Comparing the Cost of Home to Senior Living

Could you or a loved one use a helping hand with the daily tasks of living? Are preparing healthy meals and staying active becoming more of a struggle? 

If the answer is yes, you may have decided that senior living could be a great choice to maintain or achieve a high-quality lifestyle. 

The cost of senior living is also a common consideration, especially when determining which option might be more effective: staying at home and bringing in additional services or moving into a community. 

To make an accurate comparison, the following guidelines can provide information needed for your decision. 

The cost of senior living 

Begin by understanding the basics for living your best life. When calculating the cost of senior living, make sure you have access and budget for the following: 

Obtaining accurate pricing for the cost of senior living 

When calculating the cost of senior living options, it’s essential to compare actual fees and structures. There are many variables that impact the price, including the level of services and care needed and even the geographic location. 

The best way to set a budget is to contact specific home care agencies or communities in your area for up-to-date pricing.  

Ensure you are comparing apples-to-apples when considering the costs of remaining in your existing home or making a new home in a community. One common mistake, especially if you no longer have a mortgage, is to assume that staying in your home is automatically the cheaper option. Don’t forget to include other housing expenses, including property taxes, insurance, utilities, security, upkeep and maintenance. 

 

senior living options guide download

The cost of senior living when remaining in your existing home 

When calculating a budget for in-home expenses, you’ll want to include: 

You’ll also want to budget for these expenses: 

For calculating home care costs, consider the following: 

1. The number of hours per day or week needed for: 

2. Determine who will be providing this assistance and the hourly rates. You’ll also want to include any time that family or friends can provide care. 

The cost of senior living when moving into a community 

When visiting communities in your area, discuss what services are included in your monthly cost of senior living. You may be surprised to discover that everything you need to live your highest quality of life is located right outside of your front door. Typically, you’ll find the following: 

 

Life at a Milestone Community 

If you’re looking at options for retirement living, we invite your family to visit one of our Milestone communities – designed to support your loved ones to live their highest quality of life. 

We offer studio and one-bedroom private apartments for our assisted living residents as well as private or shared memory care suites for those living with Alzheimer’s or dementia. We also offer studio, one and two-bedroom apartments in our independent living communities. 

Our memory care residents are cared for by our compassionate and specially trained team who meet them wherever they are in their journey with patience and kindness. The residents also have access to customized activities, programs and secured outdoor courtyard spaces. 

Our amenities and services encourage our residents in assisted living to engage with others, remain as independent as possible and be reassured that help is available whenever needed. 

In addition to our personalized services, we offer: 

If your family is considering retirement living, we hope you will visit one of our communities. We are a trusted resource and are here to answer any questions. Please contact us with any questions you may have or to arrange a personal tour. 

We invite you to download our complimentary Senior Living Options Guide. 

senior living options guide download