As the population of seniors grows, you or someone you know will likely have a family member or friend in this age group. With this in mind, it is more and more necessary to start considering the cost of senior living communities.
You might want to know whether the costs associated with senior living are uniform or dependent on factors like location or level of assistance provided to the seniors. Moreover, you may want to know the benefits of enrolling a loved one in a senior living community and whether it makes economic sense.
Read on to learn more about the cost of senior living communities and whether it benefits you or your loved one. Get the care you need with Curana Health.
The cost of senior living communities
Giving you the exact figure of the cost of senior living communities can be tricky. The costs of living in senior communities vary greatly, depending on services provided, location, and other factors.
However, you can get the national averages to help you estimate the cost in your area. According to the US Government Accountability Office, the entry fee ranges from a low of $1,800 to a high of $600,000, depending on the contract type and other factors. Meanwhile, monthly costs do not vary as significantly. The monthly fees can be as low as $1,500 for independent living facilities and as high as $2,500 for assisted living communities.
- Independent living options: $1,500–$6,500/month
- Assisted living monthly fee: $1,500–$10,700/month
- For memory care units, the price may vary with the location
Independent living facilities offer a solution for seniors who can live independently and take advantage of various amenities and community offerings. In addition, independent living communities allow seniors to socialize and engage in shared activities. Most independent living communities have homes specifically designed for seniors and charge a reasonable amount.
However, seniors living in independent living communities can contract outside home care providers to offer the required assistance. The ability to hire care providers from outside the community makes independent living communities affordable and accessible to most seniors.
While the costs may vary depending on the facility and location, the median fee for independent living is $2,552. You can also start with independent living units and transfer to an assisted living facility as the need arises.
The cost of assisted living communities
Some seniors who require assistance with activities of daily living (ADLs) but still want to live independently choose assisted living communities. Unlike independent living communities, seniors who choose assisted living communities receive around-the-clock support with ADLs, such as bathing and going to the restroom.
However, the support provided in assisted living facilities is less compared to nursing homes. Seniors live in their apartments or rooms and are free to go about their activities with the support of care providers employed by the facility.
Assisted living facilities vary in size. Smaller facilities have about 25 residents, while larger communities have 120 or more seniors. Some facilities offer different levels of care on a need basis.
The more assistance a senior requires, the more they pay. The cost of living in an assisted living community may vary depending on various factors. However, the median cost of assisted living in the United States is $148 daily, or $4,500 monthly.
Elevate your senior living experience with Curana Health
While choosing a senior living community for your loved one seems to be an additional expense, it is worth it. Your loved ones will live in a place that helps them socialize with their peers while enjoying various amenities designed for seniors.
At Curana Health, we partner with facilities, communities, and healthcare professionals to improve the care provided to patients in senior living communities. With over 400 providers in more than 600 partner communities, you can count on us to provide your loved one with the best level of care. Contact us today to speak to a local representative.
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