Wondering why Senior Care fees are getting more and more expensive? Senior Care fees may vary depending on the specifications you are looking for. Let’s discuss the different factors that determine the cost of senior care facilities.
1. Type of Senior Care Facility
What type of Senior Care Facility are you looking for? Do you or your elderly loved one need an Independent Living, Assisted Living, Memory Care or Skilled Nursing? Usually, Memory Care facilities and Nursing Homes are more expensive than Assisted Living. Independent living, on the other had tend to be the most affordable senior care option. Typically, in Independent Living Communities the residents do not need any assistance so there is not extra fee for care. However, Independent Living communities can also be expensive especially if you select a high end senior care community. For instance, there are some luxury senior care communities that charge over $7000 per month. This is due to the amenities and several senior care programs offered in the community.
2. Senior Care Needs
When people with certain disabilities require special attention from highly trained professionals the monthly cost is usually higher. The senior care facility cost would depend on the care level, which is usually determined upon the assessment of are needs. Assistance with daily living like eating, bathing, toileting, grooming, dressing, medication management and other personal services are available for an additional cost. Remember, the higher the level of care is, the more expensive it gets.
3. Location, Location, Location
I’m sure you’ve heard this several times. The price of the property depends on the city and state where the senior care facility is located. Usually if it is in major cities, the monthly cost is higher. If you are trying to save on cost, it will be wise to consider senior care facilities that are outside of the city. Studies show that the cost of living in rural areas are cheaper compared to living in urban areas.
4. Amenities in the Senior Care Facility
Amenities and services vary per community. Some senior care facilities offer a wide-range of programs, social activities and services, while some don’t. Be sure to ask about additional fees. Most community fees include utilities but charge extra fees for services like laundry, banking, transportation services, etc. If you want a community with more amenities and services, expect to pay more.
5. Senior Care Facility Size
The size of Senior Care Facilities vary from a small 6-bed Board and Care Home to an upscale resort-style retirement community. The smallest care facility is called a Board and Care Home. Board and care homes look like regular houses, which is licensed by the state to provide care for about 6 seniors per home. The more luxurious you go, the more expensive the senior care facility becomes.
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