As of 2022, the American senior population was sitting at 57.8 million, but that number is expected to grow to 82 million by 2050.
These statistics highlight the clear need for more affordable senior living options. If you’ve been looking for senior housing options on behalf of a loved one, you’ve probably noticed how expensive many of them are. Some of this is due to inflation, but there’s also a profit machine behind many of these communities.
Caring for our seniors shouldn’t be all about making money. It’s important to know that affordable senior housing is available if you know how to find it.
In today’s post, we’ll help you unlock affordable senior housing regardless of what your budget is. When you know more about different communities’ offerings and what to prioritize, you can save money on senior care. Keep reading and maximize your senior living budget.
Creating Your Senior Living Budget
Creating a senior living budget can be tricky if you’re new to it. At first glance, these communities are going to seem expensive. Dig a bit deeper, however, and you’ll start to understand the costs and see that they’re more justified than they initially seem.
When your loved one enters a senior living community, they won’t have any external expenses. Everything from their accommodations and housekeeping to dining and fitness are paid for because everything’s done in-house.
Still, you must come up with a sensible budget before choosing a community. On average, a retirement home costs $3,100 each month, or just over $37,000 per year. It’s possible to find more affordable care that better suits your financial situation, however.
Determine your loved one’s budget by looking at their retirement fund. Break it down into monthly increments to figure out how much they can afford to pay for senior care.
Although communities cover a lot of expenses, your loved one will still need some money left over for emergencies, etc. Seeing as they’re retired and don’t have any income, you should look into financial resources, which you can find information about on our site.
Factors Influencing Senior Living Cost
With a budget in mind, you can start your search for affordable senior living. There are plenty of factors that influence what you’ll end up paying, but the most important is the type of services your loved one needs. There are a few different levels to senior care and the more you need, the more you’ll pay.
Senior Housing Options
If your loved one is a relatively healthy senior who doesn’t need much other than a room and some amenities, a retirement community is a great option. These communities provide a dormitory-like environment where residents can enjoy a low-maintenance lifestyle among their peers.
Assisted living is better for those dealing with age-related health issues. In these communities, staff are present 24/7 to help residents with their unique needs. These might include getting dressed, cleaning, and taking medications.
Memory care, on the other hand, is offered through some assisted living communities. This is reserved for those suffering from Alzheimer’s and dementia, which affects 7 million Americans. It involves highly qualified staff and specialized programming to give residents the highest possible quality of life each day.
Location
Where the community is situated plays a role in how expensive it will be. One that’s centrally located and has plenty of local amenities – shopping centers, restaurants, tourist destinations – will cost more.
At the same time, location is important for easing the transition into senior care. You should try to find something that’s accessible to friends and family so they can visit your loved one. This is crucial in the first few weeks and months of their stay in senior care.
Room Options
Budget-friendly senior living communities will offer multiple room options to fit different budgetary constraints. If your loved one can manage to live in a suite rather than a one or two-bedroom apartment, this can help them save a significant amount each month.
At TerraBella Roswell, we offer assisted living residents the choice between three suite options and a one-bedroom option. Memory care residents can also choose between two suites, depending on whether or not they need a kitchenette.
Amenities
The amenities on offer will affect the cost of a community. If your loved one isn’t impressed with indoor pools or state-of-the-art fitness centers, they can save some money by choosing a more basic community.
Amenities are important in the selection process. Finding a community that appeals to your loved one’s interests will play a major role in their quality of life moving forward. This is why taking tours of communities is so important.
Find a community that offers satisfying amenities that don’t add much to the monthly cost of care.
Activities
Great communities prioritize activities that improve the health and wellness of the residents. Expensive communities might contract outside trainers and entertainers who drive up the cost for residents.
What you’re looking for from activity programming are things that help residents stay active, socialize, and boost cognition. Having entertainers and guest trainers visit once in a while is okay, but if you’re on a budget, it’s something to stray away from.
Dining
The food on offer in a community is something you should be okay with paying extra for. Seniors need to eat a balanced, healthy diet to avoid falling into bad habits that lead to serious health problems, like diabetes and heart disease.
Look for a community that has a solid in-house restaurant with an ever-changing menu of tasty items. If your loved one enjoys cooking, they’ll be able to do so using their kitchenette. The community may offer flexible spending in the restaurant to help residents save money as needed.
Affordable Senior Living Options at TerraBella Roswell
Now that you understand what factors into senior living costs and how to properly budget for different senior living options, you can find a community that fits your loved one’s needs and budget. For those in Roswell, TerraBella Roswell gives you the best of both worlds.
Not only is our community one of the top options in the area, but there are plenty of ways to make our services work with your budget. Contact us today to schedule a tour and speak to a representative about costs.
