Cost-wise, what’s the better choice: aging in place at home or moving to a senior living community? You’ll need to crunch the numbers for your own particular situation because the cost of living varies all across the country. But, a careful review of expenses, a clear understanding of what you do and don’t get in your home vs. a retirement community – that’s where you begin. And in the end, if you’re like most people who consider a move to an independent living community, you’ll discover that the costs of community life can compare favorably to the costs of aging in place at home.
A Life Plan Community (also known as a CCRC, or Continuing Care Retirement Community) usually has an entrance fee. It’s the upfront cost most people handle with proceeds from selling their houses. Entrance fees in the Midwest for a Life Plan Community range from around $50,000 upward, depending on floor plans and residential contracts. To know actual costs, you’ll need to visit a sales counselor. In addition, there are typically monthly service fees. Average monthly service fees of Independent Living in Central Indiana range from $2,500 – $4,000 and typically include a meal plan, recreation and entertainment, possibly a fitness center, a library, beauty salon/barbershop, craft workshops, scheduled transportation, housekeeping and complete home maintenance. In fact, all the services and amenities of a community that make everyday living simpler – it’s all made possible by the monthly fee.
Homework’s required. Calculate your homeownership costs and estimate what care will add to your monthly expenses – before you conclude that aging in place at home is a cheaper alternative. And find out the actual costs of living in a retirement community before concluding it’s too expensive.
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