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How Much Does Senior Living Cost?

By: Commonwealth Senior Living / 07 Jun 2024
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When families begin looking into senior living options, price is often a major worry. Balancing quality care needs, preferences, and a budget can be challenging. Many families believe the cost of senior living communities is outside their budget and opt for in-home care or a skilled nursing facility instead. So, how much does senior living really cost?

Average Cost of Senior Living

According to a survey conducted by Genworth Financial, the average monthly cost for assisted living in the United States is about $5,000, while skilled nursing facilities average up to $10,000 per month. 

Factors Affecting Senior Living Costs

  • Location: The cost of senior living varies significantly depending on the state, city, or even the neighborhood you choose. Urban areas also tend to be more expensive than rural areas.
  • Level of Care: The type and amount of care a senior requires will greatly affect the overall cost. For instance, Memory Care communities are often more expensive than Assisted Living communities based on the care included. 
  • Amenities: Senior living communities offer a variety of amenities such as transportation services, in-house health services, and social activities. At Commonwealth Senior Living, we are proud to provide these important amenities and our Signature Programs, allowing residents to enjoy an engaging lifestyle while aging in place. This means that while an individual's care needs may change, their home, hobbies, and interests don't have to. Some of our other amenities include:
    • 24-Hour Emergency Call System: Our residents' safety is our top priority. Our 24-hour emergency call system ensures help is always just a button press away, giving you and your loved one peace of mind.
    • Specially Trained Caregivers on Site 24/7: Our caregivers receive comprehensive senior care training and are available around the clock, ensuring residents' needs are met promptly and effectively.
    • Individualized Care Plans: Every resident is unique, so their care plans should be too. We take the time to get to know our residents and tailor each plan according to their needs and preferences. 
    • Daily Housekeeping and Weekly Linen Service: Enjoy a clean and tidy living space without lifting a finger. Our dedicated housekeeping team takes care of daily cleaning tasks and provides fresh linens weekly, so you can focus on enjoying your day.
    • Travel the World Program: Broaden your horizons without leaving our community. Our innovative Travel the World Program lets residents explore different cultures through themed activities, cuisine, and entertainment, providing a rich and fulfilling experience.
    • Daily Activities, Trips, and Social Programs: Stay engaged and active with our diverse range of daily activities. From exercise classes and art workshops to local excursions and social events, there's always something exciting to look forward to.
  • Community Fees: At Commonwealth Senior Living, a community fee is a one-time, non-refundable fee paid upon move-in by every resident. Some of this fee is used to make suites or apartments brand new again when you leave, and the remaining is used for community-wide upgrades to programs and common areas based on what residents share they value most.
  • Benefits Available:  
    • Veterans' Benefits: We encourage families to explore Aid and Attendance benefits. Many senior living communities also offer financial incentives for veterans and their spouses. Our Veteran's Rate Lock ensures the daily suite rate remains fixed for two years from the time a veteran or their spouse moves in.   
    • Long Long-Term Care Insurance: Long-Term Care insurance policies offer care not generally covered by health insurance, Medicaid, or Medicare. Individuals who require assistance in at least two Activities of Daily Living such as bathing, eating, dressing, walking, etc. may qualify for benefits and these policies can be used to pay for senior living care as quickly as day one.
  • Apartment Type: The type of living accommodation also plays a significant role in cost. Private suites or apartments will generally have a higher base rate compared to companion suites.

Use our Cost Calculator to compare the cost of suites in your state to your current living expenses.

The formula for paying for senior living is different for every family. Like college planning, choosing the right fit and crafting a plan that makes sense for you is worth the time and effort.

Planning Ahead

Researching and comparing various communities is recommended, considering potential future needs and budget constraints.

 

Planning for senior living expenses can be a meaningful gift to your loved ones. Most families find it helpful to consult experienced professionals like financial advisors, elder attorneys, or realtors who can assess their financial situation and guide them through each step of the journey. Your professional team will assist you with everything from selling assets to evaluating long-term care insurance, ultimately aiming to secure a future in a community that is the best fit for your family.

Providing our residents and their families with high-quality care with dignity, respect, and compassion is our top priority at Commonwealth Senior Living, and it's hard to put a price on that. Our community teams are here to help you through your journey with a customized plan for your family.

Visit our communities page to schedule a visit with the community nearest you today!

 

 

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