What’s the final cost of moving into a senior home? Well, it depends on several variables. First, there’s the entrance fee/costs. Some homes will perform health checks, evaluations, and other checks, for facilities in which you require around the clock care. These fees alone can run between $1,500 to over $10,000. But, that’s not where it ends, let’s see what you can expect for senior homes costs if you can’t live at home any longer.
The monthly fees
You’re paying a monthly fee to live in a senior home. The breakdown looks something like this
- Nursing homes $4500 to $15000 monthly
- Assisted living communities about $2000 to $4500 monthly
- Memory care units can cost in excess of $10000 monthly (location and the type of mental/memory condition one has will determine costs)
So, where you live is going to dictate the rates you will pay.
What affects those rates?
The monthly rates you’ll pay are all over the place, and there’s a reason (actually, there are several reasons). Some things which will affect how much you pay for senior home living each month includes
- Location (this is the biggest driver of a higher rate for assisted living, nursing homes, and senior homes)
- If you choose a private or semi-private room (nursing homes)
- The amenities: gyms, activities, cable/internet in your home, grab bars, ramps (installed on premises)
- Laundry services
- Transportation services
- On-site medical care or having an RN living with you
And, these aren’t all of the factors which will dictate the pricing you’re going to pay. Some homes or communities are simply going to charge a higher rate because they offer a calendar full of monthly activities for seniors to enjoy. You’re paying for these simply for living in the community. So, even if you aren’t going to all activities, your monthly rates are going to be affected because the home or assisted living community is offering more for you to do as a member of the community.
Medical care
This is another big indicator/factor which will drive the price you’ll pay. For example, in memory care units, those who suffer from Alzheimer’s or other conditions where they have memory lapses/issues with memory, might need someone to live with them 24/7. If this is the case, the rates are quickly going to increase. Then, some people who have difficult in mobilization might want to have an RN living with them. This is another increase in the rates you’ll pay.
If you are one of the people who require ongoing care, need medical care regularly, or need specialized attention while you are in a nursing home, assisted living community, or are living in a specialized care facility, the rates you are going to pay monthly are going to be higher on average as well.
Contracts
This is another hidden aspect which most people don’t consider when choosing a senior home. Like everyone, most people simply sign a contract without reading it in full. However, this shouldn’t be done. You need to know what the contract says. What if you want to leave early, can you? Or, if you want to go from a private to semi-private room to save on monthly costs, is there a penalty? If you need special meals or have dietary restrictions does the assisted living or senior home facility charge more?
Your contract is going to tell you this, and other information. So, as you’re visiting senior homes, make sure you’re asking relevant questions and taking notes. Also, make sure you fully understand the contract, its terms, penalties, and other possible consequences if you do not abide by those terms.
As you can see, living in senior homes or communities can cost in excess of $100K a year if it is specialized care, or as little as $45 to $50K a year. This is closer in line to what a basic rental apartment or home would cost, plus you have the benefits of being in a community of peers and having help when you need it. Before you choose your home, make sure you are fully aware of the costs, the hidden costs, what you’re paying for, and what’s included in the rates you are paying for living in the home or community of choice.
