As you or your parents age, one of the most important and difficult decisions is to determine where you will live. Many older people prefer to stay in their homes,but sometimes they cannot take care of themselves adequately. They might even find that they prefer to live with other people their age in a senior living community that offers support for their changing needs.
TYPES AND COSTS OF SENIOR LIVING
The type of senior living community you may choose depends in part on your health and your budget. The prices for senior housing vary according to your local market and to the level of services and amenities provided.
Senior housing ranges from independent living communities for people who can take care of themselves to assisted living facilities that provide help with the daily routine and some healthcare to a skilled nursing facility—or a continuing care community that offers both types of care.Assisted living facilities can cost $2,500 to$6,000 or more per month, according to Jim Speir, owner of Speir Financial in Southfield, MI.
“The monthly fees in some communities include meals, but sometimes residents are asked to over their phone and cable bills or other incidentals,”says Dan White, owner of financial planning firm Daniel White & Associates in Glenn Mills, PA. “You need to ask whether a facility is all-inclusive or if you need to pay for services.”
In addition, there are age-restricted communities of homes typically available for purchase rather than rental by people of a certain age. There’s a wide variety of these homes, from affordable places with no frills to pricier, luxurious digs with lots of community amenities.
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