There are many factors to consider when deciding whether to stay home or move to a senior living community. Many seniors remain in their homes for various reasons; they feel more comfortable and secure, closer to long-time friends and neighbors, and for financial reasons.
It’s easy to assume that staying at home is significantly less expensive than moving into a senior living community.
But is it?
Getting an accurate estimate of senior living costs to living at home can take time and effort.
We’re here to help!
Let’s compare the cost of senior living with staying home.
The Cost of Senior Living
Living in a senior living community is an excellent option for seniors who want to enjoy a maintenance-free lifestyle without the responsibility of home maintenance, repairs, and mortgage payments. In addition, residents have access to a variety of planned events, activities, and social opportunities with peers. Where you live, your health, ability to manage personal care, services, amenities, cost structures, and size of living space will affect senior living costs.
According to the Genworth Cost of Care Survey, the average monthly cost of an assisted living community in our area is $5,685, and skilled nursing can cost as much as $12,395 per month. Costs can also vary between communities within the same state and city, so make sure you ask a lot of questions at each community to get a realistic estimate of what you’ll pay. Contacting the senior living communities is also a great way for getting an accurate idea of what their specific community will cost.
The Cost of Staying at Home
According to a 2022 University of Michigan National Poll on Healthy Aging, 88% of adults over 50 want to remain in their homes for as long as possible. However, many seniors aren’t sure what’s needed to age in place, especially if in-home health care is required. An in-home health aide can cost as much as $5,148 per month.
Below are things you need to consider if you decide to age in place, especially when it comes to costs:
- Mortgage or rent
- Home repairs and maintenance
- Cable, phone, and internet
- Home modifications include ramps, walk-in showers, fall technology, and updated security systems
Senior living communities and aging-in-place are both wonderful options for seniors. Choosing the best option takes knowledge, time, and research, especially regarding your finances. A financial advisor can be a great resource to help you determine what makes sense for you financially.
About Notre Dame Health Care
Notre Dame Health Care (NDHC) offers a range of post-acute programs and services to the community, including an Assisted Living Residence; Adult & Pediatric Hospice and Palliative Care; Post-Acute Recuperation; Short-Term Rehabilitation; Skilled Nursing and traditional Long Term Care; Specialized Memory Care; and an educational resource center which serves our employees and community. We embrace the individuality, spirituality, and wholeness of each member of our community, including our residents, patients, families, volunteers, and staff.
Notre Dame Health Care is proudly non-profit and honored to carry on the mission of the Sisters of Notre Dame de Namur to care for the sick and vulnerable and to educate for life through our NDHC Educational Bridge Center.
Notre Dame Health Care
555-559 Plantation Street
Worcester, MA 01605