The Cost of Senior Living: What Can I Afford?

Author

Vi at Bentley Village

For more information about the author, click to view their website: Vi at Bentley Village

Posted on

Jul 22, 2023

Book/Edition

Florida - Southwest

Share This

You’ve been investing, saving, and making savvy decisions about money your whole life — so now what?

More choices await you as you plan your next chapter — and as you consider whether to move to a retirement community, financials will likely be an important piece of the equation. So take the time to gather the information and resources you need around the cost of senior living to make the right decision for you. 

Understanding the financial landscape

By this point in life, many seniors may have paid off their mortgages and other assets and are living comfortably.

As you’re starting your research on retirement communities, you may be venturing into some uncharted financial territory. What’s more, weighing the pros and cons of Life Plan Communities, rental communities, aging-in-place scenarios, and more can often feel like an apples-to-oranges comparison. 

Consider it an investment for tomorrow

As a first-time homeowner, you likely wouldn’t have purchased a one-bedroom condo if you knew you wanted to have children. You’d have invested in a home you and your family could grow into comfortably as your life progressed.

The same goes for senior living: It pays to weigh what you want and need today and anticipate what your future needs will look like.

In general, aging in place at home or moving into a rental community can be an affordable solution for your life now and in the immediate future. But in terms of future care, there are variables to consider. Should your needs change over time, you'll have to figure out solutions as you go and pay the current market rates.

Life Plan Communities take the big picture into account: where you are now as well as what care you’ll need as you continue to age. And because of this, they come with a higher up-front price tag.

No matter what you choose, each living situation comes with a different set of cost considerations.

What's your bottom line?

It pays to have a complete picture of what you’ll be paying for and why over the life of your senior-living investment — not just how much you’ll be paying out of pocket, but also how those investments will serve you in the future. (Just think what it would have been like trying to raise a family in that one-bedroom starter condo…)

Yes, taken at face value, options like assisted living over aging in place with home care, or Life Plan Communities over rentals, can seem like disproportionately large investments.

But when you look at the big picture and take ongoing and long-term costs into account, an apples-to-oranges comparison can suddenly seem more apples to apples.

Some senior living companies, including Vi, offer pricing sources right on their website. Others require a call to sales or a request for more information.

Do you want to talk more about your financial options? We’re here to help. Contact us with your questions around paying for senior living.

Other Articles You May Like

Pet Friendly Senior Living Benefits All Animal Lovers

Pet Friendly Senior Living Benefits All Animal LoversBy: Country Meadows |  Senior LivingThe bond between humans and animals is complex and deeply rooted. Studies have shown time and time again that animal companions can offer numerous benefits for people of all ages and can be a valuable tool in healthy aging. In pet friendly senior living, furry friends enhance the overall quality of life for residents.Some retirement communities like Country Meadows offer pet friendly senior living. For residents who dont have a pet of their own, each campus has house pets for everyone to love, spoil and enjoy. And Dynamic Living teams plan visits to and from animal rescue groups, volunteer opportunities to make pet toys and treats and special events such as dog weddings and furry sweethearts.Pets provide many benefits, including:CompanionshipPets provide companionship and emotional support, reducing feelings of loneliness and isolation that some seniors may experience. A pet friendly senior living community provides many opportunities to interact with animals, whether individual pets or therapy animals.Stress reductionInteracting with pets has been shown to lower stress levels and promote relaxation, which can be especially valuable for seniors dealing with the challenges of aging. Staff at a pet friendly senior living community can help older adults provide care for beloved furry friends when needed.Physical activityHaving a pet encourages regular physical activity, such as walking dogs or playing with cats, which can help seniors stay active and maintain a healthier lifestyle.Social interactionPets can serve as conversation starters, fostering connections between residents and encouraging social interactions within the community. At pet friendly senior living, meeting neighbors animals is a great way to break the ice, start conversations and make new friends.Routine and structureTaking care of a pet can establish a daily routine and provides a sense of purpose, providing responsibility and stability.Improved mental healthSeveral studies have shown that pets boost mood and reduce symptoms of depression and anxiety, contributing to overall mental well-being. Pet friendly senior living provides many opportunities for residents to interact with animals, whether the pet lives on campus, is visiting or is part of an educational presentation.Cognitive stimulationInteracting with pets can stimulate cognitive functions, such as memory and problem-solving skills, which are essential for maintaining mental sharpness in our later years. Activities involving animals are effective in helping residents living with dementia in pet friendly senior living.Even if a resident chooses not to own their own furry friend, various animal-related activities are planned to provide opportunities for seniors to interact with pets. Some of these activities include:Pet therapyAnimals certified in therapy, such as dogs, cats, rabbits, birds and even reptiles, visit pet friendly senior living communities to interact with residents. Therapy animals are known for their gentle temperament and are specifically trained to provide comfort and companionship. Residents can pet, cuddle or simply spend time with animals.Educational presentationsSome pet friendly senior living facilities invite animal experts to bring a variety of animals such as exotic birds, reptiles, small mammals and others, for residents to interact with and learn about.Volunteer opportunitiesMany residents at pet friendly senior living communities enjoy supporting local animal rescues. At Country Meadows, residents make dog biscuits for local shelters as well as toys and treats. And residents look forward to visiting shelters in their respective areas to donate items in person and meet shelter residents.BirdwatchingRegardless of whether or not one lives at a pet friendly senior living community, birdwatching is a fun opportunity to observe and enjoy local birds. At Country Meadows, residents often enjoy birding walks during which experts point out different birds, talk about their unique traits and educate residents about local habitats.Special activitiesPet friendly senior living communities like Country Meadows are able to offer unique interactions with various types of animals. At Country Meadows of Wyomissing, residents enjoyed a therapeutic puppy yoga session, which was more about cuddling than yoga. At the Forks in Easton location, residents spent their Valentines Day receiving pooch smooches from local shelter dogs, while at Country Meadows of Wyomissing, residents were invited to attend a doggie wedding.AquariumsHaving an aquarium in common areas or resident apartments can be therapeutic. Watching colorful fish swim can be relaxing and help reduce anxiety and stress. Aquariums often can be found regardless of whether or not a community offers pet friendly senior living.Pet friendly living at Country MeadowsWith research demonstrating that seniors benefit from regular animals, Country Meadows offers pet friendly senior living at each of its nine locations in Pennsylvania and one in Frederick, Maryland. Please contact us today to request information or to schedule a visit to meet our residents-human, canine, feline and avian! We look forward to meeting you.

Starting Your Senior Living Search? Consider These Essential Tips

Are you or a loved one contemplating the transition to senior living? Embarking on this journey is a significant step towards ensuring comfort, safety, and a vibrant lifestyle during the golden years. To help you kick-start your senior living search, weve compiled a handy guide highlighting the essential tips when you begin your search for a senior living community. From understanding your needs to visiting potential communities, heres how to make an informed decision with confidence.1. Know What You Need:Every individual has unique preferences and needs when it comes to senior living. Do you require assistance with daily activities, such as bathing and medication management? Are you looking for a community that offers engaging social activities and outings? Understanding your needs, whether related to health, social interaction, or lifestyle preferences, will guide your search in the right direction.2. Know Your Budget:Senior living options vary widely in terms of cost. Determine your budget and explore options that align with it. Remember to consider all costs, including monthly fees, utilities, and potential future care needs. Financial planning at this stage is crucial to ensure a comfortable and stress-free transition.3. Read Online Reviews:Harness the power of the internet to gather insights from those who have experienced senior living firsthand. Online reviews can provide valuable information about the quality of care, associate responsiveness, amenities, and the overall atmosphere of a community. Keep in mind that a mix of positive and negative reviews is natural, but pay attention to recurring themes.4. Check Out Their Social Media Pages:A communitys social media presence can offer a glimpse into daily life and events. Platforms like Facebook and Instagram often showcase photos and stories from residents and associates, giving you a sense of the communitys culture and engagement opportunities. Its a modern way to get a virtual tour before visiting in person.5. Create a List of Potential Communities in Your Area:Compile a list of senior living communities in your desired location. This could be based on proximity to family, friends, or preferred neighborhoods. Research each communitys amenities, services, and offerings to narrow down your choices.6. Visit Your Top Choices:Theres no substitute for an in-person visitschedule visits to your top-ranked communities to see firsthand what they offer. Pay attention to the cleanliness, friendliness of associates, and the overall atmosphere. Interact with residents if possible, as their experiences can provide valuable insights.7. Curate a List of Questions:Prepare a list of questions to ask during your visits. These questions can cover a range of topics, such as available care services, dining options, activity schedules, transportation, safety measures, and policies. Having these questions ready will ensure you gather all the necessary information to make an informed decision.Transitioning to senior living is a significant life step, and its essential to approach it with careful consideration and thorough research. By following these essential tips, youll be well-equipped to find the perfect senior living community that meets your unique needs.Remember, this journey is about finding a place where you or your loved one can thrive and enjoy a fulfilling lifestyle. With the right approach and thorough research, youre on your way to making a decision that will enhance the quality of life during the golden years.At Grace Management, Inc., our mission is to make tough decisions easier. We believe that home may be a place, but its also a feeling, a way of life, and something we take seriously. Are you interested in learning more? Head over to the communities page on our website to find a community near you.

Senior Housing Is Better for Your Health

Making the move to a senior living community can have a number of positive effects on your life, but did you know it could even improve your overall wellness? According to a recent study done by NORC at the University of Chicago, making the move to a senior community can mean becoming less frail.The Results Are InNORCs comprehensive study applied Harvards Claims-Based Frailty Index to a population of 495,099 Medicare beneficiaries across the senior housing continuum to assess older adults vulnerability to adverse health outcomesmeasuring their rate of chronic conditions, acute conditions, and health services utilization.Not surprisingly, the results showed that residents with the greatest level of need and vulnerability tend to reside in communities equipped with the most intensive care and support services. But, more significantly, the results illustrated a correlation between a residents length of stay and their increased health outcomes, ultimately determining the path-defining truth: Older adults are less vulnerable soon after moving into senior housing.The authors of the study, NORCs Vice President of Health Care Strategy Dianne Munevar and Senior Associate of Health Care Strategy Claudia Gorman, determined from the data thatwhile an analysis of an individuals frailty 12 months prior to moving into a senior community can be usefulthe vulnerability expectation for seniors is unanimous:Seniors are more vulnerable to declining health outcomes in the year prior to moving into a senior living community.Upon moving into senior housing, vulnerability increases for a short period as residents settle in before leveling off and showing improvement.Vulnerability to adverse health outcomes levels off / decreases around 3 months after residents move into a senior living community.Residents experience a 10% decline in relative frailty levels one year after moving into a senior living community.According to Raymond Braun, president and CEO at The National Investment Center for Seniors Housing & Carethe organization that provided the grant that funded the studythe finding that vulnerability declines after entering senior livingsuggests that this kind of housing can help restore a measure of vitality and independence for residents.Braun went on to say: For operators, [this finding] indicates that investing in non-medical supports is critical for residents improved health and safety.Living Gracefully in Your Next ChapterWhich is why Grace Management, Inc. communities are dedicated not only to providing compassionate care and services to residentsbut also helping our residents live up to their full potential, so they can rest easy knowing that their lifestyle and interests will be catered to and their expectations exceeded. A sentiment reflected in Lead Researcher Munevars findings, when she reported, Non-medical care and services like socialization, transportation, exercise, balanced nutrition, medication management, and others have a positive impact on a residents health.With a variety of living options, as well as daily wellness, cultural, and educational life enrichment activities and events offered through our Vibrant Living Program, communities operated by Grace Management are where you can live your best lifeexactly as you want. Because we believe in the power of community and the importance of feeling supportedwith compassionate care and elevated resourcesto live and age gracefully in your next chapter.A Place Where You BelongCommunities operated by Grace Management are proud to offer exceptional Independent Living, Concierge Living, Cooperative Apartment Homes, Personal Care, Assisted Living, Specialized Care, and Memory Care in a place that is not just like home, it is home.Managed by Grace Management, Inc., a leader in providing the best senior living experiences, our communities have elevated industry standards while providing the resources and information seniors and their loved ones need to make important life decisions. Grace Management, Inc. is a subsidiary of CPF Living Communities and is ranked in ASHAs 50 largest senior housing owners.For more information, or to schedule a personalized visit, please call (763) 544-9934 or visit www.GraceManagement.com.

Local Services By This Author

Vi at Bentley Village

Housing - Other Types 850 Retreat Drive, Naples, Florida, 34110

At Vi at Bentley Village, wake up every day to your own private golf course, enjoy our property's 156 sprawling acres, entertain in your refined apartment home, and relax in the casual elegance of our exclusive community. Luxury service, dining and amenities are available every day to elevate your experience and make life a breeze.

Vi at Bentley Village

Independent Living 850 Retreat Dr., Naples, Florida, 34110

Vi at Bentley Village is a Type A luxury Life-Plan Community that provides residents with independent living, as well as a continuum of care, including Assisted Living, Skilled Nursing, and Memory Support on-site. Plus, with a host of services and amenities offered especially for your convenience, you will have the freedom and the free time to make the most of your vibrant lifestyle.

Vi at Bentley Village

Assisted Living 850 Retreat Dr., Naples, Florida, 34110

Vi at Bentley Village is a Type A luxury Life-Plan Community that provides residents with independent living, as well as a continuum of care, including Assisted Living, Skilled Nursing, and Memory Support on-site. Plus, with a host of services and amenities offered especially for your convenience, you will have the freedom and the free time to make the most of your vibrant lifestyle.