You’ve balanced the budget, you’ve compared the competition, you’ve reached out, researched and reviewed all aspects of the process. You’ve made the decision to move into a senior living community. Congratulations! It’s time for the fun to begin!
Preparing for Your New Home: What to Bring
The community may provide you a list, but just in case plan for these items:
COMFORT ITEMS: Bring your favorite blanket, throw or pillows along with sheets, a bedspread and a clock.
PERSONAL CARE: Make sure you have a toothbrush, toothpaste, hairbrush and comb as well as a shaving kit for men or cosmetics for women. Include any other personal grooming items in addition to several bath towels, hand towels and wash cloths.
CLOTHING: Bring clothes that are comfortable to wear and easy to get on and off. Also bring rubber-soled shoes to help prevent falls. Don’t forget undergarments, pajamas, socks, robe and slippers as well as a light sweater or jacket.
FURNISHINGS: Most independent living, assisted living and memory care communities allow you to provide your own furniture such as a bed and couch which will make your new home truly feel like home.
FAVORITES: Don’t forget favorite snacks, books and/or music to make it feel even more like home.
Moving Day
To help the day go smoothly make sure to:
HAVE EVERYTHING READY
All new resident paperwork should be complete and you’ve oriented yourself to the community and its policies.
SET UP YOUR SPACE
It’s one of the first things you should do; you’ll feel more at home and will be ready to welcome all those new neighbors and friends.
CONNECT
Senior living communities typically have new resident ambassadors (or some type of buddy system) to help you feel welcome. They’ll pair you with a person or persons who share similar interests or backgrounds to show you the ropes.
PICK THEIR BRAIN
Keep in mind, the residents have been where you are and may have some tips from when they first moved. And it’s a great conversation starter!
ENJOY YOUR FIRST MEAL
Even if you’ve visited prior, that first meal as a resident can be stressful. Have a family member join you, sit with your resident ambassador or both to take the edge off as you meet and talk with new friends and neighbors.
DON’T BE SHY
Check out the activity calendar, find things that interest you, and jump right in!
When asked what they would do differently, many senior living residents respond, “I wish I’d done this sooner.” We hope that is your experience as well!
I wish I’d done this sooner!
Did you miss all the steps leading up to the move-in? Click below to view the full guide on choosing a senior living community.
Once you’ve chosen the community it’s time to plan the move. Even though your family has agreed that senior living is best, there’s still likely to be a great deal of trepidation about what to expect. It’s important to include the community at this point of the process. They will be more than happy to help ease the transition for all of you!
Here’s how:
Ask what resources they recommend such as realtors, moving companies and professional downsizing specialists.
Arrange an in-home visit from the community. A staff member will visit, get to know your loved one, learn their needs, likes and desires and answer any questions you may have.
Visit the community often with your loved one to have a meal, participate in activities and get to know the staff as well as your new neighbors.
What to Expect
Once you put down a deposit, an assessment will be scheduled (unless you are moving into independent living) to ensure the community can provide you with all the care required. The assessment also determines the additional costs for personal care. There are communities that include some care within the monthly fee and others separate rent and care. Every state regulates senior living differently, and the state determines what care can and cannot be provided.
Following the assessment, you will schedule a lease signing with the community’s executive director. Be sure to ask what paperwork is needed for this meeting.
Typically, you will need:
A physician’s clearance form
Insurance, Medicare and Social Security cards
Chest X-ray or a negative TB test
Legal documents such as healthcare proxy, power of attorney, etc.
Don’t Wait: Let the Fun Begin
Once you’ve deposited and schedule your move-in date, you’re part of the family! To ease the transition, visit the community often. This will allow the new resident to get acclimated to the building and grounds as well as make new friends with other residents and staff members so that they see familiar faces when they officially move into their new home.
Reasons to Visit:
Grab a meal: Many communities will allow you to come enjoy a complimentary meal. The dining room is the social hub of most communities and therefore a great place to meet people.
Activities: Most communities would gladly welcome you to participate in the activities, events or entertainment that interests you. Talk to the Life Enrichment or Activities team to get a copy of the current monthly activity calendar. There are bound to be things you can join in on.
Schedule a time: If you have questions or are unclear about anything, make an appointment to chat with a community representative. They want your transition to run smoothly and will do what they can to ensure that this happens.
Need more guidance on how to smoothly transition to senior living? Click below to see the full guide!
That’s often one of the biggest concerns when families begin considering senior living. Senior living doesn’t come cheap, but the reality is, neither does aging-in-place at home. And while there’s much more that goes into this decision than price alone, it’s a big part of the equation.
Comparing the Cost of Home Versus Senior Living
Make sure you’re comparing the total cost of living at home, not simply your mortgage and rent costs as this has a large impact on affordability. At home, you also pay for food, utilities, home maintenance, property taxes, insurance, entertainment and health care. Factor those costs into your current monthly expenses for a more apples-to-apples comparison with potential senior living costs.
Even if your comparison shows a senior living community may cost more, make sure to keep the positive impact on quality of life in the equation. What is the value of a satisfying social life? What is the worth of rediscovering the cultural and recreational activities you’ve always loved? And remember, there’s no price tag on peace of mind.
Four out of five adults underestimate the costs of home health care with the average American underestimating the cost by almost 50 percent, according to the Genworth Long Term Care/ Caregiving Online Survey.
Building Your Budget
Once you understand the cost and value of senior living, let’s discuss how you can prepare financially. While every family’s circumstances are different, there are three general steps you should follow in budgeting for senior living.
Gather and organize financial documents for yourself or your loved one.
Discuss putting a financial plan in place while you’re discussing what you want in a senior living community. Talk about your wishes, needs goals as well as how to handle financial duties such as paying bills, managing benefit claims, making investment decisions, and preparing tax returns.
Consider consulting a financial advisor and/or estate planning attorney who specializes in elder care and/or long-term care planning.
Options to Offset the Cost
While there are a variety of senior living options, luckily there are also a variety of options to help you pay for it.
VETERANS AID & ATTENDANCE BENEFIT
Wartime veterans or a surviving spouse with limited income may be eligible to receive a non-service- connected pension (above the basic pension) to assist in paying for assisted living, home health care, adult day care or skilled nursing.
LONG-TERM CARE (LTC) INSURANCE
LTC insurance helps to pay for the cost of home care, adult day care, assisted living, memory care, skilled nursing and hospice by covering services typically not covered by health insurance, Medicare or Medicaid.
LIFE INSURANCE CONVERSION
Anyone with an in-force life insurance policy can transform it into a pre-funded financial account that disburses a monthly benefit to help pay for long-term care needs such as home care, assisted living, skilled nursing and hospice. Unlike life insurance, this account is a Medicaid-qualified asset.
Common Misperceptions
Many people incorrectly assume that Medicare, Medicaid and/or their health insurance will cover senior living. Here are the facts.
Medicare only pays for long-term care if you require skilled services or rehabilitative care:
In a nursing home for a maximum of 100 days.
At home if you are also receiving skilled home health or other skilled in-home services.
Medicaid does pay for the largest share of long-term care services, but to qualify, your income must be below a certain level and you must meet minimum state eligibility requirements based on the amount of assistance you need with ADL.
Health insurance through employers or private health insurance typically cover only the same kinds of limited services as Medicare. If they do cover long-term care, it is typically only for skilled, short-term, medically necessary care.
Now what?
It can be overwhelming, but there are resources that can help. View our full guide on how to choose the right senior living community which includes worksheets and exercises to help you clear the clutter and move toward a care-free lifestyle!
Did you decide to move for a more carefree lifestyle? Are you looking at options for a loved one who now needs more assistance than can be provided at home?
The journey is different for everyone. Add in different caregiving roles, family dynamics, budget, location and lifestyle considerations and you now know why senior living is no longer one size fits all.
That said, everyone’s journey should start in one place – with an honest assessment of your situation to identify what’s working and what isn’t.
Here are some areas to think about and assess: are they currently working, does the family want to manage, and should we get help?
Meals/Nutrition
Transportation
Socialization
Personal Care
Medication Management
Housekeeping/Laundry
Home Maintenance
Safety
Caregiver Stress
Careful Considerations
Whether you’re the one moving or you’re the primary caregiver, when considering a life change of this magnitude it’s crucial to get input from family members. They may offer conflicting opinions, may have thoughts or ideas you haven’t considered, or may affirm your decision. Regardless, everyone should feel valued and heard to foster a spirit of collaboration in the decisions ahead.
As a starting point, each family member involved in the decision-making process should put these considerations in order of importance (1–5). Have everyone complete his or her own, but do them at the same time if possible to align everyone’s goals on what is most important in your search.
Prepare for the Talk
If you suspect your loved one will be resistant to the idea of senior living, follow these tips to start the discussion.
Meeting Your Needs and Wants
There are non-negotiables and nice-to-haves in every major life decision—choosing a house, car, college or even a spouse. Senior living is no different! Identifying these early on can help you stay focused on your search so your needs and wants are met as best as possible.
We’ll get you started with a list of commonly requested features. Feel free to add your own, but keep in mind most senior living communities already offer the basics such as meals, transportation, housekeeping, linen service, maintenance and activities.
Levels of Living : Understanding your options
Senior living communities offer more care and housing options today than ever before. The abundance of choices can be overwhelming if you’re not prepared. Good thing you are! By having your most important considerations and what you want and need identified already, your family will have a much easier time finding the right community.
Head vs Heart
HOW DO YOU MAKE DECISIONS?:
Do you list pros and cons and go from there? Do you go with your gut? Somewhere in between? Emotions are said to drive 80% of the choices Americans make, while practicality and objectivity only represent about 20% of decision making.
WHEN TO HALT DECISIONS:
HALT is an acronym that stands for Hungry, Angry, Lonely or Tired. If you make decisions when you are one of these things, emotion wins 100 percent of the time!
Source: Psychology Today
There are many factors to consider – all of which we’ve laid out in an extensive toolkit including budgeting worksheets, Do’s and Don’ts for talking to loved ones, outlining levels of care, and more. Access it via the link below!
However, it doesn’t minimize the mixed emotions that come with major life changes.
Whether it’s deciding on a college, living on your own for the first time, or buying your first house; the process is a journey wrought with highs and lows. Choosing a senior living community is no different. Although, when it comes to this time of life, it may not be with the same mixed emotions.
When is it truly time? What are the options? What do we need? Want? How do we choose? Where do we even start?
This may be due to the misperceptions many have about senior living. Un-affectionately known as ‘the home’ for many, stigmas of the past simply aren’t true today. In fact, senior living communities now more closely resemble resorts on sprawling campuses with comfortable accommodations and plenty of amenities. The environment fosters independence, perhaps even more so than at home. The many opportunities to socialize, exercise and stay mentally active will pleasantly surprise you. As for the cost, that may surprise you too because, in some cases, senior living is less expensive than staying home!
The other part is the journey itself. When is it truly time? What are the options? What do we need? Want? How do we choose? Where do we even start? And once we decide on the senior living community, how do we actually make the transition?
We can help you with it all—from looking at this time as a new beginning to making the decision to moving in. Simply put, it’s everything your family needs to know about choosing a senior living community.
You’ve started the conversation about moving to a senior living community; now, you’ve got to keep it going. Here are some next steps to consider.
Keep in mind that the senior-living conversation is rarely a single conversation. More often, it’s a series of progressive conversations that take place over time. If you don’t get the accord you were seeking right away, that’s OK. If you continue to make and repeat your points, your family eventually will hear you out.
As the conversation continues, there are things you can do to move the needle in a positive direction. For example:
MEET WITH A FINANCIAL ADVISOR
Money can be one of the biggest concerns for family members who are skeptical of senior housing. Although they want to support you emotionally, they worry whether they will be able to support you financially. Meeting with a financial advisor can help you and your loved ones understand what resources you need, what resources you have and what might be required to fill the gap between them if there is one. Importantly, a financial advisor also can help you compare the costs of living in a senior living community to the costs of aging in place. When you consider the money you might spend over time on home maintenance, in-home healthcare and other expenses, the latter isn’t always as affordable as it seems.
TAKE A TOUR
Talking about a senior living community is one thing. Actually seeing a community is something else entirely. If you’re still trying to decide on a community, invite your family members to join you on tours. And if you’ve already chosen a community, schedule a time to visit it with them. Although they may still have reservations, family members often end up excited for you when they see firsthand what your life is going to look like and the ways in which it might improve.
DELEGATE DUTIES AND DECISIONS
Ultimately, where you want to live is your choice. Involving family members in the process, however, can make them feel important and engaged. That, in turn, can build buy-in. For instance, you could task adult children with helping you find potential communities to tour and explore. Or if you’ve already chosen a community, you could ask loved ones to help you do research about the area around it, or help execute your move by hiring movers, organizing a garage sale or planning a housewarming party.
Don’t miss the full guide on how to talk to your family about senior living! Click below!
When broaching the subject of moving into a senior living community with your family, empathy and earnestness are the keys to constructive conversation.
Ultimately, all your planning and preparation are groundwork for a single moment: convening a family meeting to finally announce your senior-living wishes. Like other family meetings you may have had over the years, the ensuing conversation might be unsettling and uncomfortable. But it’s also really important. Keeping in mind the following advice will ensure that everyone feels heard so you can build your future with the support of a family that’s united instead of divided.
Make A Date
When, where and how you have the talk can be just as important as what you say. The first thing you should do is to arrange having the conversation at a time and place that’s convenient for your loved ones. Instead of blindsiding them over dinner in a public restaurant, for example, tell them ahead of time that you’d like to have a serious conversation, then let them decide where they’d like to have it. That gives them time to prepare themselves, and makes them feel like they have agency in the discussion they’re about to have with you.
Break The Ice
Starting the discussion often is the most difficult part of it. To get things off on the right foot, consider different ways to break the ice. For instance, you could:
Emphasize your desires.
Acknowledge obstacles.
Share success stories.
Focus on the Family.
Underscore Your Independence
If your family is concerned about your decision, it could be because they imagine senior living communities as places where seniors live sedentary lifestyles inside cloistered facilities. The refreshing reality—that many senior living communities not only encourage active, independent living, but actually make it safer and more feasible—can be eye-opening for adult children and others who are skeptical.
Make It Clear: This Isn’t Personal
Adult children in particular might take it personally when you tell them that you want to live in senior housing. They might have imagined, for example, that you would eventually move in with them when you needed extra support. Or maybe you already do live with them, in which case they might feel hurt that you have decided you’d be happier elsewhere. In the case of assisted living communities, adult children might also have a hard time entrusting your well-being to others, insisting that no one will be able to give you the same level of care and love that they can give.
If you sense that your loved ones feel wounded by your wishes, the best thing you can do is reiterate your motivations and reassure them that your choice has nothing to do with them. They didn’t do anything wrong or push you away; rather, you’re simply ready to pursue new goals in a new environment.
Embrace Empathy
Even if your family doesn’t take your decision personally, they might have other objections. For example, perhaps your adult children were counting on you for childcare that you’ll no longer be able to provide. Maybe they’re worried that your decision will have financial implications for them—that they will have to help you cover the costs of senior living, for example, or that you will spend their inheritance on rent. Or perhaps your aging simply makes them feel insecure about their own advancing years.
Whatever they are, their concerns are real, even if you don’t believe them to be valid. For that reason, the most important thing you can bring to your conversation with family is empathy. Change is hard to process, and aging is emotional. Before you become defensive or combative, try to put yourself in your family’s shoes. Remain calm, honest and rational, even if they cannot. If you can be continually aware of their concerns and unflinchingly respectful of their feelings, cooler heads eventually will prevail.
Practice Active Listening
Remember, this is supposed to be a conversation. That means not just talking, but also listening. Often, family members who have objections or concerns simply want to be heard as they process the new choices and challenges that you’re facing. You can do your part to help them through it by being silent and attentive, by not interrupting, by withholding judgment, by asking insightful questions and by repeating their points back to them so they know you understood them.
For more tips on discussing moving to a senior living community with your family, check out the guide!
Before talking with your family about moving into a senior living community, make a plan to help the conversation go smoothly.
If you’re thinking about moving to a senior living community, you’re probably waiting for “the right time” to broach the subject with your adult children and other family members. Unfortunately, rarely is there ever an ideal time to have a difficult chat. Instead of waiting for a conversational door to magically appear, a better approach is to build the door yourself. And that takes planning. Here are four things you should do to prepare:
Understand Your Options:
When you tell your family that you want to move into a senior living community, what they might hear from you is, “I’m ready to go to a nursing home.” But senior living communities aren’t nursing homes. Senior housing today encompasses a diverse menu of safe, comfortable and dignified choices that allow seniors to live as independently as they want to, with as much—or as little—assistance as they need.
Before you discuss senior living with your family, it’s a good idea to make sure you understand what those choices are so that you can explain to your loved ones what your plan entails and how it will help you achieve the medical, emotional, social and/or financial goals that you have set for yourself. In particular, you’ll want to understand the difference between the different types of communities – from independent living, assisted living, memory care, skilled nursing, life plan communities.
Clarify Your Goals and Wishes:
Even if you do a good job explaining what modern senior living communities look like, your family members might have a hard time seeing past negative stereotypes and emotional assumptions. For that reason, it’s important that you be able to express not only where you want to spend your golden years, but also why you want to spend them there. Here are a few of the most common reasons that seniors give for moving into a senior living community. Before you speak to your family, think about which ones resonate most with you.
Safety
Health & Wellness
Financial Security
Socialization
Support
Mental Acuity
Prepare an Outline:
When it comes to something as sensitive as aging, it may feel most natural to speak from the heart. And you should, because sincerity is important. It’s also important, however, to be prepared, organized and cogent. If you leave your remarks to chance, you might forget to say something important, and could end up meandering in ways that make your decision appear hasty and ill-conceived.
To come off as both authentic and informed, prepare a loose agenda or outline prior to speaking with your family members—something that you can consult as you talk, but which you won’t read verbatim. Because talks about senior housing can be extremely emotional and stressful, writing down the things you want to say and the points you want to make can ensure that conversations are focused, rational and productive, but also genuine and heartfelt.
Anticipate Questions:
Remember that conversation is by nature a two-way street. While it’s important to prepare what you want to say, it’s just as critical that you be ready to hear your family members’ response. They’ll have feelings to share, but also questions to ask. Lots and lots of questions. If you already have a senior living community in mind, for example, they might want to know the size and setup of the residences, what the monthly rent will be, whether meals are provided, what other services are and aren’t included, and whether Medicare or Medicaid will help with the costs.
As much as you can, try to anticipate what questions they will have, and to prepare answers to demonstrate that you’ve done your homework.
Read more about how to prepare to to talk with your family about senior living in our guide:
The decision is yours–but making it is easier when your family supports you.
For many seniors, older adulthood eventually brings with it an “aha” moment. It could be early in the morning at the kitchen table, when you’re sipping hot coffee in an empty house that was made for six instead of two. It might be when you find yourself getting winded carrying laundry up the stairs, or when your spouse slips in the shower and nearly breaks a bone. Or maybe it will come on a Saturday night, wishing you were engaged in a boisterous game of canasta with friends instead of nodding off yet again in front of the television. Whenever and wherever it appears, what you’ll probably think to yourself when it comes is, “Maybe it’s time for a change.”
Aging isn’t the end of the road. Rather, it’s the beginning of a new one.
And maybe it is. By the time you reach retirement age, the children you spent your adult life raising are grown. The friends with whom you made your favorite memories have moved on. The hobbies you used to enjoy are no longer fulfilling. And even the most routine household chores have become a lot harder to do.
But aging isn’t the end of the road. Rather, it’s the beginning of a new one. When it’s no longer serving you, letting go of the lifestyle you had can make room for the lifestyle you want.
Whatever it entails—time with family, traveling, yoga, gardening or golf, to name just a few of the infinite possibilities—that lifestyle might become more attainable by moving to a senior living community. There, in a home that’s made for aging, surrounded by useful services, attractive amenities and scores of new friends, your next chapter can be simpler, safer and more satisfying.
Whether your loved ones are welcoming of the idea or wary of it, discussing your future in a senior living community can bring parents, children and siblings closer together in ways that benefit the entire family for years to come—that is, as long as you approach the conversation in ways that are caring, considerate and informed.
Using this guide to plan your discussion will ensure that you do:
A senior living community might be more affordable than you think. Here is what you can expect to pay for and what you’ll get for your money.
As you contemplate the costs of a senior living community, it’s natural to wonder, “Wouldn’t it be cheaper to continue living in my home?” The answer might surprise you.
Before you decide whether living in a senior living community is or is not for you, you may want to determine whether you can afford to – or afford NOT to.
It’s right to be thinking about the cost of senior living communities. Before you rush to judgment, however, it’s important to get a general sense of what expenses you might encounter as well as the services you’ll get in return.
Here’s why:
When you’re crunching the numbers for senior housing, you must consider not only what expenses you will have, but also what expenses you won’t have. Depending on what type of senior living community you select and what services it offers, you might be able to eliminate the following expenses from your monthly budget:
Mortgage payments
Homeowner’s insurance
Property taxes
Landscaping
Cleaning services
Car payments, auto insurance, maintenance, and fuel costs
Utilities
Groceries
Entertainment
That’s just the beginning.
You also will eliminate spending on home maintenance and repairs—including expensive replacements of your roof, hot water heater, appliances, and HVAC equipment, all of which have expiration dates.
There are home modifications to consider as well: If you age in place, you’ll eventually have to spend money making your home safe for an older adult to live in (ramps, grab bars, etc.)
If you move to a senior living community, however, safety upgrades like ramps and bathroom grab bars already will be installed at no expense to you. And don’t forget about health care. If you age in place, you may eventually need in-home assistance and medical services, which don’t come cheap.
Seniors who do the math in order to compare what they’ll spend with what they’ll save often discover that a senior living community is just as affordable—and sometimes even more so—than aging in place.
Aging in Place vs Senior Living Community
Whether to move into a senior living community is a decision that seniors and their loved ones often make with the heart. But a decision of such import can’t be made on gut feelings alone. You also have to listen to the numbers.
That requires facts. To get them, make a list of your current resources and expenses, then speak with the sales counselors at prospective communities to get a complete and accurate picture of the scenarios available to you, what they’ll cost and what options exist for financing them.
Finally, meet with your financial advisor to compare current resources and expenses with prospective needs and costs. From that, you should gain a good understanding of whether you can move into a senior living community, at which point you can finally consult your heart for an answer to the question you began with: Shouldyou?
A senior living community might be more affordable than you think. Here is what you can expect to pay for and what you’ll get for your money.
Understanding the Costs
Building your future starts with budgeting for it. Before you decide whether to live in a senior living community, you must determine whether you can afford to.
If you’re like most Americans, you’ve spent years—decades, even—saving money for retirement. When it gets down to brass tacks, however, you haven’t really thought about how you’re going to spend that money. You may have vague notions that you need housing and health care, or that you want to be active and travel, but you’d be hard-pressed to say whether your resources will support your goals, or for how long.
That’s okay. Everyone must start somewhere. And if you or a loved one is thinking about moving to a senior living community, understanding what the costs are and how they’re structured is as good a place to start as any.
Understanding what the costs are and how they’re structured is a good place to start.
Before you start crunching numbers, there are a few things you should understand:
COSTS NEED CONTEXT / When you begin assessing the costs of senior housing, it’s normal to feel something akin to sticker shock. But big numbers are rarely as large as they initially seem. When you consider what expenses they encompass and over what period of time, and compare that to the equivalent cost of living outside of senior housing, you’ll often determine that the price tag is more affordable than it appeared on first glance.
SENIOR LIVING IS NOT ONE-SIZE-FITS-ALL / If you browse the web, talk to friends and family members who have firsthand experience, or commence discussions with specific communities, you might blush at the numbers.
But it’s important to keep in mind that those are not your numbers. The truth is senior living communities boast a wide variety of options at a wide variety of price points in order to appeal to as many potential residents as possible. Before you commit to living in a senior living community—or rule the prospect out—it’s important to examine your unique needs and resources. Then and only then can you paint a complete financial picture.
COMMUNITIES CAN HELP YOU NAVIGATE YOUR OPTIONS / Senior living communities have specialized staff and software that can help you assess the affordability of senior housing based on your age, assets and monthly income from Social Security, pensions, investments, and other resources. If there is a divide between your resources and your goals, they might be able to draw on their daily experience working with residents of diverse means to suggest avenues and ideas that can help you bridge any gaps.
It’s right to be thinking about the cost of senior living communities. Before you rush to judgment, however, use this guide to get a general sense of what expenses you might encounter and what services you’ll get in return. Once you’ve acquired some basic literacy about the financial aspects of senior housing, you can begin the process of determining what your situation may require and what the impact might be on your family, finances, and lifestyle.
1. Housing Costs
Individuals who live in senior housing typically must concern themselves with three principal costs, the first of which is housing.
For most of your adult life, you’ve probably had a rent or mortgage payment. Although it might be called something different, you’ll have a similar housing payment when you live in a senior living community. How much that payment is and how it’s structured will vary from community to community based on factors such as community size, location and type— for example, an independent living community where residents are entirely self-sufficient, an assisted living community where residents may receive assistance with activities of daily living, a memory care community that furnishes specialized care for people with Alzheimer’s disease or other forms of dementia, or a skilled nursing facility that offers 24/7 medical care.
From a financial perspective, there generally are three varieties of senior housing:
RENTAL COMMUNITIES / In some senior living communities, like independent living communities, residents might sign traditional leases that are similar in terms and cost to those of a conventional apartment. Leases might be month-to-month or annual and might include a security deposit and/or move-in fee that’s typically equal to one month’s rent. Sometimes, amenities and services are ad hoc. Other times, residents enter into a residence and service agreement that encompasses both rent and various onsite services for a single monthly sum. This is especially common in assisted living, memory care and skilled nursing communities. Although rental housing tends to be more affordable up front, it tends to be less predictable and can be more expensive over time since services are extra.
OWNERSHIP OR EQUITY COMMUNITIES / In an ownership- or equity-style senior living community, residents purchase their unit, pay real estate taxes on it and are responsible for its upkeep, just like a traditional home. They may pay additional homeowners association dues in exchange for certain amenities, and may have access to additional services, like assisted living, for an additional daily or monthly fee. Equity arrangements may be attractive for estate planning purposes but provide no relief from the burdens of homeownership.
LIFE PLAN COMMUNITIES / Also known as continuing care retirement communities (CCRCs), life plan communities offer myriad levels of care on the same campus in order to accommodate seniors as they age. In exchange for long-term stability and flexibility, they typically charge a significant “entrance fee”—basically, a down payment that must be paid prior to moving in, which often is funded with proceeds from a home sale. Entrance fees can be non-repayable or repayable. The former is lower but non-refundable if a resident moves out or passes away. The latter, on the other hand, are higher but offer generous repayment in the event of a move or death, which can be attractive for estate planning purposes. Although the initial price tag may appear large, the long-term value often exceeds the short-term investment.
2. Monthly Service Fees
Whether you pay them in the form of monthly rent or upfront entrance fees, housing costs typically cover only the roof over your head. Some senior living communities fold an array of services and amenities into that cost; others charge a separate monthly service fee. Make sure you know what’s included and what isn’t in any discussion you’re having with a community! Like the fees themselves, the services they include will vary from community to community. However, they might include things like:
Meals and dining
Utilities
Home maintenance and repairs
Housekeeping
Laundry services
Local transportation
Fitness facilities
Resort-style amenities like swimming pools and putting greens
Organized social activities and entertainment
Nursing services in case of mild illness or injury
Often, communities offer other amenities and services that are paid out of pocket as needed—for example, dry cleaning, an onsite beauty salon, extra housekeeping services or extra meals for visitors.
Make sure you know what’s included and what isn’t in any discussion you’re having with a community.
Keep in mind that because of inflation and other economic variables like the cost of gas and food, monthly service fees may increase over time—typically by less than 5 percent per year. Fortunately, services often can flex with one’s budget. In many cases, for example, services can be customized to residents’ needs. A resident who prefers to cook their own meals in their residence, for example, might pay a lower service fee than a resident who desires a meal plan in the dining hall.
3. Health Care Costs
As we age, we often need increased medical assistance and services.
Although it can be difficult if not impossible to predict one’s future needs, more support naturally translates into greater expense.
Some senior living communities offer residents a means to mitigate those financial risks by offering onsite health care services whose costs are built into the community’s monthly service fees, thereby allowing residents to lock in low prices for future care. This is the case, for example, in life plan communities, which typically offer multiple contract options for residents who may need health care support now or in the future. Some residents may elect to pay a higher monthly fee that promises to cover all their needs over time, regardless of what level of care they need. Other residents may elect to pay graduated monthly fees that start small but grow as their needs increase. Still others may desire a monthly fee that remains consistently low, in which case they’ll pay ad hoc for higher levels of care should they ever need them.
Some senior living communities—especially those owned by nonprofit organizations—may offer benevolence programs and subsidies for qualifying residents, who may be able to continue receiving care if health care costs deplete their assets. And most communities offer social, fitness and wellness programs that can keep residents’ future health care costs in check by keeping their bodies strong, their minds sharp and their spirits high.
Should you move into a senior living community?
If you want the answer, follow the money.
Whether to move into a senior living community is a decision that seniors and their loved ones often make with the heart. But a decision of such import can’t be made on gut feelings alone. You also have to listen to the numbers.
That requires facts. To get them, make a list of your current resources and expenses, then speak with the sales counselors at prospective communities to get a complete and accurate picture of the scenarios available to you, what they’ll cost and what options exist for financing them.
Finally, meet with your financial advisor to compare current resources and expenses with prospective needs and costs. From that, you should gain a good understanding of whether you can move into a senior living community, at which point you can finally consult your heart for an answer to the question you began with: Shouldyou?
You’ve waited your whole life for this moment. Learn how the benefits of a senior living community can help you seize the day.
Once you understand what you want life as an older adult to look like, you can begin searching for solutions that make your goals possible—not just today, but for years and decades to come.
In case the benefits of senior living communities still are not clear, consider the many services and amenities that might be available to you:
MEAL SERVICES / Although residences may have kitchenettes or even full kitchens, many communities also offer chef-prepared meals in onsite restaurants or dining rooms. This not only frees you from the obligation of shopping and cooking, but also ensures that you have the nutrition you need to maintain your health and wellness as you age.
HOUSEKEEPING / As you get older, routine tasks like cleaning and laundry can become not only cumbersome and uncomfortable, but also dangerous. Falling on a wet floor, for example, or lugging a heavy laundry basket could lead to serious injury. A community that offers housekeeping services can therefore be a lifesaver—both figuratively and literally.
HOMEMAINTENANCE / You should spend your retirement holding winning bridge hands and yoga poses, not hammers and hedge trimmers. Whether you’re used to DIY or hired help, communities that offer home maintenance services free you from the hassle, expense and safety risks of home repairs and yardwork so you can spend your time, money and energy on hobbies instead of chores.
EXERCISE AND FITNESS PROGRAMS / Because fitness keeps your body strong and your mind sharp, exercise is as important for seniors as it is for anyone else. Thanks to gyms, group fitness classes, spas and other amenities, many senior living communities make health and wellness easy and fun.
SOCIAL EVENTS AND ACTIVITIES / Whatever you love —gardening, crafting, museums, shopping, theater, art, music, volunteerism—senior living communities often have social directors who dedicate themselves to creating organized opportunities for you to enjoy your favorite hobbies and interests, and to discover new ones. Plus, their very nature means communities lend themselves to impromptu social engagements like outdoor walks, card games and coffee dates. The genuine friendships that can be hard to build elsewhere are therefore easy to cultivate in senior living communities, which ensures a life that’s as rich with relationships as it is with experiences.
TRANSPORTATION / Driving becomes more difficult and dangerous with age, which often limits seniors’ mobility. Because many of them offer scheduled and on-demand transportation to activities, entertainment and appointments, senior living communities make it possible for you to stay connected to the larger community—even after you decide to retire your car keys.
MEDICAL SERVICES / From routine needs like medication management and blood pressure monitoring to emergency services in the event of a serious accident or illness, many senior living communities offer onsite medical care that gives residents both protection and peace of mind. Many even offer memory care and 24-hour skilled nursing for seniors who need them.
SECURITY AND SUPERVISION / Older adults may feel vulnerable to crime and other misdeeds. In communities that offer them, security services can therefore be a significant comfort. And for seniors with special needs, like those receiving Alzheimer’s care or dementia care, so can the protective supervision of staff who are attuned to their unique needs and risks.
MANAGEABLE EXPENSES / Although price points and cost structures vary from community to community and from region to region, many senior living communities offer flexible pricing that simplifies and solidifies seniors’ finances so they can keep their retirement plan on track. Many communities, for example, charge a base rate that’s determined by the size and type of one’s residence, which includes access to services like dining and social activities. Health care costs are billed separately, with tiered options based on different levels of care. The result is an experience that’s tailored not only to your goals and lifestyle, but also to your budget.
Now What?
Make no mistake: You have a big choice in front of you. Along with your wishes for retirement and your fears about it, there are practical considerations like cost—which isn’t as straightforward as it seems. If you’re thinking about aging in place, for example, you might own your home outright, in which case you have no mortgage payment. But what happens when your roof needs to be replaced, or your basement floods? With a senior living community, on the other hand, there are rent payments to make, but they are consistent, predictable, and oftentimes inclusive of meals, maintenance, and other variable expenses.
Because it’s apples and oranges, making the best possible decision for your future requires more than comparing price tags—i.e., what you pay. Also, it requires comparing value—i.e., what you get. When you think about it that way, some of the blurriest aspects of retirement planning finally come into focus.
Aging can be extremely rewarding and satisfying. But it can also be extremely scary.
Remember when you were young? You probably assumed that your hair would never be gray, that your knees would never ache, that your vision would never blur and that your energy would never wane. Now you know better. It makes you wonder: What are you currently taking for granted? What needs might you have tomorrow about which you are in denial today?
Aging can be extremely rewarding and satisfying. But it also can be extremely scary. As you plan your next chapter, it’s therefore important to acknowledge your greatest fears and lay plans that will help you manage and mitigate their impact on your retirement years. Common worries include:
FINANCIAL INSECURITY Even seniors who have been diligent about saving and prudent about spending worry that they might run out of money, or that they may not have enough of it to have the kind of retirement they want to have.
DECLINING HEALTH With age, even the healthiest bodies become more susceptible to illness and injury, including everything from accidents and falls to chronic illness. That’s normal—and so is worrying about your health and health care, the status of which can change quickly and dramatically over the course of your retirement years.
FAILING MEMORY Because the prospect of cognitive decline can be as worrisome as the prospect of physical decline, memory care—including dementia care and Alzheimer’s care—is top of mind for many seniors.
LOSS OF INDEPENDENCE You spent your youth learning how to be independent. In that way, adulthood was a destination; once you arrived, you never imagined you’d have to go back. It’s no wonder, then, that the idea of losing one’s autonomy can be just as upsetting as the idea of losing one’s faculties.
BECOMINGABURDEN From your spouse and children to your aging parents and grandparents, you’ve devoted your life to caring for others. Now, you’re facing the prospect that others might have to care for you. But what if there’s no one to do it? Or worse yet, what if there is? You know from being a caretaker yourself how much time and energy it takes to care for someone who can’t care for themselves. It’s all-consuming. So, while having no one to care for you is a scary proposition, the idea of asking loved ones to be responsible for you can be its own source of dread.
SOCIALISOLATION With aging often comes loss, including the loss of spouses, family members and friends. Sometimes, loved ones are lost to death. Other times, they’re lost to circumstances—for example, you might not be as mobile as you used to be, or as energetic, which causes you to see people less often. Either way, isolation and loneliness for seniors are real possibilities and legitimate concerns.
Although you should hope for the best, you should plan for the worst. A senior living community is flexible enough to accommodate both scenarios, not to mention countless possibilities in between.
Learn how the benefits of a senior living community can help you seize the day.
What’s Important to You
Before you decide where youwantto spendyour senior years, you should decide howyouwantto spend them. Steponeis settingyour priorities.
When they contemplate life in a retirement community, most people imagine a place. But senior living is so much more than housing. Really, it’s a lifestyle.
WHAT YOU WANT: FREEDOM, FUN, FULFILLMENT
Although no two seniors are exactly alike, older adults who are envisioning and planning their golden years consistently say it’s important to them that they have:
FREEDOM AND AUTONOMY Self-confidence born of self-reliance. The sovereignty to make your own choices, and to do things for yourself. The ability—and mobility—to go where you want, when you want. Privacy and the pursuit of happiness. Whatever it means to you, independence often tops the list of seniors’ priorities as they age.
PASSIONS AND PURPOSE Retirement looks different for everyone. Some seniors want to continue working, or to start their own business. Some want to enrich their lives with volunteer work. Still others want to travel, or to spend their days indulging lifelong interests and brand- new hobbies—cooking, painting, dancing, knitting, yoga, gardening.
What almost everyone has in common, however, is the desire to feel connected to and engaged in activities that fulfill them.
MEANINGFUL RELATIONSHIPS Having people can be just as important as having passions. Oftentimes, more so. Whether you want to be close to cherished family members and friends, surrounded by neighbors and community, or plugged into activities that spawn new relationships with like- minded souls, it’s important to think about your ability to maintain an active and enjoyable social life that fills your days with companionship and fun.
If these resonate with your own goals, it’s worth considering how different retirement scenarios might affect them. Aging in place might give you more autonomy, for example, but at the expense of your social life. Or perhaps you have rich friendships with your current neighbors, but the state of your home threatens your independence. Whatever your situation, you must set your priorities and calibrate your future plans accordingly.
When you do, you might discover the opposite of what you expected— that a senior living community will enhance your life, not limit it.
You’ve waited your whole life for this moment. Learn how the benefits of a senior living community can help you seize the day.
Senior Living – Emphasis on LIVING.
Every person, memory, and experience represent a new foothold on your way to a summit that used to feel so distant but now feels inexplicably nearby.
You may not fancy yourself a mountaineer. But if you’ve reached retirement age, you’ve done your fair share of climbing. Just think of the good kids you raised, the hard jobs you worked or the happy home you made. The friendships you forged, and the loved ones you lost. The trips you took, and the lessons you learned. The sights you’ve seen, the places you’ve lived and all the great stories you’ve collected along the way. Every person, memory and experience represent a new foothold on your way to a summit that used to feel so distant but now feels inexplicably near.
Now that you’re scaling the face of one last rock, reaching triumphantly for the top, you’ve probably noticed two thoughts occupying your head. The first is a statement: “Congratulations; you made it.” The second, a question: “Now what?”
There’s no simple answer to the latter. There are only choices. Lots of them, in fact. Most require more climbing amid an endless outcrop of crags. Only one affords you the luxury of resting every day in the foreground of a spectacular view: a senior living community.
When you outsourcelife’s challenges, you create more time, space, and energy for life’spleasures.
Senior living communities aren’t what you think they are. They are not nursing homes, for example. A nursing home is an end. A senior living community, on the other hand, is a means. In the right senior living community, you can receive as much assistance as you want or as little. The assistance can be medical, domestic, or even just social. What’s important is that it’s there when you need it—which ensures an ample supply of something else you expect in retirement: independence. It’s senior living with an emphasis on the “living.” Because when you outsource life’s challenges, you create more time, space and energy for life’s pleasures. And isn’t that why you put so much energy into climbing in the first place?
