What’s the Real Cost of Aging In Place?
This is something we hear a lot (and that you’ve probably thought about if you’re thinking about senior living options): “Assisted living is so expensive! Why don’t I just stay where I am, in my home that’s paid off? After all, I don’t want to move!”
Okay, yes, when you look at the price tag and then look at how much it currently costs for you to live at home, assisted living may be more expensive. On the surface. But peel back that price tag and you may find that you’re actually getting quite a bargain, once you do the math.
Aging In: Your Current Home
Let’s take a look at your current home. You may have paid off your mortgage, so you no longer have that monthly fee. But as we all know, with homeownership comes taxes and insurance, so that’s a tidy chunk of change once a year. Then there’s upkeep, which costs money even if you do it yourself, and even more money if you hire someone else to do it. And utility costs, of course. But other than that, it’s pretty affordable. Right?
Actually, there are a lot more costs you may not be thinking about. Food costs, for example. Living at home means you need to cook or purchase all your meals and supplies. Then there are transportation costs, such as a car payment, car insurance, gas and maintenance.
Now, let’s look to the future. We don’t often like to think about it, but as we age, we may need to make modifications to the home because we aren’t able to go up as many stairs anymore, or because your house isn’t wheelchair-accessible. How much would renovations like that cost? Is that something you’re prepared to finance? And what happens if you need in-home care because of your health – how often will someone be there, and what happens if something occurs when care isn’t on-site?
Finally, let’s look at what is referred to as “opportunity cost.” Let’s say that you are confident and capable of doing all the things that are required to age in place. But what does that cost you...in time? Do you really want to spend your retirement cleaning the house, mowing the lawn and dealing with all the things that come with homeownership?
Aging In: An Assisted Living Community
In the past, moving into a “home” was sort of a sign of giving up – a place of last resort. However, these days, many seniors are choosing to move into an assisted living community while they’re still fully capable of living on their own simply because they like the ease and affordability of the lifestyle. Yes, we said affordability! Take a look at what you’re paying at an assisted living community, and what you get out of it.
Some communities charge an entry fee and then charge a monthly rent. There may also be additional fees to get the apartment set up, or depending on what type of care is needed for the individual. However, in all-inclusive communities like ours, you’ll find that you pay your monthly rent...and that’s it.
Here’s what’s covered in your rent for Assisted Living at Melrose Meadows:
- Your room and board
- All maintenance and upkeep
- Utilities, cable and internet
- Household assistance and personal care available around the clock
- Staff on-site and available 24/7
- Scheduled transportation, activities, events and wellness opportunities
What’s Right For You?
We get it – making the move to an assisted living community is a big and very personal decision. In fact, for you, aging in place may be the right decision for your lifestyle. However, if you’d like to see what the all-inclusive lifestyle of an assisted living community like Melrose Meadows is like, why not schedule a visit? You can join us for a meal, join in on a fun activity or simply hang out with some of our awesome residents and see why they think Melrose is the place to be.