Cost of senior living communities near me

Life Plan Communities offer an all-inclusive, maintenance-free and low-stress lifestyle. These communities are thoughtfully designed to provide maximum independence and a feeling of security, creating peace of mind for both residents and their families.

Each community includes a variety of benefits and amenities, such as:

• Low-stress, maintenance-free living.
• An independent lifestyle.
• Easy access to social opportunities.
• Peace of mind about advanced health care services.
• Opportunities for staying active and engaged.
• Less responsibility for caregivers/family members.
• A measure of predictability about future living and care costs.
• Benevolent support for residents who have depleted their financial resources through no fault of their own.

A growing number of older adults in the United States are seeking out all-inclusive communities, a trend that is likely to continue in the future. In fact, research has found that interest in senior living communities will increase by as much as 75 percent by 2030.

Life Plan Communities help meet the unique needs of older adults, because they cater to every need, allowing all residents to live well—regardless of their individual health care needs. Life Plan Communities offer a full range of living options and care levels, including:

By offering a range of care options, Life Plan Communities also provide peace of mind, a sense of security and predictability about the future. No matter what level of care you require, a Life Plan Community can accommodate your needs.

At a Life Plan Community, monthly fees are not the same as simply “paying rent.” Your monthly fees go toward:

• Delicious, chef-prepared meals.
• Housekeeping services.
• Cable, internet and utilities, which are included
• Transportation.
• Opportunities for the mind, body and spirit.
• Home maintenance, inside and out.
• Security services.
• Fitness and wellness classes.
• And more!

With all of your daily needs covered, you can do more of what you love every day.

To get the greatest financial benefit from your monthly fees, consider moving to a community before you need advanced care. “If you move at an appropriate age, then amortize what you’d pay over, say, a period of 15+ years, it’s often cheaper over the long term,” explains Dan Ogus, chief operating officer of HumanGood.

This approach will maximize the length of time you can take full advantage of all your community has to offer, which can help improve your health and happiness over the long run. Of course, it’s important to first understand what you could afford. To get started, take some time to review your monthly expenses.

One of the greatest benefits of choosing a Life Plan Community is that you can stay in the same community—and typically on the same campus—even if your health care needs change over time. Once you make the move into a Life Plan Community, you can call it home no matter how your needs change.

For example, let’s say you move into an independent living residence, and a few years down the road, you require a more advanced level of care. At a retirement rental community, you would likely have to move. At most Life Plan Communities, however, you stay in the same community, with the same friends, and enjoy all the same amenities. If you have a spouse, you can stay together on the same campus, no matter what your health care needs may be.

More Predictable Health Care Expenses

For many older adults, unexpected expenses are a reality of life—and often a result of health care needs. Among adults 75 or older, 23 percent experience a financial shock related to health care expenses each year, according to Boston College’s Center for Retirement Research.

In a Life Plan Community, residents have a measure of predictability and security regarding the cost of care that might result from a health condition. That’s because Life Plan Communities offer predictable, contracted rates set at move-in for advanced care, should the need arise.

Types of Advanced Care

Life Plan Communities offer several levels of advanced care, should the need arise, including:

A Life Plan Community lets you live the life you want, even if your health care needs change over time. For many residents, this peace of mind gives them the freedom to live their retirement years to the fullest.

Life Plan Communities may offer several contract types to suit every stage of senior living. Whether you’re ready to move into a community or you want to test the waters with a rental, you’ll need to sign a contract that specifies what you will receive and what you will pay, both now and later.

Types of contracts offered will vary by Life Plan Community. Here are the four most common types:

Older adults take a variety of approaches to pay for senior living. No matter what approach you choose, it all starts with planning ahead so you don’t experience any financial shocks.

The good news is that moving to a Life Plan Community can actually provide a measure of financial predictability that you might not enjoy if you stay in your current home. And for many older adults, the cost of a senior living community may be comparable to or less than the cost of their typical recurring expenses.

People over the age of 65 spend roughly 77 percent of their retiree income on just five things:

• Health care.
• Food.
• Clothing.
• Transportation.
• Housing.

In an all-inclusive senior living community, many of these expenses are included in your monthly fees. Plus, you enjoy peace of mind because you have access to advanced health care services, at a predictable cost, if the need arises.

Next, consider some of the ways you can pay for the various costs associated with a Life Plan Community:

Entrance and Monthly Fees

Some of the most common ways older adults pay for their entrance and monthly fees include:

• Selling a home.
• Savings.
• Investment income.
• Pension funds.
• Retirement income.
• Bridge financing.

Also, you might consider some creative ways to pay for senior living. One couple refinanced their home to pay the entrance fee and then rented out the home to pay their monthly fees.

Health Care Fees

As people age, health care costs can become more unpredictable. But for residents of Life Plan Communities, there are several options for handling health care fees:

• You can defray health care costs by taking advantage of long-term care insurance.
• If applicable, you can consider leveraging Veterans Aid and Attendance or Housebound benefits.
• You can use Medicare—or, in some cases, Medicaid—to cover short-term rehabilitation following a hospitalization.

Financial Benefits

As you plan for the costs of senior living, it’s important to remember that Life Plan Communities also offer several important financial benefits to residents. If you join a community that provides health care services, you will receive sizable tax breaks on both your entrance and monthly fees. Plus, you will never have to pay property taxes.

Many nonprofit Life Plan Communities also offer benevolent support, which ensures older adults who have depleted their financial resources—through no fault of their own—can stay in their senior living community and receive the care they need.

To get a better idea of what you could afford, start by speaking to your accountant. Then, you can contact a senior living community counselor in your area for a financial assessment to determine what is affordable.

Many older adults are surprised to learn that Life Plan Communities can be less expensive than staying in their existing homes. This is especially true when you consider the peace of mind that comes from knowing that the advanced care services you may need are available at any time, at a predictable cost.

It is possible to make the dream of moving to an all-inclusive Life Plan Community come true. To get started, it can be helpful to evaluate your needs. Take our five-minute quiz to determine which level of care makes the most sense for you.

Once you have an idea of what level of care you’ll need, the next step is to find the right community for you. We would love to help you make the move a reality.

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