Becoming an expert in understanding senior living costs is not generally high on anyone’s New Year’s resolutions list. But when the time comes to educate yourself or a loved one about senior living, one thing is sure – everyone wants answers! How much is this going to cost? What amenities are included? Is there availability? The lengthy lists go on and on…
If changes in your health or lifestyle have got you thinking about downsizing or a recent visit with a senior loved one revealed concerns, it might be time to ask a few of these important questions. And since most of these questions start and end with cost, we’ve compiled a list of some commonly asked questions shared by seniors and their families evaluating senior living costs. A read-through, and you’ll be on the path to “expert status” in no time. Then you can check one resolution off your list, right?
Ten FAQs About Senior Living Costs
1. What accounts for differences in senior living costs?
Apartment rental costs, supportive care, and amenities differ greatly between communities and even parts of the state, but the following factors often account for differences in senior living costs.
• Look and feel of the community: A beautiful, newly designed senior living community, with its fancy light fixtures and high-end furnishings, may come with an expensive price tag. These communities can be well-equipped with exciting amenities and services and offer fabulous introductory rates to entice new residents. However, be wary of these rates as increasing monthly rental costs can quickly strain resident finances.
• Size of the residence: The size of the residence, whether a studio, one-bedroom, two-bedroom, independent living cottage or other option, is usually the main price point. Larger units are often charged at higher rates.
• Location: Communities in sought-after or upscale residential areas will likely be more expensive than others. Is the community conveniently located? Is it near local attractions or areas of interest, such as parks, cultural landmarks, shopping, restaurants, churches, and community centers? Those features are marketed as amenities and can affect the cost of the community.
• Type of rental option: Does the community offer an all-inclusive rental? What’s not included? Each community has a list of services and amenities that impact living costs. Limited services and amenities may sound less appealing but can indicate a more affordable option.
○ You might also notice a buy-in option in addition to or instead of a rental option. This option requires an upfront financial investment (often $100,000 or more) and a monthly rental to ensure access to the community’s continuum of care. This is a popular option found in continuing-care retirement communities or life-plan communities.
2. What services and amenities are usually included?
The monthly rental cost of a senior living apartment typically includes a range of services and amenities, from essential utilities and daily meals to housekeeping and laundry services, maintenance, transportation, concierge services, home safety and security, and a full calendar of social programs and events. The community's lifestyle offerings often include access to amenities like a fitness center, library, bistro or cafe, movie theater, salon and spa, walking trails, courtyards, gardens, art studio, and wellness hub.
Offerings vary widely by community. An “all-inclusive” monthly rental will likely cover the cost of housing plus most commonly budgeted expenses. A more economical monthly rental option may offer basic amenities only and charge additional fees for optional services like housekeeping, laundry, meals, and transportation.
3. How much can I expect to pay per month for a senior living apartment?
Depending on the apartment size, you can expect to pay around $4 - $7,000 per month or more for apartment rental costs. If cost is a concern, opting for a smaller-sized apartment can be advantageous. Also, it’s important to adjust expectations and remember that when living in a community, residents spend more time out and about and less time in their apartments. They use their apartment space as their private residence while enjoying all the community offers.
Those with limited resources looking for a lower monthly rental option might find that an independent living option with services and amenities priced separately is within reach. When weighing these options, consider the community’s ability to provide access to supportive care services.
4. What kind of supportive care is the community able/willing to provide? How much does it cost?
Does your loved one need help managing their medications? Do they need assistance getting dressed or showering? Supportive care services assist with activities of daily living (ADLs), such as bathing, dressing, personal care, restroom use, medication management, and mobility needs. While sometimes covered in a community’s monthly rental, these are often priced separately as a la carte services or tiered care packages. Be sure to inquire about whether care services are included and what services the community can and is willing to provide.
If you or your loved one needs supportive care, budget additional funds to cover these costs. A basic medication assistance package could cost a couple hundred dollars per month. The more help that is needed, the higher the cost, which could be up to $1500 per month or more. Specialized memory care can be an additional monthly cost, but it will often be part of a comprehensive rental and care package that could start around $6000/$7000 per month for a shared or studio apartment.
5. What happens if or when my/my loved one’s care needs broaden?
As we age, our care needs inevitably broaden. It's important to understand that increased care needs can cost more money but help your loved one live a safer, happier life. The cost of extra care may save you money in the long run if it keeps your loved one out of the hospital or a nursing home. This is where you need to think about the high value of these services versus the actual cost, not to mention the peace of mind you will have, which you can’t put a price tag on!
6. What if my loved one is living with dementia or experiencing cognitive change?
If you or a loved one has received a diagnosis of dementia or is experiencing cognitive change, an assisted living option with memory care support would be the best option to consider. An assisted living community offering memory care can easily transition residents from an assisted living apartment to a memory care neighborhood (a community area designed to support residents with cognitive change). A community that provides memory care support throughout the entire building can transition a loved one between levels of care. The monthly rental cost includes daily and/or weekly supportive care and is higher in a memory care community. Specialized services, staffing levels, and resident engagement to support cognitive health account for these differences in cost.
7. Why is a community with a continuum of care a good option?
• A continuum of care refers to a community’s ability to provide supportive care for an individual’s changing care needs, either within one location or within a network of communities located close to each other. Selecting a community with a continuum of care can be convenient and cost-effective in the following ways:
• A continuum community can accommodate increasing care needs, like mobility issues or cognitive change.
• When a loved one needs supportive care or healthcare services to assist with their daily living activities, a community with a continuum can offer access to many options on-site. This minimizes the need for individuals or families to search for a new community or contact an outside agency to coordinate care, which can be higher in cost and less consistent in quality.
• Care is provided by trusted caregivers who are members of the community’s continuum or a team of respected professionals from a home care or healthcare agency that maintains an active partnership with the community.
• Residents and families enjoy peace of mind and consistent care by community wellness staff who understand and respect the residents’ preferences and needs.
8. What additional fees can I expect?
In addition to a senior living community’s monthly rental cost, residents and families budget for the following additional fees:
• Community fee: a one-time charge when a resident moves into a community
• Pet fee: pet-friendly communities often charge a fee for maintenance-related costs
• Supportive care services: assistance and support with daily living activities, medication management, mobility escorts, etc. (costs can vary)
• Salon/spa/barber shop services: additional fees per service
• Rent increases: common in all senior living communities
• Select special events/outings: residents privately cover the cost of dining, shopping, and entertainment expenses for certain events and outings (museum admission, theater, etc.)
• Other services: if a community does not include transportation, housekeeping, or similar services in the monthly rental, residents budget for these separately.
9. Does community staffing matter?
Quality of life and quality of care go hand in hand. That’s why taking the time to get to know the people providing care and support in your or your loved one’s home is so important. Does every staff member make it their personal responsibility to ensure everyone is well-cared for, or are they simply doing a job? Think about who you want to be by your side on your worst day. You can’t underestimate the importance of that human connection.
When you invest in a move to a senior living community, look for compassionate, competent, and professional team members committed to supporting every resident's health, independence, and dignity. Relationship-centered communities center life on the importance of connection and celebrate the unique contributions of all community members. Ensure the return on your investment matches your expectations.
10. What happens if my loved one runs out of funds?
Residents who run out of money when living in a senior living community have a few options, which are often discussed with the community’s executive director well in advance to avoid a financial crisis.
• Downsizing to a smaller or less expensive living space is an option when funds are low.
• Community staff may evaluate a resident’s care needs, suggesting ways family members can assist to minimize costs related to care services. (For example, family members may be able to manage medication for a loved one.)
• If the individual is eligible for supplemental assistance from the Veterans Aid and Attendance Pension or other qualifying program, a connection is made with a specialist who can help.
• Family members may assist by covering the cost of living and/or care for their loved one.
Asking these questions of community staff, residents, and family members who have supported a loved one through a senior living move can offer invaluable information. Schedule a tour or visit the community to talk with staff and residents and observe daily life.
Still not sure if senior living is financially within reach? We can help.
A senior care counselor may be the most important resource when planning for senior living costs. Speak with a Cardinal Bay expert who can assess your or your loved one’s situation and offer guidance for making the right decision for you – and your finances!
Nestled in Central Texas and Oklahoma, Cardinal Bay communities offer a continuum of care, varying by location, including independent living, assisted living, and memory care. Residents can select from apartment and cottage rental options (availability can vary), with access to supportive care and assistance, a wealth of services and amenities, and a life-enriching culture of community and connection. Contact us today to learn more, or subscribe to our blog for more expert advice and resources.