There’s sometimes a perception that senior housing is more expensive than staying put in your current home. But here are some aspects of senior housing that can be cheaper.
Property maintenance
One of the responsibilities of owning your own home is keeping the property in good repair and looking after the yard. This can become a hassle as you get older. What you may have once done yourself, you may now be paying someone else to do for you. And those expenses can add up.
Think about how much you spend on repairs around the house, lawn and garden maintenance, and snow clearance (if you live somewhere that’s an issue). What about cleaning the windows and gutters? When you live in senior housing, those maintenance expenses are part of your rent. And you may discover that property maintenance is cheaper in senior housing. There are a couple of reasons for that.
If you’re moving to a smaller place, there’s not as much property to maintain. Also, economies of scale come into play. It’s likely relatively cost-efficient for senior housing communities to maintain a large property where many residents live close together. Some of these savings can get passed on to you.
Food costs
Think about how much you currently spend on groceries, dining out, or get meals delivered. Cooking can seem more like a chore than it used to, particularly if you’re living on your own. If that’s the case, you may be eating or ordering in more, which can get expensive. Or worse, you may simply not be eating like you should.
If you move to a form of senior housing like assisted living where a meal plan is included, your food costs become more predictable. They may even work to the same or less than what you’re currently paying. Plus, you eliminate the need to go grocery shopping.
Care costs
If you have health issues and require paid home health support, you may reach a point when those costs become too much for you to handle, particularly if your hours of service continue to increase. Care in assisted living and similar types of senior housing can be less expensive, again partly due to economies of scale. It’s much more cost-efficient for assisted living staff to provide support to residents living in the same apartment building than it is for home care staff to support seniors spread across an entire city.
Adding everything up
There are some other costs to consider as well. For instance, you’ll likely save on utilities.
Here’s a handy cost calculator that will help make sure you don’t overlook any of your current living expenses.
When you compare your current total living expenses (including any paid home health support) with the total costs of senior housing, you may find that senior housing is cheaper overall.
However, if senior housing turns out to be a little more expensive, there are a number of ways to make up the difference. Check out our article “Paying for Senior Living: Common and Lesser-Known Funding Sources”.
More information
For more on this topic, check out our funding guide. Or contact us to better understand whether Sinceri senior living is a good fit for your parent.
