Cost of a Retirement Community: What to Expect and Budget For
Do you or an older family member plan to move to a senior living community in Jacksonville, FL? If so, one of the most crucial topics you must research is the cost of retirement community living.
An article from the Federal Long-Term Care Insurance Program (FLTCIP) states that the average monthly pricing of an independent retirement community is around $3,000, while it's $4,800 for assisted living.
Considering those figures, seniors (and their family members) should learn more about retirement living costs. Doing so can help them budget properly.
Join our team at Discovery Village at Deerwood, our senior living community in Jacksonville, FL, as we share critical insights into paying for senior housing.
Determine Your Level of Care
The first step to proper financial planning for seniors considering transitioning to senior living is determining their current and potential care needs.
Why? Because communities providing assisted living and memory care cost more than independent retirement living communities.
Here's a quick overview to help you determine which type of community suits your needs.
Independent Retirement Community
To help you determine if this type of senior living community suits you, answer the following:
- Can you still look after yourself and perform all activities of daily living (ADLs), such as bathing and moving, without help from others?
- Do you want to live a maintenance-free lifestyle and have more time to do what you love?
- Do you want to socialize more because living alone makes you feel lonely?
- Do you want to downsize yet enjoy amenities just a few steps from home?
If you answered yes, especially to the first question, independent retirement living could be an excellent choice. Such communities cater to older adults who wish to and can lead active aging lifestyles.
Assisted Living Community
An assisted living community caters to seniors who need an extra hand with ADLs. In assisted living, a team of professional personal care providers is always ready to help with daily activities like:
- Bathing or showering
- Choosing and putting on appropriate clothes
- Preparing meals and eating
- Toileting and continence
- Personal grooming
- Moving and transferring
Losing the ability to perform ADLs is common among seniors. According to an article published on Nature.com, about 70% of adults aged 65 and above will need help with at least two ADLs for the rest of their lives.
An assisted living community aims to help seniors safely perform the activities they can no longer do themselves. By getting help as needed, older adults can maintain independence over ADLs they can still do.
Memory Care Community
A memory care community is specifically for adults with dementia (including Alzheimer's disease), which 42% of people may develop after 55, according to News-Medical.net. Such communities employ a team of care providers with specialized training and knowledge of dementia care best practices. They also have features that meet the challenges of cognitive impairment, such as safe environments and activities designed to stimulate cognitive function.
Due to its highly specialized nature, memory care costs more than independent or assisted living. Health News Florida reports that long-term memory care in the state could cost over $100,000 a year.
Explore Community Options and Costs
After establishing the type of senior living community you need, the next step is to research your top options and speak to their senior lifestyle counselors. They can provide you with a breakdown of potential senior living expenses tailored to your or your older loved one's specific personal care needs (if any) and housing preferences.
When speaking with a counselor, please ask the following questions to help with financial planning later.
What Does Your Retirement Community Pricing Include (and Exclude)?
The monthly charge you'll pay should, at the very least, cover the cost of the following:
- The apartment home lease
- Utilities, including gas and electric
- Access to the community's on-site amenities
The best senior living communities in Jacksonville, FL, are transparent about costs and will inform you of any excluded services. For example, some independent retirement communities may charge extra for housekeeping and laundry, while others may already include this as a weekly service in their rates.
What On-Site Amenities Does Your Community Have?
A senior living community's amenities help residents enjoy a better quality of life since they:
- Provide a safe and comfortable environment
- Enhance social interaction
- Promote physical fitness and independence
- Improve overall health and well-being
For those reasons, you or your older loved one should account for a community's on-site amenities when reviewing their costs. Discovery Village at Deerwood, our senior living community in Jacksonville, FL, boasts numerous on-site amenities services, including but not limited to:
- Sensations restaurant-style dining complete with tableside service
- Legends Club, Bar & Bistro
- Heated pool with a grill area
- Well-furnished game room
- A robust calendar of cultural, educational, and social activities
- A fitness and health center
- Professional beauty salon and spa
- Social Lounge & Library
- An off-leash dog park (small pets are welcome!)
- Internet access and Wi-Fi throughout the community
Budget for Your Senior Living Expenses
Once you or your elderly loved one has concrete figures, you can better budget for senior living costs. Some of the ways to cover these expenses are:
- Social Security benefits
- Retirement savings plans like 401(k)s, 403(b)s, 503(b)s, and pension plans
- Income from rental properties, self-employment, senior jobs, and investments
Pro Tip: Stretch your dollars further by looking for a community with special offers and discounts.
A perfect example is Discovery Village at Deerwood's Military Veterans Program. In our Jacksonville senior living community, qualified Veterans pay only half their first month's rent yearly. We also have a program that gives eligible Vets a one-time $1,000 discount on their second month's rent.
Afford the Cost of Retirement Community Living With Savvy Planning
The cost of retirement community living can be significant, but proper planning can help seniors make the long-term transition more financially feasible. Determining the level of care needed, exploring community options, and establishing what the price includes can all help.
If you or an elderly loved one is ready for high-quality senior living without breaking the bank, look no further than Discovery Village at Deerwood.
Call us today to book a tour of our beautiful, amenity-rich senior living community in Jacksonville, FL. We look forward to showing you why seniors choose us and why area residents have voted us "Best of Florida" in 2022.