Seniors and families typically pay for senior living by combining personal savings, home equity, and specialized benefits like long-term care insurance. We recommend that you start by auditing current monthly expenses to see how they compare to an all-inclusive community rate. Many find that the cost of maintaining a private home often equals or exceeds the monthly fee of a senior living apartment.
What affects the cost of senior living?
The price you pay depends on the specific location of the community and the size of the apartment you choose.
You’ll also need to factor in the level of personal care you require each day. Assisted living generally costs more than independent living because it includes professional support for health and safety. The quality of community amenities and the variety of dining options also influence the final monthly rate.
What are the most common ways that people pay?
Most use the proceeds from selling a house or draw from their retirement accounts and Social Security income.
You can also apply long-term care insurance policies to help cover the cost of assisted living or memory care services. Some residents use bridge loans to cover the transition period while they wait for a home to sell. These financial tools provide flexibility and ensure you can access high-quality care when you need it.
Learn more about these options on our financial resources page.
How can a Senior Advisor help you navigate these costs?
Our Senior Advisors serve as expert guides who can explain the specific intricacies of senior living contracts and fee structures. You can lean on them to help you understand the different financial models available at our communities. We know that every family has a unique financial situation, so we offer personalized meetings to walk through your options.
Our Senior Advisors help clear up confusion and ensure you feel confident in your financial plan.
Who else can help with your financial planning?
We often recommend that seniors and families speak with local estate planners or financial advisors who specialize in elder law and senior transitions.
Our Senior Advisors maintain relationships with trusted local professionals who understand the specific regulations in your area. These experts can help you protect your assets while ensuring you meet the eligibility requirements for certain benefits. We believe that having a team of experts makes the move much smoother for everyone involved. Feel free to ask your Senior Advisor to see if they can put you in touch with somebody.
What financial questions should you ask early in the process?
You should ask for a complete breakdown of the monthly base rate to see which services are included. Inquire about how often the community adjusts its rates and what the policy is regarding entrance fee refunds. It is also helpful to know how the community handles changes in your health that might require a different level of care.
Understanding these details early prevents surprises and helps you plan for the long term.
Frequently Asked Questions
What is included in senior living costs?
Your monthly fee covers rent, utilities, most meals, and professional housekeeping services. It also includes 24-hour security and a full calendar of social activities, fitness classes, and other community events.
Can a Senior Advisor help me find a financial planner?
Yes, our advisors can recommend local estate planners and advisors who have experience helping transitions to senior living. We can provide these connections to help you make informed decisions.
Does Medicare pay for senior living?
Medicare generally does not cover the cost of room and board in independent or assisted living communities. It typically only pays for short-term rehabilitative care or specific medical services.
Are there benefits for veterans?
Yes, the VA Aid and Attendance benefit provides monthly funding for eligible veterans and their spouses. You can use these tax-free funds to help pay for the cost of assisted living.