How Do I Pay for Senior Living?

 This post is part of a series exploring the different questions that come up when searching for senior living solutions. Follow along in our “What is Senior Living?” series to learn more about the ins and outs of senior living.

How do I pay for senior living?

Price is a very important part of the conversation about moving to a senior living community, just as it would be for any home-buying or renting situation. Senior care communities offer more than what a normal home might, such as security, entertainment, meals, snacks, and care.

We would be remiss if we didn’t discuss paying for senior living in this series. There are many ins-and-outs of how to pay for senior living and factors that weigh into the cost of senior living, but it is much too much information for one blog post. We will continue to share posts delving into topics related to the cost of senior care. However, today we will focus on sharing how to assess your current costs and how to compare those costs to those of a community in which you are interested. 

Conduct a Financial Comparison

Knowing your budget, sources of income, and your requirements in a new home are all important parts of figuring out if a new community fits your needs. A great way to assess the cost of a senior care community, and to see if it fits within your financial boundaries, is to compare the cost of what you are spending now with what you need to add to your spending for your care and the cost to receive those things at the care community of your choice. 

Consider the following costs:

  • Property Taxes
  • Rent/Mortgage
  • Utilities
  • Cable TV
  • Home maintenance
  • Wireless, high-speed internet
  • Garbage collection
  • House cleaning service
  • Pest control
  • Lawn care/ landscaping
  • Snow removal
  • Restaurant-quality meals
  • Beverages and snacks
  • Exercise classes or fitness club
  • Educational activities
  • Entertainment
  • Home security system
  • Personal care services

Once you review your current costs, or costs you see may be coming down the road, such as a personal caregiver or upgraded fire-safety systems, take that list to the communities that you are considering and see what areas the monthly rent or overall costs will cover. In many cases, moving to a senior care community will make financial sense, in addition to providing mental and physical health benefits.

Download this free financial comparison worksheet for senior living before touring a senior living community.
Financial Comparison Worksheet for Senior Living

Download our free printable Financial Comparison Worksheet and print off as many as you need to take to each of the communities that you are considering. 

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