Cost Savings of Living at Home vs. Senior Living

Senior LivingThere is no simple answer when it comes to whether or not it’s less expensive to live at home or join a senior living community. However, there are a few steps to help you decide if one or the other is better for you at this stage in your life. Factors such as physical and cognitive health comes into play, the number of hours per week you need assistance, and whether or not you are mentally and emotionally ready to move out of your house and into a senior living community.

Let’s start with how much care you really need and if it makes sense to live at home or move to a senior living community. The type of care you need is going to play a role into the overall costs. Memory care, for example, costs significantly more than senior living communities. In some states and elder care markets, assisted living care still costs less than around-the-clock in-home care. Memory Care communities are specifically designed, maintained and staffed for individuals who have Alzheimer’s or other forms of dementia. These communities are equipped with unique designs including door and window alarms to prevent wandering and elopement risks. Typically, the community staff have taken special courses, seminars or attained certifications to understand how to care for individuals with dementia and/or are exhibiting behaviors such as aggression or significant confusion. All of these factors are going to factor into the cost of these communities.

Depending on how much care you need per week also factors into the cost of aging in place or living in a community. If the hours are adding up for required paid home care, then assisted living would be a more economical choice.

Where you live also plays into the cost of living. Whether you own your own home or rent is also a factor. The cost of home maintenance can have an affect on your decision as well. While staying put in your home offers a level of comfort and stability, maintaining a home year after year can become taxing and quite costly. Many times the cost of transportation, food services, etc. are already built into senior living tabs.

Simply put, some seniors are not ready to give up the home they’ve lived in for years. That’s ok. It’s a major step and not one to take lightly. Each person is different and requires a set of services that if manageable, can be taken care of in the comfort of their very own home. Or some may be ready to venture into a senior community home with everything at their fingertips, giving them a peace of mind they wouldn’t be able to offer themselves in their existing home.

Cherished Transitions is here when you need our services. Our trusted Registered Nurses will help guide you through the process to find a perfect home for you depending on your overall needs.