When the time comes to make a decision about how and where you live as a senior, finding the right solution might feel understandably overwhelming. The options range from aging at home to full-time care in a senior care facility.
First, it’s wise to look at the available options and consider the basics, determine what level of care might be needed as you age, and then weigh in your preferences. Lastly, it’s also essential to consider the cost of each option in comparison with your retirement budget.
We’ve rounded up the five most prominent senior housing options, how it works, and relative cost estimations.
Aging In Place
Aging in place refers to growing old at home or with family members in their homes.
This housing option offers a lot of benefits, like enhanced independence, greater comfort, increased convenience, and more. The main downfall is safety at home for the elderly, but this is overcome by modifying the home to reduce fall risks and enhance accessibility for seniors.
Those considering aging in place will have safety concerns. This informative guide outlines fall prevention questions and answers to overcome the safety challenge of this senior housing option.
Nevertheless, aging in place is also made possible with live-in caregivers, meal delivery, cleaning services, and other valuable residential services.
And when it comes to costs, aging in place is the most affordable option, with low to medium costs.
Village Living Concept
The village living concept links local businesses and neighbors together to assist seniors in staying at home as they age.
This living option is best for older adults after assistance, similar to retirement communities, although they want to remain at home. These villages don’t directly provide services but act as a concierge services. The actual help comes from younger neighbors and non-disabled residents, or even youth groups.
The relative cost of the village concept is around $600 per year for services like transportation, bookkeeping, yard work, and others.
Residential Care Home
Residential care homes are small facilities that provide personalized services to groups of seniors. These homes are also known as adult family homes, personal care homes, and board and care homes.
This senior living option is suitable for older adults who need more individual care in a home setting. This housing option provides lodging, meal services, and even assistance with daily activities.
The relative cost of residential care homes is medium, often costing about half of what nursing homes cost.
Assisted Living Community
Assisted living communities generally consist of small apartments within a senior care community. Within these communities, there is a wide range of services available.
This living option is ideal for seniors who can live independently, although assistance is required. There are also assisted living communities offering much higher levels of care to residents.
You’ll find staff available around the clock, meal delivery, medication management, dressing, bathing, transportation, and housekeeping services. Moreover, you’ll also find recreational activities, common areas, dining areas, and social areas within these communities.
The cost of assisted living is pretty high, and costs vary depending on the level of care and services required. Moreover, the type of living space will also impact the cost.
Nursing homes are suitable for seniors who require round-the-clock care and supervision. This housing option provides the highest level of care to seniors.
Nursing homes are most suitable for older adults with physical or mental illnesses who are unable to care for themselves as a result.
Within a nursing home, licensed physicians supervise residents, and a nurse or other professional is always nearby. Some nursing homes also provide additional care, like physical and occupational therapy on the premises. And others provide additional services like Alzheimer’s care or dementia care.
The relative cost of nursing homes is high and depends on the level of care required daily and the particular type of living space.
Each senior living option provides a different level of care. But remember that you can still consider opting for live-in care with options like aging in place and village living. Live-in care offers relatively low costs and round-the-clock care for seniors.
Regardless of which senior living option you choose, it’s essential to determine the actual costs, services, pros, and cons associated with each option. Moreover, it’s also wise to speak to your family about your decision for additional support.
As a senior, it’s also essential to consider your own living preferences. If the idea of moving to a nursing home doesn’t appeal to you, explore other options that can provide a high level of care.