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Navigating the Financial Aspects of Senior Living

By: / 17 Jun 2024
A man and woman sitting at a table

Managing senior living costs can be overwhelming for many families between rising expenses and the variety of available options. With over 20 years of experience, we are proud to provide personalized guidance to families along their senior living journeys. We help them understand their options, navigate financial considerations, and find the best care and support services tailored to their needs and preferences. Our goal is to ensure families' peace of mind and make our residents feel at home. 

What is Senior Living?

Senior living communities offer a range of housing options and services to support the varying needs and preferences of residents. Whether you're looking for independence or require some assistance with daily activities, there's a senior living option that's perfect for you or your loved one. Each living option has distinct features and costs based on location, level of care, and available amenities and services.

Independent Living

Independent Living is ideal for active seniors who can manage their daily lives but prefer a community environment. Residents no longer have to keep up with the responsibilities and maintenance of owning a home and get all the perks of being a part of an engaging community. At Commonwealth Senior Living, this means restaurant-style farm-to-table dining options, events and outings, and coordinated programs and activities. Costs can vary based on location, apartment style, and services provided. 

Assisted Living

Assisted Living offers more comprehensive care, which can influence the overall cost of living. The quality of amenities, events, and activities can also impact costs. These communities are for seniors who need help with daily activities such as bathing, dressing, or medication management. By providing a warm and welcoming environment, our Assisted Living neighborhoods empower seniors to maintain an active and fulfilling lifestyle, while fostering overall well-being and happiness.

Memory Care

Memory Care neighborhoods specialize in caring for seniors with Alzheimer's disease or other forms of dementia. These communities are intentionally designed to offer the calm familiarity of routine schedules and consistent staffing with engaging programs and activities. At Commonwealth Senior Living, our caregivers attend rigorous training to ensure they're able to provide a safe, loving, and engaging home for our residents. This training includes Virtual Dementia Tours™, Advanced Dementia Training, and Certified Dementia Practitioner Training. We also provide families with Sweet Beginnings Family Orientation, which fosters a collaborative relationship between families and our team and educates them on what to expect as the disease progresses. Due to the nature of these support services, Memory Care is often more costly than other senior living options. 

Commonwealth Senior Living features a range of all three levels of living depending on the community, giving our residents the option to age in place. This means even if their needs and preferences change, their address doesn't have to.

Use the link below to find the community nearest you with the level of care that best fits your family's needs.

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Understanding the Cost of Senior Living

In addition to the level of care, other factors such as location and suite style affect the overall cost of senior living. There are, however, some common features you can almost always expect to be included within the cost: 

  • Meals and dining services
  • Housekeeping and laundry services
  • Social activities and events
  • Medical care and supplies
  • Personal emergency response systems

Financial Planning for Senior Living

Effective financial planning is crucial for managing senior living costs. Here are our recommended steps to help you get started:

Early Planning

Starting early can make a significant difference in managing senior living costs. Consider setting up a dedicated savings account specifically for future senior living expenses. The earlier you start, the more you can save, reducing the financial burden later.


Downsizing to a smaller home can significantly reduce living expenses. Selling a larger home and moving to a smaller, more manageable property can alleviate some of your monthly payments.

Research Available Benefits

The U.S. Department of Veterans Affairs' Aid & Attendance program provides benefits for veterans and surviving spouses seeking care in a senior living community. Our Sales Directors have extensive training about the A&A program and can assist you and your family with any eligibility questions you might have.

Financial Resources

Besides government programs, other financial resources can help. Long-term care insurance is one option that can cover various senior living costs. We recommend consulting with a financial planner to help identify the best options for your family.

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. However, like life insurance, the premiums associated with these policies increase as we age. Speak with a financial advisor, accountant, or insurance broker about the options available.

ElderLife Financial Services* is a national leader of financing solutions for those seeking to make the transition to a senior living community. With same-day decisions and funding within 48 hours in most cases, ElderLife helps individuals pay for senior care while waiting for a home to sell or other benefits. ElderLife can also help finance move-in fees or supplement monthly expenses. For more information, contact ElderLife Financial Services at (888) 228-4500 or on the web at

Seniors who no longer need life insurance can, in many cases, liquidate an existing life insurance policy in as little as 30-90 days for a lump sum payment much higher than the cash surrender value. For more information, contact Life Care Funding Group* at (888) 670-7773 or on the web at

Planning for senior living costs is essential for ensuring a comfortable and secure future. By understanding the many senior living options and their associated costs, and exploring financial resources, you can make informed decisions that work best for you and your family. 

For personalized guidance on managing senior living costs for your family, schedule a visit with one of our community experts.

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Click the button below to compare the cost of living at home to living at a Commonwealth Senior Living community.

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*Commonwealth Senior Living does not receive any incentive compensation from any of these providers nor does it require the exclusive use of these organizations.

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