Luigi
