If you’re trying to determine if living at home in retirement is more cost-effective than moving into an assisted living community, you probably have more questions than answers.
Both have advantages and disadvantages. For many seniors and their families, the cost is a significant factor in decision-making.
Whatever you choose, you want to ensure your choice enables you to live a safe, healthy, and active lifestyle that fits your budget.
In this blog post, we’ll help you compare the cost and value of assisted living with care at home.
The cost of care at home
More and more seniors are choosing to age in place in their home. Many seniors like the idea of bringing caregivers into the comfort and familiarity of their home.
Remaining at home has additional benefits, including being close to family and friends, not having to deal with selling, packing up, and moving out of a cherished family home, and the sense of ease and peace of being in your own space.
Many seniors assume that care at home is significantly less expensive than assisted living, but that may not always be the case.
According to Genworth’s Cost of Care Survey, depending on the location, seniors who age in place can expect a monthly median cost from $4,957 for homemaker services to $5,148 for an in-home health aide.
There are several other cost factors to consider when choosing at-home care, including:
- Amount of care needed: Seniors who only need help with minor household tasks like cleaning, cooking, or running errands will pay less than those who need more extensive health and personal care.
- Potential home modifications: Depending on your physical condition, you may need modifications like ramps, grab bars, or stairlifts for safety and accessibility.
- Household expenses: Utilities, groceries, and entertainment expenses should also be considered when aging in place.
Download our free Family Decision Toolkit for helpful tips!
The cost of assisted living – and its value
Assisted living communities are designed for active seniors who value their independence but need help with personal care, like bathing, dressing, toileting, and grooming.
These communities provide a range of services, including help with activities of daily living, medical care, housekeeping and laundry services, planned activities, and social events.
In addition, residents in assisted living communities have high-end amenities right at their fingertips.
Check out the services and amenities at Seasons Senior Living communities in Clearwater, Florida:
- Restaurant-style dining with fresh, chef-prepared meals
- Mediterranean juice bar
- Scheduled transportation
- Medication management
- Round-the-clock care
- Hair and nail salon
- Fitness centers
- Outdoor courtyards and gardens
- Private and semi-private studio and one-bedroom suites
According to Genworth’s 2021 Cost of Care Survey, the monthly median cost of an assisted living community in the United States is $4,500. Location is one of the most significant factors determining assisted living costs. To calculate the cost of assisted living in your area, enter your information in Genworth’s cost of care calculator.
When evaluating the cost of assisted living, consider the following factors:
- Amount of care: As your needs increase, so can the monthly fees. Medication management, personal care assistance, and specialized services like memory care or therapy may increase costs.
- Amenities & Services: Assisted living communities with luxury amenities like pools, personal concierge services, and water views may cost more. Make sure you evaluate your wants vs. Needs so you’re not choosing a community that has a lot of features you won’t use.
- Fees: In addition to monthly payments, inquire about entrance fees, one-time deposits, transportation fees for medical appointments, and any other additional charges or hidden costs.
Choosing between assisted living and care at home is a complex and personal decision that involves weighing the potential cost vs the value.
It’s essential to evaluate your finances, personal needs, and preferences carefully. Consider speaking with a financial advisor to help you compare costs and the best way to cover the cost of both options.
Ultimately, the choice between assisted living and care at home is a personal one that should prioritize your health, well-being, happiness, and finances.
If you’re looking for an assisted living community in Clearwater, Florida, the friendly and professional staff at Seasons Senior Living can help. Contact the caring senior living team to learn more and schedule your tour. Download our free Family Decision Toolkit for helpful tips about choosing the senior living lifestyle.