What do retirement homes cost

Many assisted living communities have a community move-in fee. It can be paid up front or prorated monthly. What should you look for in a contract? Pricing is usually broken down into rent and services. Rent pays for your apartment, the cost of which will vary depending on size and location.

Services typically include three meals a day, housekeeping, transportation, activities and some level of personal assistance.

For example, a resident may need 15 minutes of help with medication management, 15 minutes of help with dressing and 30 minutes of help with meals each day. Someone needing three hours of care would pay more. Which is better: a package or a flat fee? Some communities will offer a selection of bundled packages based on need, rather than charging for the amount of time it takes to deliver various services.

Other communities have a flat fee for the monthly package, which means everyone pays the same, regardless of the amount of services they use. It might start out with just a few hours of help with chores each week. Over time, many seniors also need transportation services, meals, and even help with dressing and other daily chores. Moving to a retirement community could in fact turn out to be unexpectedly good for the finances.

The other factor to consider is that moving to a retirement community is often an opportunity to downsize, which means less space to need to maintain and keep clean, and also less risk for falls and other health concerns. Many people as they age actually end up preferring a one or two bedroom apartment with no steps and everything they need close together.

Over time, as seniors lose touch with their network of friends and become less mobile, social isolation can set in. According to a growing body of studies , inadequate amounts of social interaction can be deadly for seniors. In fact, loneliness in seniors has been found to be twice as dangerous as being obese and just as detrimental as being a smoker.

By staying social, the National Center for Biotechnology Information asserts that seniors can also boost immunity and reduce inflammation that can lead to chronic illnes s. That brings us to one of the surprising financial benefits of moving to a retirement community: saving on medical costs by staying healthy. You or your relative will find a multitude of ways to stay connected.

Classes and activities also keep everyone mentally stimulated and engaged. Even after taking all these different factors into mind, it might be hard to see which way the scales tip. But you now have the facts.

Now, we invite you to take the next step and shop around. If you think community living might be for you or an older relative, feel free to select an Acts community and get pricing information. We've done a lot of the research for you! Did You Know: One way to cut down on nursing home costs is to age in place with a medical alert system. To find out more, see our best medical alert system picks page to help you make a better and more informed decision.

I just need some details before we chat. Scott founded Select Home Care Portland in and has been helping seniors live their best life at home or in their local senior community ever since. As an advocate for seniors, the primary philosophy has been to listen, educate and provide… Learn More About Scott Witt.

Since graduating from Harvard with an honors degree in Statistics, Jeff has been creating content in print, online, and on television. Much of his work has been dedicated to informing seniors on how to live better lives. Cost of Care Survey.