Did you know that the number of Americans aged 85 and older is expected to almost DOUBLE by 2035? That’s pretty senior-ific. 🌟👴🏼
If you’re starting to map out those future golden years and senior living is a piece of the puzzle, research is the first step. Senior living comes in multiple flavors and here, we’re breaking them down. 👇
Here’s Five Fast Facts on senior living options and costs:
- 🤸 Action Figure - If you’re on the younger side (55+ crowd), fit as a fiddle, and stay active, look into independent living communities. They’re geared towards a social lifestyle and include things like group activities, dining options, and transportation. Independent living communities typically don’t include medical care or assistance with daily tasks, but many offer housekeeping services.
- 🛀 A Little Help - If you’re still independent but want peace of mind knowing help is available when you need it, assisted living might be for you. Here, you’ll live in your own home or apartment, but with the added bonus of onsite nursing and caregiving staff. Think: assistance with medication, tasks like bathing and dressing, and mobility support. Assisted living facilities also provide emergency medical care.
- 👩🏻⚕️ High Touch - For those with the most needs and support, there’s nursing homes and specialized care facilities. These are for individuals with serious physical and mental conditions who need 24/7 care. Specialized care facilities focus on specific needs and offer targeted programs and therapies. For example, a memory care facility serves those with dementia and Alzheimer’s.
- 💰 What’s the Damage? - And now, the fun part: cost. The more needs you have, the higher the price tag. Independent living communities typically cost between $2,000 to $6,000 monthly and you may pay extra for meals and activities. Assisted living will run between $4,000 and $7,000 plus the cost of care when needed. Specialized care facilities and nursing homes average roughly $10K per month.
- 👛 (In)sure Bet - When it comes to government assistance, you won’t find any for independent living or retirement communities. Medicare will cover portions of nursing home and skilled facility care, but not all. Your health insurance won’t cover the costs either. This is where long-term care insurance comes in clutch.
🔥Bottom line: Today’s senior living options have come a long way. No more sitting in a corner waiting for Thursday night bingo (unless that’s your thing). If you live an active lifestyle, you might want to consider relocating. Check out this article where we run down a list of retirement destinations with the best leisure activities.
Do your retirement plans include moving to senior living?
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