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Comparing Costs Between Senior Living and Home

Of all the questions you have about whether senior living is right for your loved one, we imagine cost is likely at the top of the list. Cost also tops the list of misperceptions about senior living. Specifically, it always costs more than staying at home. Here’s how to truly compare costs between senior living and home.

The Cost of Senior Living

How much is senior living? While it seems a simple question, there’s no one answer as it depends on a number of factors with the level of care being the biggest driver. That’s right, one of the benefits of senior living is that it features different levels of care depending on different needs such as:

Independent Living – These communities are more focused on lifestyle than care as residents don’t need daily support. Rather they are seeking more social and enrichment opportunities than they may have at home as well as freedom from home upkeep, cooking, cleaning and laundry. While there is little published data on the average cost of independent living because it varies so greatly; you can usually expect a range between $1,000 to $4,000 a month.

Assisted Living –Residents here also enjoy daily social, fitness and enrichment opportunities as well as housekeeping, laundry and transportation, but the main difference is these communities provide support with daily tasks such as bathing and dressing along with 24-hour supervision and onsite care. According to the most recent Genworth Cost of Care Survey, a private, one-bedroom costs $4,051 per month on average.

Memory Care – This type of senior living is designed just for those with Alzheimer’s disease and dementia. Communities feature specially-trained staff, 24-hour supervision and a secure environment, plus therapy, structured activities and social opportunities. There’s also little published data on average costs for memory care because it varies so greatly, however you can usually expect a range from $2,000 to $7,000 a month.

The Cost of Staying Home

So how on earth could staying home cost more than senior living? Unfortunately, most people compare the monthly cost of senior living strictly to the cost of their monthly mortgage or rent which is not a true comparison. Your out of pocket costs at home are much more than that! The total monthly cost of living at home also includes food, utilities, home upkeep, property taxes, insurance and entertainment. Here’s why these out of pocket costs matter so much: they ARE typically included in the monthly cost of senior living!

In addition, you should include any home health care costs as well as any home modifications that your loved one may need in your comparison. Once you’ve tallied all this, you can see how the monthly cost of staying home could actually be more than what you’ll pay in senior living.

Boutique Senior Living Adds Even More Value

Even in overcoming the cost concerns about senior living, many families still hesitate about their loved one transitioning to an environment so starkly different from home. They see large senior living communities as cold and institutional. Boutique senior living offers an alternative that blends the comfort of home with the quality care and amenities of large communities. How? It’s actually residential care provided in a single-family home that’s specially crafted for assisted living or memory care!

Our homes have only 10 to 16 residents max and a nearly unheard of caregiver to resident ratio of 1 to 5 which means more personalized care and attention for your loved one. What’s more, while large communities try to feel home-like, they can’t compare to the comfort of a boutique senior living home. From the décor to the large yard to the family-style, everything feels familiar and welcoming. Even the charming, rural neighborhoods in which our homes are located will likely feel similar to where your loved one lives now. 

We also offer laundry and cleaning services, complimentary Wi-Fi, transportation and safety features such as fall alert pendants, state-of-the-art video monitoring and keypad entry/exit access. Plus, our activity programs include exercises, socialization and cognitive stimulation as well as outings and live entertainment.

Not only does boutique senior living add value in that the setting makes for an easier transition, but you’ll also have peace of mind that your loved one will receive the care, quality of life and amenities they deserve. And we think that’s invaluable!

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For more information on boutique senior living at Shepherd Premier, schedule a virtual tour today or call (224) 333-6247 to speak to a team member.