When considering a transition into an assisted living community, the costs can seem daunting. How can one manage the cost of the necessary level of care while maintaining financial peace of mind? Some seniors and their families think that it’s more affordable to continue living at home rather than pay for an assisted living community, but that’s not always the case. Our team of professionals at The Timbers on Blackwell Creek is comparing the two to help you decide which is best for you.
The Cost of Senior Living: Can You Afford It?
It’s true that the cost of senior living may seem intimidating. Average costs vary depending on where you live, the level of care you need, and more. Further, there’s often a negative view of assisted living, with some viewing it merely as a place where seniors end up when they can no longer take care of themselves.
However, there are often more possibilities than you’d think when it comes to paying for the cost of assisted living. Options like long-term care (LTC) insurance, life insurance conversion, social security benefits, and veterans’ benefits can help offset the cost of senior living and make it a more feasible solution. Not only that, assisted living has evolved into a place where seniors receive so much more than medical care – it’s now a place where they can start a new and exciting chapter of life. At The Timbers on Blackwell Creek, we offer a warm and welcoming community that places priority on enrichment and independence to help our residents enjoy every moment to the fullest.
The Cost of Home Living Could Be Higher Than You Think
Many think that senior home living – also called aging in place – is much more affordable than an assisted living community. After all, if the mortgage is paid off, it’s free, isn’t it? Unfortunately, many families don’t realize that the cost of aging in place can end up being significantly more than the cost of assisted living. While it’s true that a mortgage alone will almost always be less than the monthly cost at an assisted living facility, families fail to consider other aging in place costs, like:
- Property taxes
- Homeowner’s insurance
- Home repairs and maintenance
- Utilities
- Housekeeping
- Groceries
- Transportation needs
- Entertainment
- Personal and medical care needs
- Home modifications and technology to make the home more senior-friendly
Just because the mortgage is paid off doesn’t mean that living expenses no longer exist. This is particularly true if seniors need regular medical or personal living assistance. Small expenses can add up – in-home care can cost upwards of $20 an hour for basic care, while the around the clock in-home cost of memory care can skyrocket to over $10,000 per month. Further, seniors may have to manage high home expenses like roof replacements, new water heaters, new air-conditioning units, and more depending on the age of their homes.
Home modifications can add another element of cost to aging in place. To make a space more accommodating for senior living, families may have to add wheelchair ramps, bathroom handrails, special showers or bathtubs, and more to ensure safety and independence. These modifications can be expensive.
When you consider all of these costs cumulatively, it’s called total cost – how much it really costs to age in place. And surprisingly, the cost of aging in place can be nearly double the cost of assisted living.
The True Cost of Home Living
When comparing the cost of senior living and the cost of aging in place, it’s also important to take more into account than just financial cost. Seniors who live in communities like The Timbers on Blackwell Creek have easy access to enrichment and activities, nutritious meals, convenient transportation, and living and medical assistance.
Seniors who choose to age in place may face challenges that have little to do with finances. These challenges include:
- Isolation and loneliness at home with little to no social interaction
- Transportation difficulties and having to rely on public transportation or family members to drive them
- Poor nutrition as they are unable to cook healthy meals for themselves
- Increased risks due to homes that don’t accommodate senior needs (like trip hazards, stairs, concrete floors, slippery tiles, etc.)
- A sense of helplessness as they try to maintain their lifestyle but find it more and more difficult to do so without the right support
Benefits of Senior Living
On the other hand, while the cost of assisted living may seem intimidating, it includes benefits that seniors won’t find at home. At our vibrant community, residents are privy to:
- An exciting activities calendar with endless opportunities to build friendships, learn new skills, and thrive through enrichment
- Nutritious meals and snacks and a community dining room for a sense of connection
- Reliable and convenient transportation to local activities and events
- Safe and well-maintained living spaces, as well as access to housekeeping, maintenance, and laundry services
- As little or as much support as they need when it comes to personal and medical care
And each resident lives within a personalized care plan to ensure that their needs are met on every level. While the financial cost of senior living may cause some to take pause, the non-monetary value of everything that assisted living brings to the table has unmeasurable value.
Which is the Right Path for You?
When considering whether to transition into assisted living or age in place, it’s important to examine all angles and ask yourself the right questions. Here are some things the experts at The Timbers on Blackwell Creek recommend reviewing before making a decision:
- What monthly expenses do you have besides mortgage or rent?
- Is your home going to need major repairs in the next 10-20 years?
- What modifications will you need to make to ensure your home is safe and navigable?
- Will you need in-home care? What level will you need, how much will it cost, and will your insurance policies cover any of it?
- How will your transportation needs be met? Are you able to easily access all of your activities, appointments, and social gatherings?
- How will your social and emotional needs be met? Will you be isolated in your current living space?
Further, it’s wise to gather more information about the assisted living community you’re considering. Get answers to questions like:
- What is included in the monthly cost of assisted living?
- What are the levels of care and support? How much does each of them cost?
- Are activities and transportation extra?
- Are meals included, or will you need to supplement with groceries?
- Are there any additional fees, like community dues?
Once you’ve considered the total cost of assisted living versus aging in place – as well as weighed out all of the benefits of living in a senior community – it’s time to make your decision.
Let Us Help You Step into Senior Living with Confidence
Ready to make the transition into a vibrant senior living community? We’re here to help at The Timbers on Blackwell Creek. Contact us today and let us start the process of welcoming you home. Get more answers to your funding questions by downloading your free copy of our “A Family Guide to Funding Senior Care and Housing” today.
